Seniors victimized by internet loan scams

| Dec 14, 2016 | Financial Planning

It is no secret that as we age, we become frailer and more vulnerable. Perhaps you have seen such changes affect your parents or other relatives. And while it is important to allow your loved ones to have their independence, it is also important to make sure that they are not compromised or taken advantage of.

We all need money to survive, but this is especially true for the elderly. Typically, seniors have no or very limited opportunity to generate income for themselves. This means that it is critical that the assets they have accrued for retirement are protected. And sadly, there are many unscrupulous individuals who seek to victimize seniors by cheating them out of their money.

Financial scams abound that target the elderly. One prevalent con involves companies on the internet ensnaring victims by offering lump sums of cash in trade for a percentage of government-guaranteed pensions. And while seniors may think they are just getting some up-front money to solve a financial need, they are actually signing up for a high-interest loan. And unbelievably, there is very little regulatory oversight in place to prevent such transactions from being expedited.

Pension-based loans are just one form of fraud that you have to try to safeguard your loved ones from falling prey to. And while it may be difficult to involve yourself in their economic interests, remember that doing otherwise could result in an irrecoverable financial loss.

If you want to make sure that your loved one’s assets are protected, you can discuss the matter with an experienced elder care attorney. An attorney can go over your options for doing such things as investing assets safely and appointing a guardian who can look out for your loved one’s best interests.