A daughter from Memphis is raising awareness about the growing threat of elder fraud, urging residents in the Mid-South to remain vigilant in safeguarding the financial accounts of their aging parents.
LaToya Garth’s Disturbing Discovery
LaToya Garth, a resident of Memphis, expressed shock and concern after discovering suspicious activity involving her 74-year-old mother’s bank account. Garth became alerted when she noticed an unusual request to transfer funds from her own account to her mother’s. Upon further investigation, she uncovered several mysterious charges amounting to a staggering $90,000 for the month of May alone.
The Toll of Elder Fraud
Elder fraud, a pervasive issue affecting seniors nationwide, has been on the rise in recent years. According to the FBI, individuals over the age of 60 reported losses totaling $3.5 million in 2023 due to fraudulent schemes targeting older adults.
A Call for Vigilance
Daniel Irwin, from the Better Business Bureau of the Mid-South, emphasized the importance of proactive measures in safeguarding elderly loved ones’ finances. Irwin stressed the significance of regular check-ins and active monitoring of financial accounts to detect any suspicious activity promptly.
Protective Measures for Aging Parents
To protect aging parents from falling victim to financial exploitation, experts recommend taking the following steps:
- Daily Account Monitoring: Regularly check financial accounts for any unusual transactions.
- Transaction Alerts: Enroll in text alerts to receive notifications of account activities in real-time.
- Account Administration: Consider becoming an account administrator to oversee and manage financial matters.
- Open Communication: Engage in frequent conversations with elderly parents about their financial affairs and any potential concerns.
Garth’s Ongoing Efforts
Despite Garth’s ongoing efforts to address the unauthorized charges with her bank, she stressed the importance of collective action in safeguarding the life savings of elderly individuals. She urged adult children to remain vigilant and proactive in monitoring their parents’ financial accounts to prevent potential exploitation.
Conclusion: Protecting Our Elderly Loved Ones
As instances of elder fraud continue to escalate, it’s imperative for communities to prioritize the protection of elderly individuals’ financial well-being. By remaining vigilant, staying informed, and implementing proactive measures, we can work together to combat financial exploitation and safeguard the assets of our aging loved ones.
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