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Kensington’s 2nd Annual Chili Cookoff & Tasting Open House
Thursday, June 6th 3:30pm-5pm. Click HERE & RSVP Today!
Open Mobile Menu

The Financial Safety of Your Aging Loved One with WayWiser and Kensington Place Redwood City

Did you know seniors targeted by fraudsters lose on average around $34,000 each year?

To combat this problem, Kensington Place Redwood City is proud to partner with WayWiser to present the interactive workshop series “Financial Safety of An Aging Loved One with WayWiser.”

Join our esteemed panel of experts, which includes:

  • Cybersecurity executive Luis Carvajal-Kim
  • FINRA Investor Education Foundation’s Christine Kieffer
  • Former NY Federal Reserve employee Kristin Owens
  • Dementia caregiver support counselor Tami Anastasia
  • WayWiser COO Tiffany Fernandez
  • CEO Lindsey Faeder

RSVP for part 2 of this interactive series on May 18 to learn how to protect your aging loved ones from financial exploitation and fraud.

The importance of senior financial safety

Financial security is essential to protect your aging loved one from losing their money or possessions because of scams or financial exploitation.

Unfortunately, seniors who have accumulated significant assets may become more vulnerable to financial scams because of cognitive decline or social isolation.

In one study, the FBI estimated that seniors lose more than $3 billion per year from financial scams, with another financial services firm estimating much higher, around $36.5 billion, as many cases go unreported due to shame or lack of awareness.

The most common senior fraud schemes and scams to be aware of

By understanding the importance of senior financial safety, caregivers can safeguard their loved one’s finances by recognizing the types of scams that commonly target seniors.

Many of these scams work by having the fraudster call, email, or even visit your loved one in person claiming to be a representative from a healthcare, insurance, or financial company. This can be just another reason to consider a senior living community as your loved one ages.

Once the fraudster has gained your loved one’s trust, they will ask for personal information such as:

  • Social Security numbers
  • Medical ID numbers
  • Credit card details
  • Bank account routing numbers
  • Checking account information

Below are the most common senior fraud schemes and scams:

  • Telemarketing scams
  • Investment scams, such as Ponzi schemes, pyramid schemes, and pump-and-dump schemes
  • Sweepstakes and lottery scams
  • Romance scams and catfishing
  • IRS and tax scams
  • Medicare and health insurance scams
  • Funeral and cemetery scams
  • Charity scams
  • Tech support scams
  • Identify theft
  • Power of attorney fraud
  • Fake debt collection scams
  • Social security scams
  • Fake emergency scams, such as claiming to be a grandchild who needs money
  • Undue influence or manipulation from other family members

Event recap: Part I “Knowledge is Power”

The first part of our virtual workshop on “Financial Safety of An Aging Love with WayWiser” featured a powerful discussion led by a panel of guest speakers, including Luis Carvajal-Kim, and Christine Kieffer from FINRA Investor Education Foundation.

How to protect your loved one’s personal information from scammers

During this presentation, Luis Carvajal-Kim and Christine Kieffer shared their knowledge of senior fraud schemes and how to protect seniors’ personal information from scammers.

Below are some of their best tips to protect your loved one’s personal info from falling into the hands of fraudsters:

  • Limit sharing of personal information such as Social Security number, bank account information, and passwords
  • Be wary of unsolicited calls or emails. Don’t share information with a person unless they first initiated contact with that person.
  • Don’t click on suspicious links in texts or emails, as they can install viruses on your loved one’s computer
  • Monitor financial accounts regularly to check for unauthorized transactions or charges
  • Set up fraud alerts with banks and credit card companies for automatic notifications of suspicious activities
  • Use strong passwords and secure internet connections
  • Seek advice from trust sources, such as trust officers, money managers, and estate administrators.

Upcoming event: Part II “The Best Offense is a Good Defense”

Part 2 of our event series focuses on “The Best Offense is a Good Defense,” which includes how to recognize red flags, change mindsets around financial fraud, and communicate effectively with your loved ones to build a stronger defense against scams and exploitation.

Changing mindsets around senior financial scams

Learn how to approach the difficult conversation about financial safety with your loved one and how to provide reassurance and support while still protecting them.

Tips on changing mindsets to prevent financial scams:

  • Teach your loved one to be skeptical of unsolicited calls, emails, letters, and texts from people they don’t know. Remind them legitimate businesses won’t ask for personal information over the phone or email.
  • Empower your loved one to say no or hang up the phone if they feel pressured or uncomfortable
  • Encourage seniors to ask for help from a trusted family member or financial advisor
  • Keep your loved one informed about common scams and report suspicious activity to the authorities

Building a stronger defense

Learn about the different roles of trusted advisors such as Trust Officers, Money Managers, and Estate Administrators, and create systems to check for financial scams such as:

  • Regularly monitoring and managing financial accounts
  • Avoid sharing personal information online
  • Only work with reputable financial institutions
  • Have a plan in place for responding to potential scams

Recognizing red flags

The event will discuss warning signs of scams to watch out for. The most common red flags for senior financial scams include:

  • Unsolicited calls, texts, or emails
  • Requests for personal information, such as Social Security or bank account numbers
  • Pressure to act quickly
  • Offers that seem too good to be true
  • Requests for payment via wire transfer, gift cards, or untraceable methods
  • Claims of government affiliation or involvement
  • Suspicious withdrawals or transfers
  • Offers for free gifts or prizes in exchange for personal information or payment

Financial planning professionals: trust officers, money managers, and estate administrators

There are several types of financial planning professionals available, each specializing in an area of expertise to support families and their caregivers in achieving long-term financial goals.

Trust Officers

Trust Officers assist their clients with financial decisions that impact them professionally and personally. They help clients develop trust structures to manage their assets and protect their wealth, such as providing guidance on financial planning, investments, and tax management.

Money Managers

Money Managers assist with day-to-day finance organization and management, including paying bills and budgets.

They also help their clients build and manage investment portfolios and offer advice on debt management and retirement planning.

Estate Administrators

Estate Administrators assist with planning long-term financial goals, which include estate planning and wealth transfer.

They also help develop comprehensive plans for managing assets and protecting their loved ones and offer guidance on tax and legal considerations, such as trusts and wills.

Kensington Place Redwood City’s Commitment to Senior Financial Safety

Kensington Place Redwood City is committed to ensuring the financial safety of seniors, offering routine and free educational content to caregivers and their families.

As a memory care community with two dedicated neighbors assisting in all levels of dementia and Alzheimer’s care, we provide a range of amenities and healthcare services you won’t find at traditional senior living communities.

Care services include life enrichment, physical rehabilitation on-site, all-day dining, and a greater continuum of healthcare to care for your loved one, even if their healthcare needs change over time.

Be sure to check out our caregiver hub, Kensington Konnect, and our events page to stay updated with the latest tips in caregiving and senior care.

RSVP now for Part 2 of our financial senior safety seminar series on May 18.

Contact us to learn more about how we live Our Promise to love and care for your family as we do our own.

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