As a kid, I loved watching the Lone Ranger on television. He was the protector of those who couldn’t protect themselves. He stood between good people and the bad guys who wanted to steal their land or their money. The Lone Ranger would defend others when they couldn’t defend themselves.

 

Today, we’re much more sophisticated than the Old West, but human nature is still the same. There are lots of bad guys with elaborate schemes trying to steal from anyone they can. Older people and those with diminished capacity are especially susceptible to telephone, mail, and email fraud. But they can also be taken advantage of by family members or other persons in positions of trust.

 

More than 369,000 cases of financial fraud of older adults are reported to authorities every year. The loss from those cases is estimated to be $4.84 billion. But it could be much higher. Many fraud victims don’t always report when they’ve been scammed because they are embarrassed, worried that others will think they’re incapable, or even worse, they’re protective of the perpetrators, who may be loved ones, caregivers, or neighbors.

 

The solution is to designate a Trusted Contact. Whether it’s due to a health matter, natural disaster, traveling with limited cell reception or Wi-Fi, or just taking a break from technology—you need someone who can relay messages to you and for you—someone you give authority to speak on your behalf.

 

You simply designate in writing a person who will serve as your Trusted Contact. Then provide that written document to your bank, insurance company, or investment firm and let them know they can contact your Trusted Contact if you are doing things in your account that are unusual for you, if there are warning signs of elder abuse, or you can’t be contacted over an extended period of time.

 

The written instructions can be as simple as:

Please call my son (name) at (phone number) if:

  • I can’t be reached and there appears to be unusual activity in my account.
  • I can’t be reached for two weeks, whether there’s been unusual account activity or not.
  • You have talked to me and I seem confused or acting strangely.

 

Besides your Trusted Contact’s name, telephone number, and relationship to you, it’s a good idea to include their:

  • Email address
  • Physical address
  • What the institution can talk about with them. Can they discuss everything, or will discussions be limited to specific topics?

 

Keep in mind, a trusted contact doesn’t have authority over your accounts or the ability to see balances or make changes. They can only speak on your behalf. Your Trusted Contact could be an adult child, a close friend, or an attorney. Whoever it is, it should be someone you have absolute faith in to protect your privacy and act responsibly.

 

No matter your age or health condition, we all need someone to back us up. Even the Lone Ranger had Tonto.

 

 

Disclaimer

This information is presented for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy any investment products. None of the information herein constitutes an investment recommendation, investment advice, or an investment outlook. The opinions and conclusions contained in this report are those of the individual expressing those opinions. This information is non-tailored, non-specific information presented without regard for individual investment preferences or risk parameters. Some investments are not suitable for all investors, all investments entail risk and there can be no assurance that any investment strategy will be successful. This information is based on sources believed to be reliable and Alhambra is not responsible for errors, inaccuracies, or omissions of information. For more information contact Alhambra Investment Partners at 1-888-777-0970 or email us at [email protected].