NARFE members hear dangers of elder financial abuse and scams

NARFE Coastal Sussex Chapter 1690 recently held its June luncheon meeting at 1776 Restaurant in Rehoboth. Attendees learned that senior citizens need to be aware of ways that they can be targeted for elder financial abuse so that they can take preventive steps to protect themselves.

Speaker Wade Thompson from the Edward Jones firm in Rehoboth Beach told the group of local retirees, “Scam artists believe that seniors are easier targets, and it is up to you to pay attention to your financial affairs to be able to ward them off.”

Thompson said, “Keep an eye on your mail, keep credit card receipts and check them against your bills. Get copies of free credit reports and make sure there are no unusual transactions listed. Don’t carry your Social Security card in your wallet and be wary of unsolicited offers whether they be over the telephone or through email.” 

Among scams Thompson identified to watch out for were grandparent scams whereby a telephone caller claims to be a grandchild or other relative who desperately needs money; lottery and sweepstake scams where individuals are asked to send in money or personal bank account information to collect a prize; and free lunch seminars that result in heavy pressure to make an immediate investment.

“Older adults should talk to family or friends before making an important decision regarding their finances,” Thompson said. He also stressed the importance of protecting financial information. “Shred financial documents with personal information before you discard them, and consider taking advantage of companies that offer electronic delivery of financial information which can help reduce a paper trail," he said. “Never provide personal information on the phone, through the U.S. mail or email, or over the internet unless you know the request is legitimate.”

Computer security is another important topic, he said, particularly for seniors not completely familiar with new technology. “Keep your computer security and anti-virus software up to date,” he said.

NARFE is a national organization that represents federal employees, retirees and annuitants, promotes their general welfare, and provides advice and advocacy services with respect to their rights and benefits under federal and state retirement laws and regulations.

Any federal retirees interested in joining the Coastal Sussex chapter should email Ron or Carol Weber at rjw98@mchsi.com.