Why Women Are At Higher Risk For Financial Fraud (#216)

Financial Advisors Say The Darndest Things

Episode Summary: In this episode AB Ridgeway delves into the concerning issue of financial fraud targeting elderly individuals, particularly women. Drawing from an article by Kathy Curtis published on CNBC, Ridgeway highlights the staggering statistics of cyber fraud losses among older Americans and the devastating impact it can have on individuals and families. He emphasizes the importance of awareness and vigilance in safeguarding against these scams, offering practical insights and strategies for protection.

Key Takeaways:

1. Elderly Vulnerability: Ridgeway underscores the vulnerability of elderly individuals, particularly women, to financial fraud due to factors such as loneliness, social isolation, and declining cognitive ability. By recognizing these vulnerabilities, listeners can better understand the risks faced by their loved ones and take proactive measures to mitigate them.
2. Red Flags of Fraud: Through examples and anecdotes, Ridgeway highlights common red flags of fraudulent behavior, including suspicious emails, urgency and threats, and requests for personal information. By familiarizing themselves with these warning signs, listeners can better identify and avoid potential scams.
3. Protective Measures: Ridgeway provides practical tips for safeguarding against financial fraud, such as building a support system, enhancing security measures, and establishing legal protections like power of attorney. These proactive steps empower listeners to take control of their financial security and protect themselves and their loved ones from exploitation.
4. Empowering Action: By encouraging listeners to take proactive steps to protect their elderly parents and family members, Ridgeway emphasizes the importance of preparedness and action in combating financial fraud. Through education, awareness, and strategic planning, individuals can effectively safeguard against scams and ensure financial stability in later life.
5. Seeking Professional Guidance: Ridgeway concludes by urging listeners to seek professional guidance and support in developing comprehensive financial plans tailored to their needs and circumstances. By leveraging the expertise of financial advisors like himself, individuals can gain invaluable insights and resources to navigate the complexities of financial management and safeguard their financial well-being.

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

Link to full article: https://www.cnbc.com/2024/03/08/op-ed-financial-fraud-targets-older-adults-how-to-recognize-it.html