Financial problems can be a sign of early dementia. If your loved one is typically on time with bills then suddenly forgets to pay them, or starts spending money in unusual ways, it’s time to have a conversation. Ignoring the signs can have disastrous consequences as seniors are commonly targeted in financial scams. Elder fraud results in more than $3 billion in losses annually but there are ways you can help prevent your parent, sibling, or friend from becoming a victim. 

Your first step is to let your loved one know that you have concerns and want to help, but you’ll want to do so in a way that doesn’t embarrass them. For example, let’s say it’s your mom. Tell her you want to drop by to show her how to stay safe online. Bring some croissants and make a morning of it. Have her bring her bills, credit cards, and checkbook to the table so you can go through everything while you are there. Of course, you’ll need to bring your laptop. Then –

1.   Set up autopay for her monthly bills.

2.   Freeze her credit. 

3.   Send Account Alerts for her credit cards to your phone.

4.   Set up 2-Factor security on all digital accounts. 

5.   Register her phone number for the Do No Call registry.

6.   Educate your mom on common online and phone scams. 

At some point, you will have to tell her that you have noticed changes in her behavior and feel concerned. Ask her if she’s noticed any issues with her memory. If she says yes, offer to make a doctor’s appointment for her and go with her. If she says no and claims that her memory is perfectly fine, drop the subject and enjoy your visit. Keep an eye on things and approach the topic again later down the road when you deem it appropriate.