Elderly people are often targeted by unscrupulous timeshare scammers. This may be because they are more likely to have financial stability due to accumulating savings or assets throughout their lives, with scammers keen to access their financial resources. They may also come from a generation where trust in others was more common, which means they are more inclined to believe the promises made by scammers, who often come across as friendly and trustworthy.
Timeshare scams can lead to significant financial losses and emotional distress for elderly people. Read on to find out how families can safeguard their loved ones from falling victim to financial exploitation.
Protecting elderly loved ones from timeshare scams
Elderly people are particularly susceptible to timeshare scams. However, there are things families can do to protect their older loved ones’ financial well-being and ensure that they enjoy their retirement without the fear of being exploited.
Encourage open communication
Encourage open lines of communication with your elderly family members and let them know they can feel confident discussing significant financial decisions with you before committing to them.
committing. Establishing trust and a strong bond will help them to feel more comfortable doing this. This trust can deter them from making hasty financial decisions without consulting you.
Educate about commons scams
Another way you can help protect elderly family members from timeshare scams is to educate them. Inform them about the most common scams and make sure they are aware of the tactics that scammers use, including high-pressure sales tactics and promises that seem too good to be true. Educating them about timeshare scams can help prevent them from falling victim and losing their money.
By regularly reviewing their financial statements, you can look out for unauthorised or suspicious transactions. This can help to catch potential scams early, helping to prevent them from getting conned. As well as checking their bank statements, you may also want to check credit card bills and other financial documents. Make sure this is done with their knowledge and approval. If possible, set text or email alerts for their financial accounts. This will allow you to receive notifications of unusual activity.
Advise them to seek legal advice
If an older loved one is considering a timeshare purchase or sale, encourage them to seek legal advice before signing any contracts. A timeshare lawyer will be able to evaluate the offer or agreement and identify any red flags at the earliest opportunity. If the worst happens and a family member does fall victim to a timeshare scam, consult with a lawyer as soon as possible. The sooner this action is taken, the more likely it is that lost funds can be recovered.
Timeshare scams can have a devastating effect on elderly people. Call Sarah Waddington Solicitors on 01924 601 094 to speak to an experienced timeshare lawyer.0