Knowing when a scam has become a pattern with a loved one who has dementia involves careful observation of their financial behaviors and recognizing warning signs that go beyond isolated incidents. Dementia affects memory, judgment, and decision-making, making individuals more vulnerable to repeated scams or financial exploitation.
One key indicator is the appearance of **repeated unusual transactions or charges** that the person cannot explain. This might include multiple purchases from the same source, unexpected withdrawals, or payments for services or products they do not recall buying. These patterns suggest the scammer is targeting the person repeatedly or that the loved one is falling for similar scams multiple times[2][3].
Another sign is **changes in financial habits**, such as impulsive spending, increased gifting, or risky investments that are out of character. These behaviors may reflect cognitive decline but also open the door for scammers to exploit confusion or poor judgment. When these changes persist or escalate, it may indicate a pattern of exploitation rather than isolated mistakes[2][3].
Families should also watch for **missed bill payments combined with unusual financial activity**. This combination can signal that the loved one is struggling to manage their finances and may be manipulated by scammers or caregivers with ill intent[2][3].
Communication patterns can provide clues as well. If your loved one frequently receives suspicious phone calls, emails, or messages asking for money or personal information, and they respond without hesitation, this could be a sign that scams are recurring. Scammers often use tactics like phishing, spoofing, or fake tech support calls repeatedly to gain trust and access[1].
To confirm a pattern, it helps to keep a detailed record of suspicious transactions, communications, and behavioral changes. This documentation can reveal trends over time and support discussions with financial institutions or legal advisors.
Banks and financial institutions are increasingly offering tools to help families detect and prevent ongoing fraud. Some banks provide controlled access to accounts for trusted family members, allowing them to monitor spending, set limits, and receive alerts about unusual activity. These measures can help identify and stop scams before they cause significant harm[1].
If you suspect a pattern of scams, it is important to take steps such as:
– Setting up joint account oversight or alerts for large or unusual transactions.
– Consulting financial advisors experienced in elder care and cognitive decline.
– Reviewing and updating legal documents like powers of attorney to ensure protections are in place.
– Coordinating with healthcare providers to support diagnosis and care planning.
Recognizing a scam pattern early allows families to protect their loved ones’ finances while respecting their dignity and independence[3].
Sources
https://thefinancialbrand.com/news/digital-banking/how-banks-can-help-block-elder-fraud-194189
https://www.allaboutestates.ca/aarp-banksafe-dementia-hub/
https://www.olderaleighfinancial.com/orfg-resources/when-memory-and-money-intersect-signs-of-dementia
https://www.breakingbullying.com/financial-exploitation-in-families-protecting-seniors-from-abuse/
