LAS VEGAS (KTNV) — November is National Alzheimer’s Awareness Month, and this year, experts are shining a light on a growing concern: the financial risks posed to seniors by memory loss and cognitive decline.
While scams are a well-known threat to retirees, memory loss often linked to conditions like Alzheimer’s or dementia has become an overlooked danger to their financial stability.
For 72-year-old Shirley Jay from North Las Vegas, unexpected charges on her account were a wake-up call.
“Somebody was trying to buy something, and the bank called me, and I said no, that wasn’t me,” Jay recalls.
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She admits that she doesn't always check her accounts, but after the incident, she realized how important it is to stay vigilant about her finances.
“I really don’t check, but I really need to start because I’ve seen somebody charge me for something I didn’t buy,” she says.
Similarly, 66-year-old Palma White has found that automatic payment options, though convenient, often lead to confusion.
“My thing is you pay once, and it’s recurring, but you only wanted to try it for a month. Then you forget,” White explains.
Financial expert Brad Zucker of SMA Wealth Management says cognitive decline, linked to Alzheimer’s or dementia, can be devastating for seniors. Many impacted individuals end up overpaying, forgetting how to pay bills, or neglecting to check their accounts.
“Longer life expectancy means that we are prone to illnesses like Alzheimer’s and dementia that could easily wipe out decades of savings in just one year,” Zucker warns.
This issue is particularly relevant in Nevada, where seniors face a heightened risk of financial exploitation. According to research by Retirement Living, Nevada ranks among the worst states for senior scams. The state is ranked third for fraud and identity theft and fourth for financial losses among seniors.
Zucker stresses the importance of safeguarding seniors’ savings and suggests that caregivers and loved ones actively monitor their finances.
“It’s an absolute wrecking ball to a retiree’s nest egg, especially with a diagnosis of Alzheimer’s or dementia,” Zucker says. “It’s one of the biggest financial risks.”
Zucker recommends staying in frequent contact with older adults, checking in by phone regularly, and keeping an eye on their financial decisions. He also advises preparing legally for these challenges.
“Have a rock-solid escape plan, including a Nevada Power of Attorney, so a cognitively healthy person can manage financial decisions for loved ones,” Zucker advises.
The data in our report makes one thing clear: knowing how to spot and avoid scams is crucial. Here are some steps to help protect yourself and your loved ones.
1. Stay Educated on Common Scams
Many scams follow predictable patterns, whether it’s tech support fraud or family impersonations. Learning key phrases and red flags will help you recognize scams before they can steal your money or information.
2. Create a password
Collaborate with your loved ones to come up with a secret password or phrase only you know. If a scammer tries to impersonate a friend or family member, ask them to repeat the password to verify their identity.
3. Take your time
Scammers often speak with a sense of urgency to pressure you into acting quickly. Pause and think about what’s being asked. If you have any suspicions, it’s best to hang up and talk to someone you trust.
4. Don’t be afraid to double-check
Caller IDs can be deceptive. Scammers can “spoof” numbers to appear as if they’re calling from your area code or even a loved one’s phone. They can even use AI to mimic voices. If you receive a call asking for money from someone claiming to be a relative, for example, hang up and call them directly from your contact list to verify the request. If they can’t confirm the story, it wasn’t really them.
5. Report fraud
Filing a report with the FTC or the FBI Internet Crime Complaint Center helps prevent scammers from targeting others. Take notes on what happened right away to make reporting easier later.
Experts agree that awareness and vigilance are key in protecting seniors from financial pitfalls. As Alzheimer’s Awareness Month continues, families and caretakers are urged to take proactive steps to ensure the financial safety of their loved ones.
