Fraud occurs when someone tricks an elder into handing over assets such as money or investments. Watch out for many different schemes and scams. Remember, fraudsters vary their scams to catch their victims off guard. Financial elder abuse is most often perpetrated by someone an elder knows such as a caregiver, friend,or sadly, a relative. It involves taking assets by directly taking control of an elder’s finances or becoming close with an elder and convincing them to hand over their assets. Things to watch for include: making unauthorized (or fraudulently obtained) withdrawals or purchases using the elder’s ATM or credit card, or making unauthorized (or fraudulently obtained) changes to an elder’s will or power of attorney.
The need for senior fraud awareness and prevention has become greater than ever. Seniors are often easy targets for fraud, whether it’s for fraudulent sweepstakes prizes or too-good-to-be-true investment returns. Fraud can happen by phone, mail, online, and in person. Fraud can happen to wealthy seniors, and to those of limited means and on fixed incomes. Although anyone can commit senior fraud, the Los Angeles branch of Adult Protective Services reports that about 90% of their cases involve allegations that a family member has financially abused an elder. Education and awareness are the first steps to help protect seniors from becoming a victim of crime and fraud.
According to the Federal Trade Commission (FTC), con artists are more likely to target seniors than other age groups. Seniors are more susceptible to such scams because they are polite and trusting and often have good credit and own their own home and/or have other financial assets. The FTC reports that fraudulent telemarketers direct up to 80 percent of their calls at senior citizens. Seniors citizens continue to be a rapidly increasing segment of the population, and that makes them a prime target for con artists and thieves. Education and awareness are the first steps to help protect seniors from becoming a victim of crime and fraud.
The FTC is getting reports about people pretending to be from the Social Security Administration (SSA) who are trying to get your Social Security number and even your money. In one version of the scam, the caller says your Social Security number has been linked to a crime (often, he says it happened in Texas) involving drugs or sending money out of the country illegally. He then says your Social is blocked – but he might ask you for a fee to reactivate it, or to get a new number. And he will ask you to confirm your Social Security number.
