Though it would seem to be indicative
of generalizations and AARP
elders have valuable assets including homes, proceeds from appraised real
estates and retirement funds.
Elders
may be concerned with losing money and could be looking for a quick
money-generating plan.
Many
elderly people have memory issues, whether by product of disease or simple loss
of memory, which makes it easier for them to fall victim of elderly fraud.
Elders
may be lonely and in need of companionship, even from people they don’t know,
which could make them more vulnerable to financial elder fraud/exploitation.
Older
people have traditional values which could lead to them being more generous to
charitable offers.
The
fear of losing their independence keeps elders from reporting elderly fraud
when it happens.
The factors above combine for just some of the ways by which frauds target
elderly people when trying to scam money from them. Some warning signs of
potential elder fraud and the like:
Winning
a special gift/prize or being selected to receive a special offer when no entry
in a sweepstakes was ever made
Being
urged to “act immediately” and pay for your prize
Being
told there is a secret loophole to receive a cash prize
Being
prompted for Social Security number, bank number, or credit card number by a
company unfamiliar to the individual
Being
asked to donate money to a foundation whose name sounds similar to a
well-known, established charity
Being
pressured to allow mail service to be ordered and pick up one’s payment
Being
informed of a purchase made from a company that one does not remember or have
statements for
For seniors, being aware of the people who contact them
over E-mail and the phone will help them save their money and prevent them from
falling for one of these elderly fraud schemes. Indeed, there are many ways to
protect one’s money and other assets. If you are concerned about elder fraud,
to make sure your assets are as safe as possible, follow these guidelines:
Keep
all bank numbers, credit card numbers and Social Security numbers private.
Never
allow strangers to come into your home or ask about your assets.
Be
critical of the sales pitches used, especially if a salesperson says your
proceeds will go to a good cause.
Do
not sign a
sign contracts with blank spots; people can fill these in after you sign.
Have
a knowledgeable third party look over all home loans.
Elderly fraud happens frequently because criminals
understand the easy-going and good-willed nature of many elders. These
criminals will be relentless in their efforts to persuade elders into buying
into their scheme or plan. To the consumer, stay aware of who is behind these
suspect calls or E-mails, and always check the sources before following through
with any action.
