Seniors continue to be a rapidly increasing segment of the population targeted by con artists. In fact, financial scams targeting seniors have become so prevalent that they are now considered to be “the crime of the 21st century.” And, over 90% of all reported abuse of seniors is committed by someone in their own family. Shockingly, financial abuse such as depleting joint checking accounts, promising but not delivering care in exchange for money or property, and even outright theft is most often committed by the senior’s own adult children, followed by grandchildren, nieces, nephews, and others.
Here are the ten most popular scams targeting seniors according to the National Council on Aging (NCOA).
• Health Care/Medicare/Health Insurance fraud
• Counterfeit Prescription Drugs
• Funeral and Cemetery Scams
• Fraudulent Anti-Aging Products
• Telemarketing
• Internet Fraud
• Investment schemes
• Homeowner/Reverse Mortgages
• Sweepstakes and Lottery Scams
• The Grandparent Scam This simple scam involves a call to an older person by an impostor grandchild who asks for money to resolve an unexpected financial problem. The money is usually paid to Western Union or MoneyGram which don’t always require identification to collect.
You can help protect your senior and reduce their risk of financial abuse by making him or her aware of the risk of elder financial abuse. Avoiding isolation by staying involved with friends, family, and community activities throughout their lives is likewise helpful. Seniors should also include safeguards in their durable powers of attorney to help prevent those being misused by their agent is another way to secure his or her assets. Refusing to engage with anyone who calls or comes to the door selling anything or looking for donations is another good practice. Using direct deposit for checks will ensure that they go right into their accounts and are protected. And finally, never giving credit card, banking, Social Security, Medicare or other personal information out over the phone unless he or she initiates the call is a good way to maintain the integrity of this very private information.
If your senior falls victim to fraud, immediately call his or her bank and/or credit company, cancel any debit or credit cards linked to the stolen account, and reset the personal identification number(s). If you suspect elder abuse, neglect or exploitation, call the Eldercare Locator toll free at 1-800-677-1116 to find your local offices.
Myles McNamara is the owner of Comfort Keepers In-Home Care, and can be reached at 661 287-4200.