Who should I Trust? Signs of Fraud Against Seniors.

According to the FTC, nearly 25 million Americans are victims of consumer fraud each year. 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 this crime against seniors is not always one that is perpetrated by strangers. Over 90 percent 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. And it’s not just wealthy seniors who are at risk. Low income older adults are commonly targeted as well.
The top ten scams targeting seniors include:
• 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
• Health Care/Medicare/Health Insurance fraud
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). There is help for suspected elder abuse as well. Every state operates an Adult Protect Services (APS) program, the ‘911’ for elder abuse. If you suspect elder abuse, neglect or exploitation, call the Eldercare Locator toll free at (800) 677-1116 to find your local offices.
Myles McNamara, a Certified Senior Advisor, is the owner of Comfort Keepers In-Home Care and can be reached at 661-287-4200.