Seniors

September 5, 2018

Fraud Against Seniors

There is an increase in financial scams which target seniors. Seniors are targeted by thieves for many reasons including:

• They are more likely to own their home, have a “nest egg” and excellent credit.
• Seniors often make poor witnesses, especially if they have bad memory.
• That generation was generally raised to be polite and trusting, which are traits con artists like to exploit.
• Seniors are less likely to report a scam as they are ashamed or not even aware they have been scammed.

Common elderly scams involve:

• Cemetery and Funeral Scams
• Counterfeit Prescription Drugs
• Fraudulent Anti-Aging Products
• Health Insurance/Medicare Scams
• Homeowner/Reverse Mortgage Scams
• Internet Fraud
• Investment Schemes
• Sweepstakes and Lottery Scams

Monitor Financial Health
To make sure your loved one hasn’t been a victim of fraud it is important to monitor finances and credit reports.

Monitor credit reports from the three major agencies: Equifax, Experian and TransUnion. A free credit report is available once a year, but you can always do it more often if able. Check the credit report for consistency, close out accounts which are no longer used, read over each report and identify any information that doesn’t seem accurate. You can place a credit freeze through the reporting agencies if your loved one no longer manages their finances.

Do a careful review of your loved ones accounts by looking over all income and expenses. Make sure all income is accounted for and the necessary expenses are taken care of. Be watchful of things which look fraudulent. This is important to do not only for bank accounts but also any credit card accounts.

Financial scams go unreported too often, so follow the steps above to monitor your loved ones finances and if they are thought to be victim of fraud seek help. The United States Special Committee on Aging provides resources and information on fraud and if you suspect fraud you can contact them.

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