Be Aware Of Elderly Fraud

What is elder fraud?

Elder fraud refers to a range of deceptive practices that specifically target older adults, often exploiting their vulnerabilities and trust.

Most common forms of elder fraud

• Financial exploitation, which can occur when someone misuses or takes control of an elderly person's financial resources without their consent. This can include unauthorized use of credit cards, bank accounts, or retirement funds. Scammers may pose as representatives from legitimate organizations, like government agencies or charities, to solicit money or personal information under false pretenses.

• Investment scams, where fraudsters promise high returns on investments that are either nonexistent or highly inflated. These scams can take the form of Ponzi+ schemes, real estate scams, or fraudulent business ventures that prey on the desire of older adults to secure their financial future.

• Romance scams, where they will set up fake profiles on dating sites to get information from you.

• Phishing scams, where they impersonate a company or individual using seemingly trustworthy emails to gather information.

Moreover, elder fraud is exacerbated by the increasing use of technology and the internet.

Why are they targeted

• It is believed they have more money in the bank.

• It is believed they are less likely to report fraud let alone know it is even happening.

• They are known to be kind and polite making them more vulnerable to attacks.

• Some have impaired decision making causing it to be easier to obtain information.

Signs of elder fraud

• Sudden changes in financial situations.

• New names on accounts.

• Unexplained withdrawals from bank accounts.

• Unpaid bills that usually are paid and never a problem.

• Lack of awareness about financial matters that were previously well-managed.

Family members and caregivers should maintain open lines of communication with seniors about their finances and educate them about potential scams to help protect them from becoming victims.

Look after your loved ones and inform them to help prevent elder fraud. The emotional toll of losing hard-earned savings can be devastating for victims, leading to feelings of shame, isolation, and even depression.