Tag Archives: senior fraud

Tell Your Parents: seniors lose $36 billion every year to financial fraud

image-criminal-fraud-01Jerry Seinfeld used to do a great bit about aging. The not-very-funny paraphrased version for our purposes today is that, when people get older, everything gets smaller—the meals, the houses, their bodies. Everything except the car, which just get bigger.

But there’s another thing that gets bigger as we get older, too: the target painted on our backs. The elderly lose an estimated $36.4 billion every year to fraud. That’s the size of entire sectors of the U.S. economy.

CNBC ran a story on the subject recently, and it’s worth a read. The important thing is to stay involved in your parents’ lives and talk to them about the realities of financial fraud and the fact that they will be seen as marks simply because of their age.

Greasy telemarketers, lottery scams, the old “grandchild in danger” telephone scam, get-rich-quick schemes (Iraqi dinar and Vietnamese dong currency peddlers, I’m looking at you), phony investments and affinity fraud (where the scammer uses affiliation with a church or other organization to appear trustworthy)—all of these target the elderly. It’s important to talk to your older family members and friends about the dangers, and take action where needed.

Additional resources are listed below:

Make 2013 the year you take action against scams that target seniors

I know, you already made your New Year resolutions several weeks ago.

But I also know that you’re probably already using the treadmill as a clothes rack again, too, so it’s time to make some more.

This year, I am challenging you to take action against scams and identity theft that target older people.

Every year, seniors lose millions to scams that target them because crooks make certain assumptions:

  1. They’re wealthy
  2. They’re gullible
  3. They live alone
  4. They won’t tell anyone

And all too often, seniors who are victims of scams don’t tell their families, out of fear or shame. Too often, they do live without regular contact from their loved ones. That’s why it’s important to join in the fight against fraud.

Maybe it’s your parents or grandparents, aunts or uncles. Maybe it’s just a neighbor. Whoever you know, whoever you care about, talk to them. Tell them about the scams that target seniors—utility scams, the grandchild-in-jeopardy scam, the 419 scams, the phony investments (Iraqi Dinars), the fake sweepstakes calls, the work-at-home cons. You can find out more about these on this very site, and all over the Internet.

Visit more often this year. Have dinner together. Talk to them about life in general. Did they mention phone calls or letters that sound suspicious? You don’t have to pry or cajole—you don’t need to know every detail of their bank account, or try to convince them to add you as an authorized signer in most cases. But you need to talk more, be together more.

It’s important for other reasons, too, you know.

Can we all do that this year?