FRAUD: FINANCIAL SCAMS: HOW TO HELP PROTECT YOUR ELDERLY…
It is a sad fact that senior citizens are often the target of financial scams and as recently as August 24, 2013, an 88-year old Burbank, CA suffering from dementia was conned out of more than $40,000.
In this particular case, a man posing as a roof repair man persuaded the elderly California woman to transfer money from her savings account into her checking account and then sign it over to him. According to ABC News, the crime was eventually discovered and reported by the victim’s daughter but unfortunately, the victim of the scam has no memory of writing the checks due to her dementia and police warn that more senior citizens could be targeted.
Because many senior citizens have accrued significant savings, have access to pension, own their own home, have an established credit rating and may possess valuable items, they are often the target of identity thieves, con artists and other criminals. Oftentimes, elderly adults are also more trusting and lonely as well as physically or mentally vulnerable than younger individuals. In many cases, elderly victims are embarrassed to be a victim of crime and do not report or due to cognitive issues are unable to even recall the criminal activity, like in the case of the Burbank woman. Unfortunately, these factors cause senior citizens to be at particularly high risk.
Among the many types of fraud, senior citizens are most often the target of mail fraud, identity theft, telemarketing fraud and medical fraud. Knowing how to help protect yourself and your family members from fraud is an important first step in preventing becoming a victim of the crime.
The USAA Education Foundation and the FBI FBI websites offer valuable tips and information to prevent and report fraudulent activity, including recommending the following precautions:
- Do not open your door or allow strangers/unexpected visitors into your home or car.
- Use caller identification (ID) to screen incoming calls and let an answering machine pick up the call first if you do not recognize the number of an incoming call.
- Do not respond to unsolicited advertisements.
- Do not sign anything that you do not fully understand.
- Do not sign a blank check.
- Compare rates or ask for recommendations before scheduling any home repairs or services.
- Do not pay cash in advance for any service and request a receipt with the name and contact information of the business.
- Register your phone number with the free National
- Do Not Call Registry at (888) 382-1222 or www.donotcall.gov and report any persistent unsolicited phone calls.
- Remove your mailing address and e-mail address from promotional lists by following the instructions on the Federal Trade Commission (FTC) website www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt063.shtm.
- Review your credit report at least once a year.
- Information on how to obtain a free copy of your credit report from each of the major consumer reporting agencies can be found on www.annualcreditreport.com or by calling (877) 322-8228.
- Monitor activity on your bank, credit card account and other financial accounts and review transactions often for unexplained charges or withdrawals.
- Never place a purse in a shopping cart or leave it unattended.
- Always lock your home and car doors immediately upon entering and exiting.
- Resist high-pressure sales tactics, especially over the phone. It is not rude to ask for more time or even to hang up if necessary.
- Ask for more information if you are unsure, unclear or feel pressured about an offer, a charity or a business.
- Legitimate businesses and charities will understand that you may want more information and would be happy to comply with your request.
If you or someone you know might be a victim of fraud, write down every detail you can remember about the event or transaction and report it immediately.
If possible, create a detailed record of the crime, including:
- The date, time and location of the incident.
- The name the criminal used, whether or not the criminal showed some kind of ID and the organization the criminal claimed to represent.
- How many times the criminal contacted or attempted to contact the target of the fraud. Details of each transaction or contact with the criminal.
- Any record of the contact, such as phone records, mail, email, receipts, business cards, etc
- If contact was made in person, provide a physical description.
Depending upon the type of crime, you should report the fraudulent incident to one or more of the following authorities:
- The local police or sheriff’s department.
- The state attorney general.
- Any banks or financial institutions for which your accounts may have been compromised.
- Federal Trade Commission (FTC) at www.ftc.gov/ftc/contact.shtm.
Consumer reporting agencies:
Equifax | www.equifax.com | (800) 685-1111Experian | www.experian.com | (888) 397-3742TransUnion | www.transunion.com | (800) 888-4213
If you or a family member is no longer able to maintain an independent lifestyle, please contact California Registry to discuss elder care services and options available throughout California. CalRegistry is committed to helping every person who calls to find the most appropriate and cost effective retirement care within California. Working with us will save time as well as help relieve anxiety and frustration during a stressful time.