Financial scams are targeting senior citizens. According
to a recent report by the Consumer Sentinel Network,
older Americans are less likely to report a fraud because
they don’t know who to report it to, are too ashamed of
having been scammed, or don’t know they have been
scammed. They may also be concerned that relatives may
think they no longer have the mental capacity to take care
of their own fnancial affairs.
Seniors control the majority of personal wealth in the
country. Professional con artists and relatives, are aware
of that wealth and of their vulnerabilities. Over 90% of all
reported elderly abuse is committed by a family member.
Common tactics include depleting a joint bank account,
promising, but not delivering care in exchange for money
or property, and outright theft.
But there are ways you can avoid being a victim:
• Do not isolate yourself—stay involved with friends,
family, and community activities.
• Never buy from solicitors who call or visit
unannounced.
• Shred all receipts with your credit or debit card
number.
• Sign up for the “Do Not Call” list (
www.donotcall.gov
)
and take yourself off mailing lists.
• Use direct deposit for beneft checks to prevent checks
from being stolen from the mailbox.
• Never give your credit card, banking, Social Security,
Medicare, or other personal information over the
phone unless you initiated the call.
• Be skeptical of all unexpected offers and thoroughly
do your research.
• If a family member is “in trouble” and needs you to
send them money, verify the validity of that information
before sending.
• Include safeguards in your durable power of attorney
to help prevent being misused by your named agent.
• Get a copy of your credit report to make sure no
accounts have been opened in your name you don’t
know about. (
www.annualcreditreport.com
)
Senior
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By Jana Castanon, Apprisen Financial Services