By Noel White, Community Outreach Liaison
There’s a new scam in the headlines almost daily. Fraud is a serious topic, and if you fall victim to it, it can seriously impact your life. These financial predators are highly sophisticated and well-organized, and many well-educated people fall for these scams. We are all vulnerable.
So, what do you need to know about financial scams that target older adults?
Education:
First and foremost, education is the key to avoiding becoming a victim. Take the time today to watch Scams Against Older Adults hosted by the Positive Aging SourceBook’s Steve Gurney as he guides an interactive discussion featuring:
- John Schwartz, a retired F.B.I. Special Agent and founder of the Center for Combating Elder Financial and
- Brian Watson, a retired I.R.S. Special Agent with Resources/Outreach to Safeguard the Elderly (R.O.S.E.).
Listen to examples of how scammers influence people to part with their hard-earned money. The specialists also discuss ways to guard your personal financial information online, including recognizing phishing emails and bogus websites. Follow the discussion of real-life examples of how the Department of Justice identified and prosecuted those who exploited military veterans and elderly investors seeking a safe retirement investment.
Taking Steps to Avoid Falling Prey:
Take the “Financial Vulnerability” survey from Wayne State University, Institute of Gerontology. This short survey measures the main stressors affecting financial vulnerability and risk. The survey results can help you avoid falling prey to these increasingly complicated and well-coordinated scams.
As a bonus, scroll down the Positive Aging SourceBook page and view the attendee comments for choice tidbits and additional resources.
If You Suspect a Scam:
There are a few important steps you should take right away.
- Contact your local police or sheriff’s office to report the scam.
- Contact your state attorney general. Visit the National Association of Attorneys General to locate your state’s attorney general at https://www.naag.org/find-my-ag/.
- If the victim is an older person or a person with a disability, contact your local adult protective services agency. You can find your state or local agency that receives and investigates reports of suspected elder financial exploitation using the online Eldercare Locator or calling (800) 677-1116.
Conclusion:
This information is important to share with others. According to AARP, older Americans lost over $28 billion to scams and fraud schemes in 2023. We hope these real-life case studies, red flags, and resources help you better protect your family and assets.
Additional Resources:
If you or someone you care about is a fraud, scam, or financial exploitation victim, you can report the fraud or scam to the Federal Trade Commission (F.T.C.). Because all scams are different, you might have to contact several other local, state, and federal agencies, depending on your situation. Learn more about common types of scams and where you can go for help.
Federal Trade Commission – https://www.consumer.ftc.gov/features/scam-alerts Sign up to see the latest scams identified by the Federal Trade Commission.
John Schwartz, Center For Combating Elder Financial Abuse https://endefa.org/.
Brian Watson, Resources/Outreach to Safeguard the Elderly (R.O.S.E.) https://roseadvocacy.org/.
Financial Vulnerability Survey from Wayne State University, Institute of Gerontology, https://www.olderadultnestegg.com/for-older-adults/financial-vulnerability-survey/.
Consumer Financial Protection Bureau – https://www.consumerfinance.gov/consumer-tools/educator-tools/resources-for-older-adults/protecting-against-fraud/.
Office of the Comptroller of the Currency – https://www.occ.treas.gov/topics/consumers-and-communities/consumer-protection/fraud-resources/phishing-attack-prevention.html.
CHANA, An Agency of the Associated in Baltimore that assists victims/survivors of elder abuse – https://chanabaltimore.org/. Jacke Schroeder, Director, Elder Abuse Awareness Program at [email protected] or 410-234-0030.
AARP Fraud Watch Network – https://www.aarp.org/money/scams-fraud/.
National fraud resource and information website. Includes a scam-tracking map and educational podcasts. Helpline at (877)-908-3360 if you suspect fraud.
If you or someone you care about needs additional support to help cope, The Option Group is here to help. Don’t hesitate to contact our professional care management team for assistance.
About The Option Group: Founded in 2010, The Option Group’s compassionate team of experienced Certified Life Care Managers and Educational Advocates provides services for families, their loved ones, medical professionals, and professional family advisors in Maryland, Northern Virginia, Southern Pennsylvania, and Delaware. The firm understands the challenges of caring for individuals who need assistance throughout their lifespan due to aging, dementia, disability, or serious illness. Our skilled providers possess over 100 years of combined experience navigating the healthcare maze and accessing hundreds of resources. The Option Group helps families spend quality time with their loved ones, providing clear choices that lead to better care. For more information, visit www.theoptiongroup.net or call 410-667-0266 (M.D.) or 717-287-9900 / 610-885-8899/ 215-896-6756 (P.A.) or 302-858-6449 (D.E.). For Minor & Young Adult Life Care Management or Educational Services, call Mary Jo Siebert at 410-967-0122 or 443-318-4244.
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