Statistics from the FBI indicate national trends in elder fraud have increased over the past two years based on the number of reported complaints (up by 14%) and financial losses (rose 11%).
Given these trends, it is important to protect ourselves as well as elder family members or friends.
Financial exploitation takes many forms, with scams and frauds attempted by people both known and unknown to potential victims. One means of protecting ourselves from this type of exploitation is a heightened awareness of common scams, such as:
- Investment/securities schemes (the most frequent) – pyramid schemes; unrealistic returns promised; dealer is not licensed
- Government impersonation / lottery & sweepstakes scams “You’ve already won! Just send $2,500 to cover taxes”
- Home repair/traveling con men “We’re in your area and can coat your driveway / roof really cheaply”
- Grandparent scam: You’re called and told your grandson is in jail and needs you to send money immediately
- Charity scams: falsely soliciting funds for good causes; very common after disasters
- I’m from the utility company; I need you to come outside with me for a minute (while accomplice steals valuables)
- Roof repair, yard work, home repair scams
- Telemarketing scams and accompanying threats
- Predatory Lending
- Internet phishing – false emails about bank accounts
- Identity theft – credit cards opened fraudulently, etc.
- Medicare scams – these are the costliest in terms of the dollar amounts