❧

Financial Scams Targeted Towards

the Elderly Population

By: Gina Leymeister & Chris Casciotti

❧ Over 90% of all reported elder abuse is

committed by an older person’s own family member

Seniors fall victim to paying 2.6 billion dollars every year in the U.S.

Alzheimer’s Society calculates that 15% of individuals with dementia have been victims of scams

112,500 persons

(Senior Care Scams)

Statistics

❧ Vulnerable

Lack of education

Family importance

Why Seniors?

❧ Individual

Emotional Stress Financial Health

Family Target Life Changing Financial Burden

Society Awareness Informed Prevention

Impact

❧ Increase of incidents due to

the advancement of technology

Scams have been increasing and more money has been collected from elderly population

Without any preventative measures, scams will continue to rise

Sequence of Issue

❧ Family advocacy

Recognition

Individual Recognition Awareness

Assistance

❧ Maintaining health allows

for greater capacity and reasoning to make more informative choices

Eliminating stress- think more clearly

Affects family well-being

Health Promotion

❧Prevention

1. Don’t just tell your patient to hang up or throw out the letter

Elaborate on reasons why the elderly needs to clarify they are not interested

2. Don’t shame or blame

(Sollitto, M)

❧3. Try some reverse psychology.

This could start a conversation that helps the parent come to terms with the scam.

4. Turn experience into advocating for other elderly

(Sollitto, M)

Prevention

❧ Ask your medical what they will charge and what

you are expected to pay out- of –pocketBe wary of salespeople trying to sell you something

they claim will be paid for by Medicare.

Always ask for and wait until you receive written material about any offer or charity.

Carefully read all contracts and purchasing agreements before signing and make certain that all of your requirements have been put in writing.

(Fraud Target: Senior Citizens, 2010)

Maintenance

❧Colorado

a comprehensive senior protection bill

a provision requiring police to be trained in recognizing exploitation and abuse of at-risk elders

Every sheriff’s department and municipal police agency must employ at least one trained officer by Jan. 1, 2015.

(States Beefing Up Laws to Protect Elderly People Against Scams)

Legislation

❧Maryland

money transmitters must provide training to certain employees on how to recognize and respond to financial exploitation of seniors

state already requires financial institutions to report such cases to law enforcement services within 24 hours.

(States Beefing Up Laws to Protect Elderly People Against Scams)

Legislation

❧North Carolina

In 2013, a law gives courts authority to freeze the assets of a defendant charged with financial exploitation of a senior It only applies if the victim has lost

more than $5,000

States Beefing Up Laws to Protect Elderly People Against Scams)

Legislation

❧Seniors represent about 12% of the

total U.S. population but they are 30% of scam victims

It is estimated that just one in a hundred cases of senior fraud are reported

Most of these crimes occur within the home so they can more easily be hid from family, friends and advisors

(AARP)

Intervention Effectiveness

❧FBI- Internet Crime Compliant Center

The IC3 accepts online Internet crime complaints from either the actual victim or from a third party to the complainant.

AARPAnyone 50 or over can join or

renew for only $16

National Council of Aging571-527-3900

Agencies & Services

❧Get involved with seniors' financial decisions

as much as possible

Never allow your elderly parent to give out (or at least warn them against it) personal banking information

Put the senior's phone number on the National Do Not Call registry by phoning 1 (888) 382-1222

Teaching Methods

❧Language

Literacy

Education Level

Altered SensesHearingSeeingDiminished Cognition

Barriers

❧Prevention

Awareness

Maintenance

Take action now, and protect the elderly from future scams

Summary

❧Preying on grandparents: Former con artist explains scam targeting elderly

Video

❧Meet & Greet

❧ Fraud Target: Senior Citizens. (2010).

https://www.fbi.gov/scams-safety/fraud/seniors Sollitto, M. Can Elderly Scams be Prevented?

https://www.agingcare.com/Articles/prevent-elderly-becoming-scam-victims-138455.htm

Elder Abuse: Financial Scams Against Seniors | Nolo.com. http://www.nolo.com/legal-encyclopedia/elder-abuse-financial-scams-against-

29822.html My Membership Resource Center for AARP Members - from account, card, joins,

to renewal info - AARP. http://www.aarp.org/benefits-discounts/my-membership/?intcmp=GLBNAV-SL-MBCH-MEMB

Senior Care Scams.http://www.interimhealthcare.com/education-center/consumer- health-care-education/senior-care-scams

States Beefing Up Laws to Protect Elderly People Against Scams. http://www.pewtrusts.org/en/research-and- analysis/blogs/stateline/2014/08/18/fighting-financial-scams-aimed-at-seniors

Top 10 Scams Targeting Seniors. (2015). https://www.ncoa.org/economic-security/money- management/scams-security/top-10-scams-targeting-seniors/

References

❧Questions??