Financial scams abound around the holidays, and it's long been known that the elderly are more vulnerable. Now, scientists are learning why: New research suggests age-related changes in the brain make it harder to detect suspicious body language and other warning signs that people may be untrustworthy. The prevalence of the crime has already reached epidemic proportions, according to Sandy Markwood, CEO of the National Association of Area Agencies on Aging, and will continue to grow as the Baby Boomers age. Financial exploitation of the elderly — from telemarketing scams to identity theft, fake check scams, and home repair fraud…
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Given that seniors are thought to have a significant amount of money sitting in their accounts. Financial Scammers target seniors. Additionally, financial scams also often go unreported or can be difficult to prosecute, so they’re considered a “low-risk” crime. However, they're devastating to many older adults and can leave them in a very vulnerable position with little time to recoup their losses. Also, it’s not just wealthy seniors who are targeted; low-income older adults are also at risk of financial abuse, as it's not always strangers who perpetrate these crimes. Over 90% of all reported elder abuse is committed by…
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Most people regard elder abuse as physical harm i.e abused in nursing home etc. However, financial elder abuse is the exploitation of seniors to gain access to their property, investments, cash, or real estate. Elder abuse includes identity theft, telemarketing cons, stealing Social Security checks from outdoor mailboxes, and fraud by unscrupulous contractors and financial advisers. However, it is not only the stranger but family members also are involved. Here are some signs of exploitation: Your parent has a new "best friend," becomes socially isolated, hesitant to contact unless the “best friend” is present. Unpaid bills – although someone…
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