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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Americans over 60 lost at least $2.9 billion in 2010 to financial exploitation, a MetLife study. This 12% rise over two years is leading the Consumer Financial Protection Bureau to begin looking into the types of scams affecting older consumers, states the LA Times. Federal regulators launched an investigation into the financial abuse of the elderly, citing a new report that advisors, planners, family members and others were ripping off seniors more than ever. The rise in abusive tactics led the Consumer Financial Protection Bureau to begin looking into the types of scams affecting older Americans and coming up with…
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A helpful AARP study entitled "Outsmarting the Scam Artists" suggests that different demographic groups are more likely to fall victim to certain types of scams. For example, fraudulent claims about unique investment opportunities most often affect college-educated white men in their sixties. These scams often claim the chance to invest in oil drilling or gold mining. Lottery scams, where foreign lottery winnings are claimed with a need to send a small fee to collect, are most likely to affect women in their seventies who live alone and often have less education and financial literacy.
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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