Who Is Stealing From Grandma?

pursethiefWho is Stealing from Grandma?

Well, I was surprised to learn there is a lot of stealing going on! It is reported that nearly 1 in 5 of our seniors (65 years and older), are the victims of financial abuse. This is according to a recent report by Public Policy Polling.As a result, there is a renewed effort by many different groups such as doctors, nurses, family members, and financial advisors to alert and educate seniors and their families to this growing problem. When seniors lose money they may no longer be able to pay for much needed care, assistance, equipment or life-saving medications. You can easily imagine how a senior’s inability to afford care and assistance can lead directly to declining physical and emotional health. Moreover, aging people often become more dependent, both physically and financially, on family members so the effect of stealing trickles down to many more than just the elderly. So well recognized is this burgeoning concern that even the government is now prioritizing concerns to protect seniors by placing them at the top of their 2017 list. Similarly, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations plans to protect seniors by focusing on deals negotiated between investment firms and the seniors they represent. These firms will now be subject far more than previously to comprehensive reviews and audits. So while the SEC is monitoring financial advisors and their dealings with seniors, is there something we can do today to protect seniors? Yes. One of the most widespread and easiest means of ripping off the elderly comes in the form of the scam. Many seniors are victims of scammers who use the telephone to harass and steal. Remembering that sage advice that ‘forewarned is forearmed,’ here is a list of the top ten scams:
1. IRS impersonation scams
2. Sweepstakes scams
3. Robocall/Unwanted phone call scams
4. Computer tech support scheme scams
5. Identity theft scams
6. Grandparent scams
7. Elder financial abuse scams
8. Grant scams
9. Romance scams/Confidence fraud scams
10. Home improvement scams
This list was compiled by the Special Committee on Aging, and the details of these scams may be found by checking their website. Importantly, this Special Committee also has a fraud hotline (855-303-9470). This hotline is a wealth of great information and a terrific resource as they match victims with the appropriate authorities to investigate fraud cases. It is important to remember that we all have an important role to play in protecting our beloved seniors from financial fraud and abuse. They have worked all their lives for their savings, which is not only a source of pride and independence, but which may also make the life and death difference between getting the care and services they sorely need and going without. So be aware that abuse can also be financial. We are always ready to take action on elder abuse whether it is financial or physical.