All of these wins sound plausible, but I do not enter contests online or enter draws where I do not know the organization. Therefore, I know these wins are too good to be true and are frauds. Frauds against seniors are growing and are a big concern, not only to the law enforcement agencies, but also to the friends and relatives of the seniors who are taken advantage of by the con artists.
Here are some cons that I as far as I know is just limited to the US but it is a scary one. Con artists have found a new way to defraud people into handing over their money. In 2014, Americans 50-plus lost nearly $11 million from intimidation and extortion schemes. According to the Internet Crime Complaint Center, scammers are now using fear and intimidation towards seniors by threatening with violence, a lawsuit or arrest over supposed missed loan payments.
Victims are told they need to pay to avoid a bogus court summons or even that a virus will ruin your computer unless you pay. Victims can become embarrassed or frightened to speak up or report being scammed when they are told to keep mum “or else.” Keep reading for some frauds to be on the outlook.
the Financial Planning Association,
the Investor Protection Institute and
the Baylor College of Medicine.
Kiplinger’s Personal Finance is also a partner. The toll-free hotlines will address questions and offer advice in the following areas:
- If you have general finance questions, call 888-227-1776. You’ll be put in touch with an expert from the Financial Planning Association. In particular, the FPA professionals can help adult children figure out how to initiate a conversation with their parents about money. The holiday season is also a time when authorities see an increase in financial exploitation. It is when families, friends and neighbors get together, increasing the chance that some unscrupulous person will have access to the financial holdings of a senior parent, friend or relative.
- If you have medical questions, call 888-303-0430. Callers can get advice from health-care professionals about medical issues such as mild cognitive impairment, which can affect an older person’s ability to make wise and safe financial decisions. The condition may cause people to become confused or less risk-averse, increasing their vulnerability to exploitation. The health-care professionals can help identify the health-related red flags that make someone more vulnerable to financial abuse, and they will be able to suggest referrals for medical screening.
- If you have questions about financial abuse or about how to recognize that something might be amiss, call 888-303-3297. You will speak to an adult protective service professional. You can get information on what steps to take if you suspect that a loved one is being financially abused or exploited. For every case of financial abuse that is reported, four or five are not, because in many cases they involve family, Blandin said. “What 86-year-old mother wants to file a report on her son?”
Margot G. Birke, Esq. Elder Law Solutions, Newburyport, MA Email - Margot, Website - Elder Law