Tips To Protect Against Elder Fraud: Part 1 - Kansas City Area

Elder financial abuse costs older Americans more than $2.6 billion per year. Follow these three steps to identify and protect against elder fraud.

1. Recognize the “red flags” of fraud.
2. Recognize the signs of victimization and how to help.
3. Inform and educate on how to reduce the number of unwanted sales calls and mailings and how to deal effectively with telemarketers.

This week we are going to examine each of the three steps to help protect the elderly against fraud.  Stay tuned for Parts 2 and 3.

The 1st step is...

Helping older people recognize the “red flags“ of fraud:

• A promise to win money, make money or borrow money easily;
• A demand to act immediately or else miss out on this great opportunity;
• A refusal to send written information before agreeing to buy or donate;
• An attempt to scare the victim into buying something;
• Insistence on wiring money or having a courier pick up a payment; and,
• A refusal to stop calling after being asked not to call again.

Seniors need to know that:

• It’s illegal for companies that operate contests or sweepstakes to ask one to pay to enter or claim a prize or even suggest that chances of winning will improve if there is a purchase;
• It’s illegal for telemarketers to ask for a fee upfront to help get a loan if they guarantee or strongly imply that the loans will be made;
• There is no reason to give a credit card number or bank account number to a telemarketer unless a payment is actually being made with that account; and,
• If payment is required before getting detailed information about the offer, it’s probably a scam.