How To Prevent Elder Fraud: What Kansas City Seniors Need To Know

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

4 Things All Seniors need to know:

1. 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.
2. 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.
3. 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.
4. If payment is required before getting detailed information about the offer, it’s probably a scam.

Warning Signs That Your Senior Loved One Is Being Scammed:

• Receive lots of mail for contests, “free trips,” prizes, and sweepstakes or literature from foreign countries

• Get frequent calls from strangers offering great deals or asking for charitable contributions

• Make repeated and/or large payments to companies in other states or countries;
  Have difficulty buying groceries and paying utility and other bills

• Subscribe to more magazines than anyone could normally read

• Receive lots of cheap items such as costume jewelry, beauty products, water filters, and knick knacks that they bought to win something or received as prizes

• Get calls from organizations offering to recover, for a fee, money they have lost to fraudulent telemarketers.

 If you suspect a senior loved one is being exploited financially a free home care assessment may put your mind at ease.  A trained Geriatric Care Manager can spot the warning signs that home care is needed and offer suggestions on how to protect against senior scams.

For additional reading:

Tips to Protect Against Elder Fraud: Part 1 

Tips to Protect Against Elder Fraud: Part 2 

Tips to Protect Against Elder Fraud: Part 3