Learn How to Protect Yourself or Loved One from Fraud

It is reported that 1 out of 5 seniors over the age of 60 have been a victim of some type of financial fraud, and estimates indicate it may be as much as $3 billion annually.  An article on Aging.Care quotes Ken Hunter, president and CEO of the Council of Better Business Bureau (BBB), who explains, “Many of us have a parent, friend or neighbor who would benefit from a friendly reminder that seniors are prime targets for scam artists. We can help prevent them from losing their money, their dignity and their sense of security." 

Seniors are often targeted with high-pressure sales calls and mailers that promise gifts, free vacations and sweepstakes as well as financial seminars and dinners that pressure participants into buying sketchy financial products.  Another scheme is to fraudulently solicit donations for charities and other causes.     

The BBB reports Medicare fraud is common.  In these cases, callers claims to be with Medicare and seek personal information such as Medicare, Medicaid, social security, credit card or bank account numbers from the senior.  The victim is given a number of reasons why the caller needs this information such as an error with a claim or the need to sign up for a new prescription drug plan.   BBB’s advice is to remind elderly family members that Medicare will never call to ask for sensitive personal financial information, and if you suspect fraud, to contact your local police department.   

Another scam reported by the BBB involves targeting seniors who suffer a bereavement of a spouse or loved one.  Scam artists check local obituaries and call widows or widowers with claims that their spouse had outstanding debts that must be paid immediately. They proceed to request credit card numbers or bank accounts to pay the debt.  BBB’s advice is for family members to assist elderly parents or relatives who are inexperienced in managing finances when they lose a loved one.  If you are unsure if a debt is legitimate when collectors call, request a written confirmation.  

Other common schemes involve door-to-door sales people who try to sell fraudulent home repair services or goods.  Senior advocate groups encourage elderly adults to learn how to define and recognize fraud, and if you are a victim, to know where to report it.   

Sources:

agingcare.com/Articles/prevent-elderly-becoming-scam-victims-138455.htm

bbb.org/greater-maryland/migration/consumer-tips/2010/08/bbb-warns-against-five-scams-targeting-senior-citizens/

At SYNERGY HomeCare, we are one of the most trusted names in home care in Colorado serving the front range since 2006. We have grown to 5 offices and will be adding 2 more locations in 2015 and our successful growth can be summarized by one word, "Service".  Our mission is to ensure that every client is treated with the upmost respect and dignity, and we strive to incorporate those beliefs into all of our home health care services. We are available 24/7 to listen to your unique story and provide you answers to all your questions.