Pennsylvania residents should be aware that the Department of Aging and the Pennsylvania Attorney General will investigate allegations of elder abuse, including financial exploitation. The AARP notes that this particular scam is more common before and during the Medicare open enrollment period, which runs through Dec. Scammers may fake physician signatures or bribe corrupt doctors to sign forms, and then bill Medicare for unneeded or undelivered services or merchandise.Īnother variation involves identity thieves posing as Medicare employees requesting confidential information to update records. The FBI reports that senior citizens are frequent targets of Medicare schemes that offer seniors free medical products in exchange for their Medicare numbers. Other scams may simply involve a fraudulent, high-pressure charitable request targeting a generous and emotionally vulnerable senior. The caller may also request sensitive financial data such as bank account information or a social security number. In some cases the senior is informed that she has won a large cash prize – millions of dollars – but must first provide a smaller sum, perhaps several thousand dollars, for processing fees and taxes. Older Americans often are the targets of various forms of fraudulent telemarketing schemes. If the targeted individual sends money once, the senior can be assured of frequent follow-up calls demanding increasing amounts. The scammer may often indicate that the grandchild is in a foreign country and that a sufficient sum can quickly settle the incident with the allegedly injured party. If the older person inadvertently mentions the name of a grandchild, the scammer can spin a convincing tale involving the younger relative who needs cash immediately to resolve a legal incident such as an accident causing an injury to a third party. Speaking at a senior group recently, several people shared with me that they had received calls from a person claiming to represent a young relative facing a legal dilemma. Here are several of the more common scams we should be watching out for. Perhaps most importantly, being informed about some of the specific schemes that are currently being employed can be a good first step in staying safe. In addition, appointment of a trusted child as an agent under a financial power of attorney can allow a family member to periodically check on the finances of a vulnerable parent. Simply having a supportive circle of family and friends can make a critical difference. A recent Consumer Reports article estimated the amounts lost to fraudulent schemes at a range of almost $3 billion to more than $30 billion annually.Īsking our older friends and relatives about their personal experiences with fraudulent financial schemes is likely to show that we all know people that have been targeted as victims.įortunately there are steps that can be taken to protect ourselves and our loved ones. A 2010 survey by the non-profit Investor Protection Trust found that more than 7.3 million older Americans – one out of every five citizens over the age of 65 – already have been the victims of financial fraud. In fact, crimes targeting the elderly are more common than many might think. These qualities combined with the wealth saved over a lifetime can make seniors an attractive target, with the potential risk increasing if our cognitive abilities gradually decrease over time. Those willing to take advantage of the elderly recognize that seniors often are trusting and generous, and in some cases socially isolated.
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