When my brother had a stroke and was partially paralyzed, I saw how easy it was for him to become a victim  of scams and fraud. Then, when my mother developed Alzheimer’s disease, I saw how she too was taken in by a slick business.

In this multi-post topic, I’ll talk about why the elderly are targeted, some common scams and frauds, and lastly how to recognize signs of fraud and what to do about it.

Why the elderly are targeted for scams and fraud?

Seniors are often targeted for financial crime and the crimes are so prevalent there considered a crime of the 21st century. There are about 5 million cases per year of consumer fraud or financial abuse against the elderly—and only one out of 25 crimes are reported.

Seniors are targeted because:

Crooks often think seniors have significant money sitting in their bank accounts. The belief of wealth sitting in banks may be misguided, but if a senior even has a small pension or nest egg, scammers won’t hesitate to take any or all of it.

Many seniors may be lonely, willing to listen and are more trusting than younger individuals. One thing I noticed with both my brother and my mother was that they were both extremely trusting—not only of me, but anyone that crossed their paths. Although my brother was in his late 50s, and my mother in her 90s, they each were childlike in their trust and understanding. That’s a sobering thought and one that’s easily exploited.

The elderly are easily confused—and don’t want to admit they’re not sure what’s happening. A lot of times seniors will become angry and defensive if you start noticing that things are off in their financial world. Many seniors have already lost their independence by not being able to drive anymore, and to admit they’d been taken in by a fraudster is only further evidence they can’t take care of themselves. They aren’t going to want you to know they’ve been a victim. If victimized, seniors are fearful–or more likely embarrassed to report they are a victim of fraud.

Especially at risk our are seniors who are isolated, lonely, physically or mentally disabled, and unfamiliar with handling their own finances, or have recently lost a spouse. I remember a story that my mother told me where her mother (who suffered from dementia) had been befriended by a pastor at a local church, and that my grandmother had been persuaded to donate most of her money to the church…even though she wasn’t of sound mind. Once the money was gone, there was nothing that could be done.

In my next post, I’ll talk about the different kinds of scams that are out there, and some personal experiences with people I’ve known.

Until next time,

Remain vigilant

KMA 367