Facts - Senior Financial Fraud
Every LUVcheck visit proper questions can be asked to help minimize senior financial fraud and abuse.
Every LUVcheck visit proper questions can be asked to help minimize senior financial fraud and abuse.
- Has anyone contacted you asking for money?
- Have you gotten any phone calls asking for money, payments or any financial information?
- Has anyone contacted you by phone or in person to have work done at the house?
- Have you replied to anything that came in the mail?
- Have you sent or given anyone any money?
Elder Fraud
Each year, millions of elderly Americans fall victim to some type of financial fraud or confidence scheme, including romance, lottery, and sweepstakes scams—just to name a few.
Criminals will gain their targets’ trust and may communicate with them directly online, over the phone, and/or through the mail; or indirectly through the TV and radio. Once successful, scammers often keep a scheme going because of the prospect of significant financial gain.
Seniors are often targeted because they tend to be trusting and polite. They also usually have financial savings, own a home, and have good credit—all of which make them attractive to scammers.
Additionally, seniors may be less inclined to report fraud because they don’t know how, or they may be too ashamed at having been scammed. They might also be concerned that their relatives will lose confidence in their abilities to manage their own financial affairs. And when an elderly victim does report a crime, they may be unable to supply detailed information to investigators.
With the elderly population growing and seniors racking up more than $3 billion in losses annually, elder fraud has remained a growing problem.
