Beware of Elder Fraud!

Fraudulence is everywhere, and when you are aware of it, you don’t fall for it. But how about those who don’t know any better?

Elder fraud has been an increasing issue that takes advantage of the trust, loneliness and lack of judgment of our naïve elders.

This type of fraudulent behavior comes in many forms. Elderly individuals are flooded with calls, emails and mail regarding fake contests, charities and investment opportunities. Unfortunately, many of them fall for these phony deals and give away their personal information. Then, these elder fraud victims must watch as their savings and assets dwindle away.

This large influx of people affected by elder fraud has driven government officials to take action. The Senate recently passed the Seniors Fraud Protection Act, which strengthens the federal reporting system for fraud complaints and requires the Federal Trade Commission (FTC) to monitor the market for fraud schemes targeting seniors.

U.S., Sen. Amy Klobuchar, D-Minn., who worked with lawmakers and individuals negatively affected by elder fraud, explained the importance of the bill saying, “A new fraud scheme designed to target seniors appears almost daily, and in many cases, seniors watch their entire life savings disappear in scams that are specifically designed to target their assets.”

Do you know someone who has ever been the victim of elder fraud? Tell us your story on our Facebook page using #elderfraud. (Please click here for our Facebook page).

For more resources to fight senior fraud, visit http://www.ag.state.mn.us/consumer/seniors/seniorscams.asp or aarpelderwatch.org.

The information in this article is from the StarTribune article Senate tackles elder fraud, by Jennifer Brooks. For the original article, click here.

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