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Financial & Legal Services
Financial & Legal Services
TOP 10 FINANCIAL SCAMS ARGETING SENIORS
OP 10 FINANCIAL TARGETING
considered “the crime of the 21st century.” Why? Because seniors are thought to have a signifi cant
considered “the crime of the 21st century.” Why? Because seniors are thought to have a signi cant amount of money sitting in their accounts.
F can be d
a “low-risk” crime.i How er, they’r
iinancial scams targeting seniors hav become so prevalent that they’re now
nancial scams targeting seniors have become so pr
alent that they’re now
amount of money sitting in their accounts. Financial scams also often go unreported or cult to prosecute, so they’re considered
de astating to many
leave them in a very vulnerable position with little time to ecoup their lossi
vulnerable position with little time to recoup the r losses. It’s not just wealthy
devastating to many older adults and can
older adults and can leave them in a very
It’s not just wealthy seniors who areeniors who ar targeted. Low-income older adults are also at nancial abuse.
targeted. Low-income older adults are also at risk ofir sk of fi nancial abuse. And it’s not always strangers who
And it’s not always strangers who perpetrate the
perpetrate these
crimes. Over 90% of all reported elder abuse is committed bi
crimes. Over 90% of all eported elder abuse is comm tted by an older person’s own family
an older
person’s own family members, most often their adult children,
and nephews, and others.
others. Review the list
1.
members, most often their adult children, followed bollowed by grandchildri
Review the list below, so you
grandch ldren niecesen, niece, and nephews, and
below, so you can identify a potential scam.
65 qua or Medicari e, so ther, e is rar i
Financial scams also often go unreported or can be dififfi cult to prosecute, so they’re considered a “low-r sk” crime. However, they’re
a Medicari
their personal infi ervicei
CAMS ENIORS
company older people have in order to scam them out of some money. I In the
s for elderly people at makeshift mobile clinics, then use the personal information they provide to bill Medicare and pocket the money.
2 2. Counterf. Counterfeit eit
Pr scription Drugs Most commonlyl
Prescription Drugs Most common y,
counterfeit drug scams nd better pricei
counterfeit drug scams operate on the Internet, where seniors increasingly go to fi nd better pr ces on specialized medications.
operate on the Internet, where seniors increasingly go to
s on
specialized medications. This scam is growing in popularity - since 2000, the FDA has investigated an average of 20 such cases per year, up from per year, up from fi ve a year in the 1990s. a year in the 1990s. The danger s that beside
This scam is growing in popularity - since 2000, the FDA has inv stigated an average of 20 such cas
The danger is that be i paying money for
sides
paying money for something that will not
help a person’s medical condition, victims may purchase unsaf
substances that can in en more harm. This
can identify a potential scam. 1. Medicare/Health Insurance Scams
ely any need fl scam artist to ri
scam can be as hard on the body as it is on the
the body as it is on the
wallet.allet.
Every U.S. citizen or permanent resident over age 65 qualilifi es for Med care so there s rare y any need for a scam art st to research what pr vate health insuranceearch what privi ate health insurance
Medicare/Health Insurance Scams Every U.S. citizen or permanent r sident over age
or a Senior Resource Directory 2017-2018 3.
3. Funeral & Cemetery Scams The FBI warns about two types of funeral and
Funeral & Cemetery Scams cemetery fraud perpetrated on seniors.
cemetery fraud perpetrated on seniors. In one approach, scammers rIn one approach, scammers read obituaries and call or attend the funera service of a complete stranger to tak
The FBI warns about two types of funeral and ead obituaries and call or
attend the funeral sl ervice of a complete stranger to take
something that will not help a person’s medical condition, victims may purchase unsafe
substances that can infl i ict even more harm. This scam can be as hard on
ct
then use the personal information they provide to bill Medicare and pocket the mone
company older people have in order to scam them out of some mone
a Med care repre representat ve to get older people to give them the r personal informat on, or they w ll provide bogus serv ces for elderly people at mak shift mobile clinics,
n these types of scams, perpetrators may pose as y will provide bogusi
types of scams, perpetrators may pose as entativi e to get older people to give them ormation, or thei
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