Category Archives: Financial Scams
Elder Financial Abuse Fraud Occurs, When No One’s Watching
The case of Nice vs. U.S. is a dramatic example of what can happen when there are no professionals involved in an elderly person’s finances and one person has the power to make transactions without supervision. In the article “Tax case reveals possible intrafamily fraud” from Financial Planning, a trusted son allegedly decimated his… Read More »
What are the Latest Senior Scams?
While we are concerned about finances and our health with COVID-19, we also must be uber-aware of four points of contact: phone calls, text messages, emails and social media. CNBC’s recent article entitled “Beware these common scams that specifically target seniors” explains that seniors in the U.S. are more apt to be victims of… Read More »
Medicare Patients Be Wary of COVID-19 Scams!
It’s still not easy to get tested for COVID-19 in many states, so it’s not surprising to learn that scammers are exploiting the shortage. They’re especially preying on the elderly. Money Talks News’ recent article entitled “Are You on Medicare? Beware Coronavirus Scammers” reports that scammers use stolen personal data to commit Medicare fraud… Read More »
Elder Abuse Continues as a Billion-dollar Problem
Aging baby boomers are a giant target for scammers. A report issued last year from a federal agency, the Consumer Financial Protection Bureau highlighted the growth in banks and brokerage firms that reported suspicious activity in elderly clients’ accounts. The monthly filing of suspicious activity reports tied to elder financial exploitation increased four times… Read More »
How Do I Protect My Elderly Parent from Scams?
According to a 2015 study by True Link Financial, seniors lose $36.48 billion each year to elder financial abuse. The FINRA Investor Education Foundation reports that more than 8 in 10 seniors are solicited for potentially fraudulent offers, adding that “Americans age 65 and older are more likely to be targeted and 34% more… Read More »
Think It’s Elder Abuse? Here’s What You Need to Know
If you take those numbers for a single county in California, and multiply them across the nation, you’ll get a clear understanding of how our nation is aging and the number of vulnerable people susceptible to elder abuse in the coming years. With the growth of older adults, the risk will grow, reports Event-News… Read More »
Financial Scams: How to Protect Yourself
It’s scary to think about. A time in life when people have the most assets under their care, is also the time that aging begins to take its toll on their bodies and their cognitive abilities. The legions of individuals actively preying on seniors with financial scam to take advantage of them seems to… Read More »
When is it Time to Take Over Parent’s Finances?
Losing the independence that comes with being able to drive, is often followed by the realization that parents can no longer be entrusted with their own finances. This is a difficult issue, because the parents of Baby Boomer kids are the “Greatest Generation.” As a general rule, they were and are extremely private about… Read More »
Social Media Helps to Catch Social Security Disability Fraud
The Social Security Administration (SSA) used to have investigators try to catch people in the act of performing activities, like bouncing on a trampoline, that prove they were not disabled and their applications for Social Security Disability benefits (SSDI) were fraudulent. Having to document this behavior by being physically present and snapping photographs as… Read More »
The People They Trust, Rip Off Seniors the Most
Seniors are frequent victims of financial abuse, whether the crook is a stranger or someone the older adult knows. Sadly, the people they trust rip off seniors the most. The Consumer Financial Protection Bureau (CFPB) analyzed the financial exploitation of older Americans, by poring through government reports that looked into suspicious financial activity. During… Read More »