Helping to Protect Vulnerable Adults from Financial Exploitation by Scams, Schemes, and Swindles
Seminar Objectives What you should know about “Elder Financial Fraud & Identity Theft” • How does it happen ? • Preventive actions you can take on your own! • What to do if you are a victim ! • You need to understand, We are all at risk !!!
The intent of this presentation is not to instill fear; rather, it is meant to empower you with facts and possible ways to move forward
What Exactly is Elder Financial Abuse? 5
Financial Abuse Elder financial abuse spans a broad spectrum of conduct, including: Taking money or property. Forging an older person's signature. Getting an older person to sign a deed, will, or power of attorney through deception, coercion, or undue influence
Why Do They Target Us Seniors? We generally have money at our disposal • We are polite and easy to talk to and they exploit • our good nature We more than likely belong to groups which they • can easily track, i.e. churches, temples or other organizations We are generally very trustworthy and it is that • very trust that is the vehicle for financial fraud
Be discrete about what you post on Social Media • Do not give birth date, hometown, high school • Do not accept invitations from strangers to be • online friends Do not broadcast your travel plans • Think before you click on a link • Do not trust subject line that starts with… • • Immediate Action Required
The Four Most Common Misconceptions of Seniors People think they will be healthier…. • People think they will have more • money…. People think that their families will • step in when needed… The fourth one will be discussed later!
Misconceptions (cont.) Regardless of your physical condition everyone by age • 80 will have some health decline… The second misconception is most troubling because • we will have an entire generation of people who will run out of money and will be too old to work … The third misconception is the biggest challenge and • also the best opportunity to avert the worst case scenario down the line by reaching out to your families now!
Staggering Statistics 16.7 million people were victims of • identity theft in 2017* This translates to 317 new victims of • Identity Theft every minute of every day in USA Federal, state & county governments all • have comprehensive programs to help combat it or at least try to slow it down *According to Javelin Strategy & Research
Anyone can be a victim of financial fraud. You are • not alone. Millions of people are defrauded every year. And you are the target only because you have • money and assets to steal. Not because of a failing on your part It is a very easy crime to commit. There have • been over a Billion security breaches and we have only 320 million people The truth is we are all at risk, so you need to stay • super vigilant !!! ams and abuse
Elder Financial Exploitation is Very Seldom Random Information Relatives • Friends & Family • can be Hospitals • stolen by: Doctors offices • Schools • Stores • Restaurants • Home aids •
The Fourth Misconception of Seniors Question: Who is most likely to cheat, or swindle or steal from you? Answer: The people you know best!
Some More Staggering Statistics • 6 out of 10 cases are committed by relatives • 3 out of 10 by friends of the family • Only 1 out of 10 is committed by strangers 90% of the time, the perpetrators are very well known by their victims !!!! Source: AARP
Even Scarier Statistics The closer the tie, the greater the damage Perpetrated by strangers = $38,500 Perpetrated by someone who knew the victim = $116,000 Criminals within the family = $148,000 Biggest thieves by far are victims’ children = $262,000 Sources AARP--- JavelineResearch---FBI Javeli Must use capital “S” for password Use the arrow key to capitalize a letter Click on key with numbers to find special characters and numbers
Now Here is the Sad Part! Only 1 in 44 cases get reported…WHY? Victims are embarrassed and feel ashamed and guilty • (when they should not feel that way at all) People do not want to air family conflicts in public • People doubt that the money will ever be recovered • People do not want to press charges against family • members Seniors actually believe family members when they • say they are sorry and will not do it again
What Can You Do to Help Prevent It? Get involved. Really involved and not just • for the photo-op! Vigilance is our #1 weapon! • Stay in touch. Isolation is the scammers • biggest asset! Beware of the fog • Be careful of caregivers • Look over shoulders, let them • all know you are checking !!!
Warning Signs or Signs of Potential Abuse Taking money or property • Forging an older person's signature • Getting an older person to sign a deed, will, or power of • attorney through deception, coercion, or undue influence Unpaid bills, eviction notices, or notices to discontinue • utilities Withdrawals from bank accounts or transfers between • accounts that the older person cannot explain
Warning Signs of a Scam You get an unsolicited phone call, letter, e-mail or visit • from someone claiming to be a government or law enforcement agency, well-known business or charity, or even a family member in trouble. You’re asked to pay money by wire transfer, pre -paid • debit card, paperless check or for personal info. Need to act immediately. •
Warning Signs of a Scam ( con’t ) You are told that you will be arrested / • deported or that a family member is in trouble. You get an offer that sounds too good to be • true. You are told you have won a prize, but must • send money before you get the prize .
Warning Signs of a Scam ( con’t ) You are sent a check but are asked to wire part of the • proceeds back to the writer of the check. You get an unsolicited request to “fix” your computer. If • your computer needs fixing I suggest you call Robin Abello 410-772-8118 at PERCWORKS or the geek squad at Best Buy A new “best friend” or love interest needs money, or who • all of a sudden seems to be controlling a person’s decisions or choices.
Imposter Scams Con artists often assume the identity of others in • order to gain your trust. The goal: to trick or intimidate you into paying money • or providing personal information. They attempt to exploit your fears and emotions so • you will act before you think. Identity thieves can use your personal information to • obtain credit, government benefits or commit crimes.
Government Imposter Scams A caller claims to be from a government agency, such as the IRS, FBI, Social Security, Medicare, or Police stating, for example: You owe money for back taxes and if you don’t pay • immediately, you’ll be arrested or deported. Hang-up! up! The agency is updating records and needs your • personal information. Hang-up! up! You have been awarded a substantial government • grant but must provide personal information or pay money for processing. Hang-up up
Phishing Emails that appear to be • from your bank, a reputable business or charity. The email asks for personal • information, such as your Social Security and bank account numbers. You are told information is • needed to “verify your account” or to protect you from fraud. The email provides a link to • a legitimate looking site where you are told to enter the information.
Phishing is a financial crime that starts with massive numbers of deceptive spam e-mails. These e-mails look like they come from your bank but they are just a trick to get account numbers and passwords.
Phishing Example
Grandparent Scam Scammer calls, posing as your grandchild, hospital • worker or law enforcement agent. Calls often made late at night to catch people off guard. • You are told that grandchild has been arrested, • mugged, or injured, usually outside of the country. You’re given info on how to send money immediately. • May be asked not to call parents or others because your • grandchild is embarrassed or “will get in trouble.”
Computer Tech Scam Caller claims to be from Microsoft or other well known company • Have detected that your computer has a problem that will lead to a • crash or security breach. Caller requests remote access to your computer to fix the problem. • Once the scammer has access, they can download all information • stored on the computer, i.e. bank records, tax information. Remember: Computer manufacturers are unable to monitor your • computer.
Fake Check Scam: Lotteries and Sweepstakes A letter informs you that you have won a sweepstakes or • lottery. The claim often involves a foreign lottery or sweepstakes you never entered. The letter includes a check to cover your “taxes and • fees,” which must be paid immediately by wire transfer or money card, before you can get your winnings. You later find out that the check is no good, but there’s • no way to get back the money you paid .
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