Helping to Protect Vulnerable Adults from Financial Exploitation - - PowerPoint PPT Presentation

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
• n 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

5

What Exactly is Elder Financial Abuse?

Financial Abuse

Elder financial abuse spans a broad spectrum

• f 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
• ur good nature
• We more than likely belong to groups which they

can easily track, i.e. churches, temples or other

• rganizations
• 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
• nline 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!

• 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!

Misconceptions

(cont.)

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 can be stolen by:

• Relatives
• Friends & Family
• Hospitals
• Doctors offices
• Schools
• Stores
• Restaurants
• Home aids

The Fourth Misconception

• f Seniors

Question:

Who is most likely to cheat,

• r 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 JaveliMust use capital “S” for password

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

• f 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.

• Con artists often assume the identity of others in
• rder to gain your trust.
• The goal: to trick or intimidate you into paying money
• r 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
• btain credit, government benefits or commit

crimes.

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

Government Imposter Scams

• 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

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

• 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.”

Grandparent 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.

Computer Tech Scam

• 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

• r 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.

Fake Check Scam: Lotteries and Sweepstakes

How to Avoid Stock Broker Scams and Abuse

STOCKBROKER SCAMS

• Performs trades without authorization
• Makes unsuitable investments
• Over-concentrates investments in a single type of investment
• Misrepresents risk or potential returns of investment



AVOIDING ABUSE BY STOCKBROKERS

• Review monthly statements
• Discuss investments with a trusted family member or friend
• Exercise due diligence when selecting a stockbroker
• Use a stockbroker who explains investments and answers questions

• Contact each (all three) credit bureau and

request a freeze

• President Trump recently signed into law a bill

that will make credit freezes free to place, lift and permanently remove

• This makes it much more affordable to take

control over your credit information than in the past when fees were charged every step of the way

If a Phony Credit Account is Opened or a Loan Taken Out

Experian

www.experian.com Toll Free: (888) EXPERIAN(397-3742)

Trans Union

www.tuc.com Toll Free: (800) 916-8800

Equifax

www.equifax.com Toll Free: (800) 685-1111

Credit Agencies

• Check it out:

: If you are not sure if the caller is from the

• rganization they claim, call the organization to verify using

a phone number you found, not the one given to you by the caller.

• Don’t give personal information to anyone you don’t know.
• Government agencies will never contact you about

problems by phone or email.

Ways to Avoid a Fraud

• Take your

ur time e Slow

• w down

wn ,think ink befor

• re

e you u Click! k!

• Remember that wiring

ing mone ney y or sending ding a prepaid id card is like sending ding cash. Never wire money to someone you don’t personally know. Legitimate businesses don’t ask for payment this way.

• Read you
• ur

r mont nthl hly y state temen ments

• ts. Check for charges

you didn’t make, and fees you didn’t agree to or don’t understand.

Ways to Avoid a Fraud

(cont.)

• Don’t reply to email messages that ask for

personal or financial information.

• Don’t download attachments or click on links in

emails from unknown senders.

• Don’t play foreign lotteries, or believe anyone

who says you’ve won one.

• Check your credit report regularly.

Ways to Avoid a Fraud

(cont.)

New Medicare Cards

• Newly assigned ID Numbers in place of your

Social Security Number

• Major step forward for Fraud Prevention
• Scammers are already working schemes to try

and scam people, such as

• Demanding a processing fee---Han

Hang-up up

• Telling people they have a refund coming and asking for

bank account information---Han Hang-up up

• AARP offers a Watchdog Alert program via Email

• Maryland is the first state in the country to start a free,
• pt-in, telephone service to check on Maryland's older

residents, all across the state

• Seniors can enroll online or over the phone. Anyone 65+

with a landline or a cell phone can specify one time per day to receive an automated call

• If the senior does not answer after three attempts, the

program will call an alternative person who is selected by the senior during program registration

Seniors can register online at www.aging.marylaor by calling the Maryland Department of Aging at 410-767-3738.

Maryland Senior Call Check Program

Seniors can register online at www.aging.maryland.gov

• r by calling the

Maryland Department of Aging at 410-767-3738.

Maryland Senior Call Check Program

How to Eliminate 80-90% of Annoying Telemarketing Phone Calls

Nomorobo is a cloud-based service that blocks or hangs up

• n illegal robocaller or

telemarketer calls before they reach the intended phone

• number. Click on following link

http://www.nomorobo.com/signup

Prevention – Set Up a “Care Giving Team Meeting”

✓ Identify 3-4 people to participate on your team ✓ Meet at least 2-3 times a year to nurture relationships with your loved ones ✓ Have a candid talk about money –review bank statements, brokerage accounts, etc. ✓ This will also allow you to evaluate cognitive issues ✓ Great time to review visitation schedule as well as who is going to do what for the elderly person in question

• This structure will help maintain strong

Communal and Family relationships and also provide financial oversight and more importantly it provides the “Care Giving Team” an opportunity to determine cognitive issues.

• Because it is now a team effort it takes the

pressure off of the Primary (main) caregiver!

• If this fails you may want to consider adding a

Professional Money Manager to the “Team”

Staying Close

If You or a Loved One Needs Help Managing Their Money…

American Association of Daily Money Managers has a directory of members.

Make sure the manager you choose is insured, bonded and more than willing to include other members of the “team” in his

• r her work

(Phone) 814-357-7800

It’s important to report scams or other financial exploitation.

• Anyone can be a victim. Don’t let

embarrassment or fear keep you from reporting scams and fraud

• Help stop the con artist before victimizing
• thers.

Don’t Be Afraid to Complain

Howard County Police 410-313-2200 Office on Aging 410-313-6423 Maryland Access Point 410-313-1234

Don’t Be Afraid to Complain

For More Information on Scams or Any Other Consumer Protection Issues, Contact:

Howard County Office of Consumer Protection 410-313-6420

consumer@howardcountymd.gov www.howardcountymd.gov/consumer

10 Steps to Recovery From Identify Theft

1.

Place 3 Fraud Alerts

2.

Create an Identity File

3.

Know your Rights

4.

Report it to the FBI

5.

Report to Local Police

6.

Place extended Fraud Alert

7.

Order three credit reports

8.

Report to the IRS

9.

Report it to SSA

10.

Dispute fraudulent activity in writing

• Even if you only suspect abuse, report it. At

least talk about it, get it out in the open

• It is not our duty and/or responsibility to carry
• ut an investigation; it is the people that we

report our suspicions to. Our civic duty ends with our reporting it !

• You could save the health, dignity or even the life
• f an elder person.

Closing Thoughts

50

It Probably is Too Good to Be True!

If It Sounds Too Good to Be True…

The trick is to figure out when good becomes “too good”

51

Resources on SOCA’s Website

To see this presentation and more valuable information, please visit our Coffee with Carol page on our website at www.snowdenoverlook.com

How Do I Get there?

→ Click on “Activities” → Click on “SOCA Activities” → Click on “Coffee with Carol”

AARP Fraud Watch FBI IRS Medicare Social Security Better Business Bureau FINRA(Financial Industry Regulatory Authority)

Sample letters are available at www.consumer.ftc.gov/0281-sample-letters-and-forms-victims-identity- theft

877-908-3360 202-324-3000 800-908-4490 800-633-4227 800-269-0271 410-347-3990 800-289-9999

Created in part by Howard County Office on Aging and Independence and the Office of Consumer Protection

Resources

Thanks and Let’s All…