Entry bubble Scumbags Are Scamming the Elderly

By: Ginger | April 17, 2009 | Category: Money

Elderly woman counting out changeMy mom admits to being paranoid about ATMs, online banking, and shopping on the internet, so she won’t use them.  She says she feels safer doing things the old-fashioned way.  Mom may be paranoid about these "new technologies," but when it comes to dealing with people she is very open and trusting. That is why I worry that someone will take advantage of her.  I don’t want to scare her, but there is a whole bunch of other stuff out there to be paranoid about!

Lately, there are more stories in the news about the elderly being scammed out of part, or all, of their savings.  According to the FBI, the elderly are often seen as good targets because they often have a savings or a "nest egg", they usually own their homes, and often have good credit.  All of these things are appealing to a con-man looking for a mark.  Many elderly grew up in an era where being polite and trusting were the norms.  Con-men look to exploit these characteristics in people.  Con-men also may target the elderly because they feel they can physically bully and intimidate them more easily.

The FBI also reports that some elderly victims are less likely to report a fraud because they are too ashamed at having been scammed.  Some may not realize that they have been scammed.  In some instances elderly victims may not report the incident because they do not want to be seen as unable to take care of their financial affairs.  Often when the elderly do report crime, they have trouble remembering the details of what happened.  Con-men count on the fact that elderly victims may not be able to provide detailed information to investigators.

We all have loved ones that are elderly and we will all be elderly one day, so it is important to educate our loved ones and ourselves about scams being perpetrated on the elderly.  Perhaps something you read in the resources below will prevent you or your loved ones from being scammed.

Have you or a loved one experienced elder fraud?  Does anyone have any good tips to tell my mom to protect her from scams?

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