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Protect Your Parents- Avoiding Scams that Target the Elderly


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Eric Trautman, Head of Security for Oakcrest Retirement Community shares his insights- common scams and frauds he has seen, tips for recognizing them, ways to avoid them, and what to do if you are a victim.

Published in: Economy & Finance, Business
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Protect Your Parents- Avoiding Scams that Target the Elderly

  1. 1. How to recognize, prevent, and response to Fraud.
  2. 2. How big is the problem More than 11.1 million people in the U.S. have been the victim of identity theft. This is a 12 percent increase since 2010. Telemarketer Fraud costs the American public over 40 billions dollars per year. 1 in 10 Americans have been the victims of credit card fraud. 1 in 6 Americans have been the victims of telemarketing fraud.
  3. 3. Types of Frauds Telemarketing Fraud Identity Theft Advanced fee scheme Health Care/Insurance Fraud Credit Card Fraud Counterfeit Prescription Drugs Contractor scheme
  4. 4. Telemarketing Fraud Defrauding over the telephone Examples
  5. 5. Fraud Flags Credit Card Numbers Bank Account Numbers Social Security Numbers Do not agree to meet the caller at a bank to withdraw funds Do not let the caller send a “runner” to pick up money Pressure to make up your mind quickly Sounds too good to be true
  6. 6. Identity Theft Stealing someones personal information for the purpose of using that information fraudulently. Examples
  7. 7. Identity Theft Prevention  Guard personal information Detection  Credit Reports  Credit monitoring services  Monitor mail and accounts Defense  Fraud Alert  Close Accounts  Federal Trade Commission  Police
  8. 8. Advanced Fee Scheme Paying money in anticipation of receiving something of great value Examples
  9. 9. Healthcare/Insurance Fraud Unnecessary/fake tests Medical equipment fraud Examples
  10. 10. Healthcare/Insurance Fraud Be wary of free services/equipment Review explanation of benefits Never sign blank forms
  11. 11. Credit Card Fraud Fraudulent use of credit card How does it happen?  Telemarketer fraud  Captured online  Phishing  Number stolen during transaction
  12. 12. Credit Card Fraud Prevention Tips  Keep an eye on credit card as much as possible  Never provide credit card information on an unsecured website  Shred discarded paperwork with credit card information  Be careful who you provide your credit card number to  Do not email credit card numbers for payment If your card has been lost of stolen  Contact your credit card number immediately
  13. 13. Counterfeit Prescription Drugs Counterfeit medicine is fake medicine. It may be contaminated or contain the wrong or no active ingredient. They could have the right active ingredient but at the wrong dose. Counterfeit drugs are illegal and may be harmful to your health. Only purchase medicine from reputable pharmacies Be wary of purchasing medicine online and from other countries
  14. 14. Contractor Schemes Contractors who do not provide the work agreed upon. People posing as contractors, or utilities employees to obtain access to home The Better Business Bureau ranks contractor fraud as the number 1 complaint every year. Be wary of door to door contractors Check the BBB on contractors