OUTFOXING THE
PREDATORS
Protecting yourself from
Fraud and Scams
Older
Adults
At-Risk
Longer life means more time relying
on others for care.
Greater likelihood of interacting with
people willing to commit fraud.
Estimated average loss of income to
financial exploitation in later life –
$50,000 - $100, 000
Pro
mise
The
Exploitation and
Cognitive Decline
With the increased age making
sound decisions may be
impaired.

Mild Cognitive Impairme...
Exploitation and
Cognitive Decline
Decreased ability to
Grasp Concepts:
Impaired financial
knowledge
Newly widowed may
res...
Exploitation and
Cognitive Decline
Diminished Performance Skills:
Counting, Sequencing
Decreased ability to
manage finance...
Exploitation and Cognitive
Decline
Decline in Judgment
Decline in ability to calculate
risks using insight or logic to
dis...
All setting the elder up for
being targets of abuse:

Physical
Finance
Opportunity
The

Perpetrator
The Fraud Triangle
All have a commonality

Motive

Opportunity
Rationalization
70%
of financial exploitation is
committed by a family
member
“Early Inheritance Syndrome”
may be the initiator.
Self Neglect: 38%
Neglect: 20%
Emotional: 15%

Types of
Abuse

Financial: 16%
Physical: 12%

Sexual: 1%
Other: 1%

Nationa...
Neglect: 32%
Financial : 25%
Emotional: 23%

Types of
Abuse

Physical: 17%
Sexual: 1%

(Excluding Self Neglect)

Other: 1%...
Financial
Exploitation
An act or omission committed by a person who:

Uses deception, harassment, intimidation, or
undue i...
Financial
Exploitation
• Theft
• Coercion –Moving in and
taking over
• Borrowing with no intent to
repay
• Misuse of fiduc...
Warning Signs
Isolation of adult;
Elder charmed by or
reliant on caregiver
fearful of caregiver
A hovering care
Confusion ...
Charitable Fraud
Warning Signs
• Is long on emotion – short on detail
• Uses similar names of trusted organizations
• Pres...
Charitable Fraud
Warning Signs

Beware of
wiring
money!
Charitable Fraud
Prevention
• Refuse high pressure appeals
• Never agree to anything over the phone
• Request written info...
Telemarketing
Scams
• Never give out
personal information
unless YOU initiate
the call
• Get on state and
national “No-Cal...
Investment Fraud
Investment Fraud
Tactics:
Social Consensus: Leading
individuals to believe that other
investors „just like them‟ have alre...
Investment Fraud
Tactics:
Source Credibility: Any claim of
a guarantee, or a high rate of return
on investments from a “tr...
Investment Fraud
Tactics:
Scarcity: Any high pressure
sales pitch – MUST BUY
NOW! (False sense of urgency
by claiming limi...
Investment Fraud
Prevention:
• Never invest on the
basis of faith or trust!
• Don‟t depend on one
advisor
Investment Fraud
Prevention:

Call State Securities Division to verif
• The registration of a security

• License number o...
Transient Crimes
Roof Repair
Air Duct
Cleaning

Curb Number
Painting

Gutter Cleaning

Psychic
Readings
ID Theft
Most Common

Least Common

1. Purse: Most Common
2. Mail
3. Telemarketing Fraud
4. Trash
5. Vehicles
6. Home Thef...
ID Theft
Prevention:
• Keep credit card in sight at all times
• Use electronic funds transfer & direct deposit
• Review fi...
Questions?
Outfoxing The Predators: Helping elders avoid fraud
Outfoxing The Predators: Helping elders avoid fraud
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Outfoxing The Predators: Helping elders avoid fraud

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A little PP I designed using the great content of Barbara Martin-Worley and Maro Caspairian. It has a bunch of great advice for our elders.

Published in: Economy & Finance
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Outfoxing The Predators: Helping elders avoid fraud

  1. 1. OUTFOXING THE PREDATORS Protecting yourself from Fraud and Scams
  2. 2. Older Adults At-Risk
  3. 3. Longer life means more time relying on others for care.
  4. 4. Greater likelihood of interacting with people willing to commit fraud.
  5. 5. Estimated average loss of income to financial exploitation in later life – $50,000 - $100, 000
  6. 6. Pro mise The
  7. 7. Exploitation and Cognitive Decline With the increased age making sound decisions may be impaired. Mild Cognitive Impairment, or changes in daily living puts an elder at significantly greater risk of financial exploitation.
  8. 8. Exploitation and Cognitive Decline Decreased ability to Grasp Concepts: Impaired financial knowledge Newly widowed may result in suddenly being in charge of household finances
  9. 9. Exploitation and Cognitive Decline Diminished Performance Skills: Counting, Sequencing Decreased ability to manage finances - balancing check book, monitoring purchases
  10. 10. Exploitation and Cognitive Decline Decline in Judgment Decline in ability to calculate risks using insight or logic to discern sweepstake scams, lottery Less discerning about one‟s motives and intentions
  11. 11. All setting the elder up for being targets of abuse: Physical Finance Opportunity
  12. 12. The Perpetrator
  13. 13. The Fraud Triangle All have a commonality Motive Opportunity Rationalization
  14. 14. 70% of financial exploitation is committed by a family member “Early Inheritance Syndrome” may be the initiator.
  15. 15. Self Neglect: 38% Neglect: 20% Emotional: 15% Types of Abuse Financial: 16% Physical: 12% Sexual: 1% Other: 1% National Center on Elder Abuse
  16. 16. Neglect: 32% Financial : 25% Emotional: 23% Types of Abuse Physical: 17% Sexual: 1% (Excluding Self Neglect) Other: 1% National Center on Elder Abuse
  17. 17. Financial Exploitation An act or omission committed by a person who: Uses deception, harassment, intimidation, or undue influence to permanently or temporarily deprive an at-risk elder of the use, benefit, or possession of his or her money, asses or property.
  18. 18. Financial Exploitation • Theft • Coercion –Moving in and taking over • Borrowing with no intent to repay • Misuse of fiduciary powers • Undue influence
  19. 19. Warning Signs Isolation of adult; Elder charmed by or reliant on caregiver fearful of caregiver A hovering care Confusion surrounding giver /child missing funds or ISF Appearance or payment schedule out of character Caregiver has total control over finances Requests for unusually large Drug seeking behavior by sums of money family; caregiver New acquaintances Financial suddenly show up Exploitation
  20. 20. Charitable Fraud Warning Signs • Is long on emotion – short on detail • Uses similar names of trusted organizations • Pressures into giving acct number over phone • Offers to send a courier to pick up contribution
  21. 21. Charitable Fraud Warning Signs Beware of wiring money!
  22. 22. Charitable Fraud Prevention • Refuse high pressure appeals • Never agree to anything over the phone • Request written information on the charity • Check with BBB to verify legitimacy • 1-800-222-4444 or www.give.org
  23. 23. Telemarketing Scams • Never give out personal information unless YOU initiate the call • Get on state and national “No-Call” lists Hang up!
  24. 24. Investment Fraud
  25. 25. Investment Fraud Tactics: Social Consensus: Leading individuals to believe that other investors „just like them‟ have already invested, e.g., other church members, or members of a particular ethnic or cultural group.
  26. 26. Investment Fraud Tactics: Source Credibility: Any claim of a guarantee, or a high rate of return on investments from a “trusted” source, e.g., a pastor, a long-time advisor, friend
  27. 27. Investment Fraud Tactics: Scarcity: Any high pressure sales pitch – MUST BUY NOW! (False sense of urgency by claiming limited availability or supply)
  28. 28. Investment Fraud Prevention: • Never invest on the basis of faith or trust! • Don‟t depend on one advisor
  29. 29. Investment Fraud Prevention: Call State Securities Division to verif • The registration of a security • License number of financial adviso • Be cautious of investment luncheon Ask questions – it throws solicitors o track!
  30. 30. Transient Crimes Roof Repair Air Duct Cleaning Curb Number Painting Gutter Cleaning Psychic Readings
  31. 31. ID Theft Most Common Least Common 1. Purse: Most Common 2. Mail 3. Telemarketing Fraud 4. Trash 5. Vehicles 6. Home Theft 7. E-Mail (Phishing) 8. “Skimming” 9. E-Mail Hacking 10. Employee Theft
  32. 32. ID Theft Prevention: • Keep credit card in sight at all times • Use electronic funds transfer & direct deposit • Review financial statements regularly • Question businesses who request SSN • Update virus protection software regularly • Keep all papers locked up at home
  33. 33. Questions?

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