This document discusses financial scams that target the elderly population. Over 90% of elder abuse is committed by family members, and seniors lose $2.6 billion per year to scams. Scams disproportionately affect the elderly because they are more vulnerable, lack education on scams, and value family relationships. If preventative measures are not implemented, scams will continue rising with advancing technology. Prevention efforts include increasing individual and family awareness, advocating for legislation against scams, and promoting the health of seniors.

1. ❧
Financial Scams
Targeted Towards the
Elderly Population
By: Gina Leymeister & Chris Casciotti

2. ❧
 Over 90% of all reported elder abuse is committed by
an older person’s own family member
 Seniors fall victim to paying 2.6 billion dollars every
year in the U.S.
 Alzheimer’s Society calculates that 15% of
individuals with dementia have been victims of
scams
 112,500 persons
(Senior Care Scams)
Statistics

3. ❧
 Vulnerable
 Lack of
education
 Family
importance
Why Seniors?

4. ❧ Individual
 Emotional Stress
 Financial
 Health
 Family
 Target
 Life Changing
 Financial Burden
 Society
 Awareness
 Informed
 Prevention
Impact

5. ❧
 Increase of incidents due to the
advancement of technology
 Scams have been increasing
and more money has been
collected from elderly population
 Without any preventative
measures, scams will continue to
rise
Sequence of Issue

6. ❧
 Family advocacy
 Recognition
 Individual
 Recognition
 Awareness
Assistance

7. ❧
 Maintaining health allows for
greater capacity and reasoning
to make more informative
choices
 Eliminating stress- think more
clearly
 Affects family well-being
Health Promotion

8. ❧
Prevention
1. Don’t just tell your patient to hang up or throw out
the letter
 Elaborate on reasons why the elderly needs to clarify
they are not interested
 2. Don’t shame or blame
(Sollitto, M)

9. ❧
3. Try some reverse psychology.
This could start a conversation that helps the parent
come to terms with the scam.
4. Turn experience into advocating for other elderly
(Sollitto, M)
Prevention

10. ❧
 Ask your medical what they will charge and what
you are expected to pay out- of –pocket
Be wary of salespeople trying to sell you something
they claim will be paid for by Medicare.
Always ask for and wait until you receive written
material about any offer or charity.
Carefully read all contracts and purchasing
agreements before signing and make certain that all
of your requirements have been put in writing.
(Fraud Target: Senior Citizens, 2010)
Maintenance

11. ❧
Colorado
 a comprehensive senior protection bill
 a provision requiring police to be trained
in recognizing exploitation and abuse of
at-risk elders
 Every sheriff’s department and municipal
police agency must employ at least one
trained officer by Jan. 1, 2015.
(States Beefing Up Laws to Protect Elderly People Against Scams)
Legislation

12. ❧
Maryland
 money transmitters must provide
training to certain employees on how
to recognize and respond to financial
exploitation of seniors
 state already requires financial
institutions to report such cases to
law enforcement services within 24
hours.
(States Beefing Up Laws to Protect Elderly People
Against Scams)
Legislation

13. ❧
North Carolina
 In 2013, a law gives courts authority to
freeze the assets of a defendant charged
with financial exploitation of a senior
 It only applies if the victim has lost more
than $5,000
States Beefing Up Laws to Protect Elderly People Against
Scams)
Legislation

14. ❧
Seniors represent about 12% of the total U.S.
population but they are 30% of scam victims
It is estimated that just one in a hundred
cases of senior fraud are reported
Most of these crimes occur within the home
so they can more easily be hid from family,
friends and advisors
 (AARP)
Intervention Effectiveness

15. ❧
FBI- Internet Crime Compliant Center
The IC3 accepts online Internet crime
complaints from either the actual victim
or from a third party to the complainant.
AARP
Anyone 50 or over can join or renew for
only $16
National Council of Aging
 571-527-3900
Agencies & Services

16. ❧
Get involved with seniors' financial decisions as
much as possible
Never allow your elderly parent to give out (or at
least warn them against it) personal banking
information
Put the senior's phone number on the National Do
Not Call registry by phoning 1 (888) 382-1222
Teaching Methods

17. ❧
Language
Literacy
Education Level
Altered Senses
 Hearing
 Seeing
 Diminished Cognition
Barriers

18. ❧
Prevention
Awareness
Maintenance
Take action now, and protect the
elderly from future scams
Summary

19. ❧
Preying on grandparents: Former con artist explains
scam targeting elderly
Video

20. ❧
Meet & Greet

21. ❧
 Fraud Target: Senior Citizens. (2010). https://www.fbi.gov/scams-safety/fraud/seniors
 Sollitto, M. Can Elderly Scams be Prevented?
https://www.agingcare.com/Articles/prevent-elderly-becoming-scam-victims-
138455.htm
 Elder Abuse: Financial Scams Against Seniors | Nolo.com.
http://www.nolo.com/legal-encyclopedia/elder-abuse-financial-scams-against-
29822.html
 My Membership Resource Center for AARP Members - from account, card, joins, to
renewal info - AARP. http://www.aarp.org/benefits-discounts/my-
membership/?intcmp=GLBNAV-SL-MBCH-MEMB
 Senior Care Scams.http://www.interimhealthcare.com/education-center/consumer-
health-care-education/senior-care-scams
 States Beefing Up Laws to Protect Elderly People Against Scams.
http://www.pewtrusts.org/en/research-and-
analysis/blogs/stateline/2014/08/18/fighting-financial-scams-aimed-at-seniors
 Top 10 Scams Targeting Seniors. (2015). https://www.ncoa.org/economic-security/money-
management/scams-security/top-10-scams-targeting-seniors/
References

22. ❧
Questions??