5 Reasons Why the Elderly Are More Likely to be Victims of Fraud

As people age, they are more likely to become a victim of fraud. According to the National Consumers League, nearly a third of all phone fraud victims are age 60 or older. 

• Seniors often generally have predictable income. Social Security benefits, pensions, 401(k) plans, veteran's benefits, and annuities - all are sources of income that fraudster hope to divert to their personal bank accounts. When a senior gives out personal information over the phone, a con artist is one step closer to his or her goal.

• Retirees may have sizable investments. Unfortunately, a lifetime of careful money management may be wiped out by a fraudulent investment "advisor." If an older person's home is paid off, his or her residence often represents an inviting target for reverse mortgage scams and property tax ploys. Fraudsters have been known to convince elderly homeowners to sign over the title to their homes.

• Seniors are more likely to be polite. Having been raised in a more civil generation, seniors may find it difficult to just hang up. They may balk at the idea that some telemarketers are, in fact, hardened criminals who ought to be serving time in jail.

• They're not as familiar with the Internet. Pop-up advertisements selling everything from magazine subscriptions to virus protection can be a front for gathering a senior's personal information. Elderly people who haven't been warned of the Internet's dangers may be susceptible to identity theft.

• Some elderly people have specialized needs.. Fake anti-aging products, inflated funeral and cemetery expenses, bogus pharmaceuticals, and unlicensed caretaking services are items that are often sold to trusting senior citizens.

If you have elderly parents or grandparents, be sure to educate them about fraud. 

As always, feel free to call us with any questions!  616-802-4212