Whether it is people posing as Medicare representatives to get personal info or false telemarketers preying on lonely seniors during a vulnerable time of year – fraud is alive and well. Senior citizens are often the targets of these fraudsters.
The people committing fraud prey on senior’s generosity and often weave fake tales in order to garner donations for causes – only for the money to wind up in their own pockets.
It is estimated that one in every five seniors has been taken advantage of financially.
This number may be low because often, cases of elder financial abuse go unreported. The reasons for not reporting the fraud run the gamut: embarrassment, fear of losing their independence, and sometimes the inability to realize they have been a victim of fraud.
These types of fraud have an emotional impact beyond just the money involved. It carries over to family and loved ones who worry about the seniors’ financial security and how this can impact their emotional and mental well being.
There is a common belief that most financial fraud is perpetrated by people the seniors do not know or experienced criminals. Research indicates that a growing number of these incidents are perpetrated by a local service provider – handymen and lawn care professionals.
Detecting the patterns of fraud is important and can lead to more focused legislative protection for our growing population of seniors.
1. What is elder fraud and when does it increase?
Elder fraud, a fast-growing type of elder abuse, notably increases between Thanksgiving and Christmas. This period leaves many seniors vulnerable to scams, including those posed by individuals pretending to be Medicare representatives or false telemarketers targeting lonely seniors.
2. Who are the primary targets of financial fraud?
Senior citizens are often targeted by fraudsters due to their generosity and vulnerability. It’s estimated that one in every five seniors has been financially exploited, a figure that might be underreported due to embarrassment, fear of losing independence, or unawareness of being defrauded.
3. What are the common sources of financial fraud against seniors?
While there’s a belief that strangers or experienced criminals mostly perpetrate financial fraud, research shows a growing number of incidents involve local service providers like handymen and lawn care professionals, who exploit their access to seniors.
4. What impact does financial fraud have on seniors and their families?
Beyond the financial loss, elder financial fraud has a significant emotional impact, affecting the seniors’ mental well-being and causing concern among family members about the seniors’ financial security.
5. How can one address or prevent elder financial fraud?
Detecting patterns of fraud is crucial for providing focused legislative protection for seniors. If you or someone you love may have been a victim of elder abuse, including financial fraud, it’s recommended to contact legal services for potential compensation and support.
If you believe that you or someone you love may have been the victim of elder abuse, you may be entitled to compensation. Contact the law offices of Schenk Nursing Home Abuse Law and let us help you. We can get you the compensation you deserve. Call us today.