Rip-Off Artists Aim for the Aged

It's important for children to help protect their older parents from fraud. One in five senior citizens over the age of 65 have been victimized by a financial swindle, a survey released by the World Elder Abuse Awareness Day reported in June 2010. Older Americans are usually financially secure, own their home, have a savings account, investments, and excellent credit.

Growing up in the 40s, 50s, and 60s, people are usually polite and trusting. Con men take full advantage of this tolerance. Sometimes, older Americans are easily confused by scam artists and fall prey to high pressure pitches.

There are ways children can help protect parents:

1. Put your parents telephone numbers on the do-not-call list
2. Monitor their mail
3. Limit charitable giving
4. Monitor their bank, savings, and investment accounts
5. Limit access to cash and credit

Hopefully, parents will recognize that children are only looking out for their welfare because they love them and not consider the children are trying to control their lives.

Children or professionals are usually unprepared to recognize when an older American may be vulnerable to financial abuse. A program has been started (a partnership) between the Investor Protection Trust (IPT), the North American Securities Administrators Association, and the National Adult Protective Services Association (NAPSA) that will center on Clinician's Pocket Guide containing a list of questions that medical professionals can ask older patients. Doctors are in a position to ask their senior patients certain questions and assess their patient's financial capacity by asking the following:

a) Who manages your money day to day? How is that going?
b) Do you run out of money at the end of the month?
c) Do you regret or worry about financial decisions you have recently made?
d) Have you given power of attorney to another person?
e) Do you have a will? Has anyone asked you to change it?

If these questions raise concerns, the Doctors are asked to probe further with additional questions outlined in the guide. The Doctor can then report his concerns to family or proper authorities.

The Federal Bureau of Investigation has a web page specifically for Senior Citizens' protection from fraud. The site lists specific frauds and tips for protecting elder Americans.

1. Health Insurance fraud
2. Counterfeit prescription drugs
3. Funeral and cemetery fraud
4. Anti-aging products
5. Telemarketing fraud
6. Internet fraud
7. Investment schemes
8. Reverse mortgage scams

Whether children of, concerned friends, or just neighbors, be on the lookout for America's senior citizens.

Sources:

Kiplinger Letter
National Adult Protective Services
Federal Bureau of Investigation