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Financial Crimes Against the Elderly

 

The elderly are the fastest growing segment of our society and they are also an important part of our country's economy. We are living longer but we as a society do not always recognize this population as being at risk.

America's growing senior population is uniquely vulnerable to a broad range of exploitation and abuse. Financial crimes in particular are targeted at seniors with alarming frequency, and are all too often successful.
Financial crimes against the elderly fall under two general categories: fraud commited by strangers, and financial exploitation by relatives and caregivers.
Source: http://www.cops.usdoj.gov
 
Investing Wisely
 

Whether you are nearing - or already enjoying - retirement, it pays to stay on top of your finances. Nearly one-third of all U.S. investors are between 50 and 64 years of age and approximately 5 million seniors succumb to financial abuse each year.

Investing always involves some degree of risk. You can minimize your risk of investing unwisely by asking questions and getting the facts about any investment before you buy.

Check out everything, no matter how trustworthy the person seems who brings the investment opportunity to your attention. Always investigate the investment thoroughly.
 
Do not fall for investments that promise spectacular profits or "guaranteed" returns. It an investment seems too good to be true, then it probably is.
 
Be skeptical of any investment opportunity that is not in writing. Fraudsters often avoid putting things in writing, legitimate investments are usually in writing.
 
Don't be pressured or rushed into buying an investment before you have a chance to think about - or investigate - the "opportunity."
 
Fraudsters are increasingly using the Internet to target particular groups through e-mail spams. If you receive and unsolicited e-mail from somehone you don't know, your best move is to pass up the "opportunity."
Source: http://www.sec.gov
 
Financial Exploitation of Seniors
 

Senior citizens are all to often the victims of financial exploitation, many times at the hands of family members, caregivers, acquaintances and bank personnel.

The best way to prevent financial exploitation is to remain as active and involved in your affairs as possible. Keep a close eye on bank, investment and financial statements.

If you require assistance in keeping track of your monthly bills, use caution when opening joint accounts with friends, relatives or caretakers. The joint account allows someone else to write the checks and pay the bills, but also allows total access to your funds.
 
Tragically, some of these trusted friends and relatives have abused joint accounts. In many cases senior citizens have been abandoned with their homes in forclosure and their live savings depleted.
Source: http://www.house.gov
 
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