Financial Scams Against Seniors


Financial fraud is the fastest growing form of elder abuse. Elder financial abuse is tough to combat, in part because most cases often go unreported. Many victims are confused, fearful, or embarrassed by the crime to report it. Keep an eye out for these common scams as follows:

Telemarketing or mail fraud. Scammers use the phone to conduct investment and credit card fraud, lottery scams, and identity theft.

Getting unauthorized access to funds. Alleged suitors woo older people, convincing them that love and care are their motivations for being included on bank accounts or property deeds.

Getting money or property through undue influence or fraud. Many victims have been duped into parting with their homes or other property because a scammer convinces them it is for their own good.

Doing unsolicited home repair work or no work at all. The scammers demand payment up front, and then often claim that their initial investigation reveals a more serious problem, with a more expensive solution.