Group educates seniors against scam artists
By Carolyn Tyler ABC7 NEWS Anchor
By Carolyn Tyler ABC7 NEWS Anchor
According to financial experts the nation's senior citizens have now become the primary target of scam artists trying to rob them of their retirement nest eggs. In California there is a group fighting back, using seniors to educate other seniors.
Morris Krow is 85, his wife Sarah is 83 -- what happened to them might serve as a warning to other seniors.
"I was interested in a living trust. I have four children. I wanted them to be protected as far as probates and things like that," said Morris Krow.
Love for their family led the couple to attend what was billed as a free lunch seminar with information on living trusts. A salesman talked them into buying an insurance annuity as well.
"He had a long - to go through that thing you'd have to have a legal mind," said Morris Krow.
What the Krows failed to understand were policy terms denying them access to their money without any charge until they were well into their 90's.
Tom Banzhof spent nearly 40 years in the investment industry before retiring. Now he volunteers as a member of SAIF - Seniors Against Investment Fraud, an organization sponsored by the State Department of Corporations.
Banzhoff uses his knowledge of the legitimate business world, to educate others about the schemes, scams, and cons taking place over the phone, via the internet, through the mail or in person.
"These people are pros, they are asking about how's the grandkids. Next thing you know, they have an appointment to come out to the house -- once that happens it's all gone, it's over," said Banzhof.
Karr and the other SAIF volunteers tell seniors:
· Be skeptical
· Don't rush into signing documents
· Don't give out personal information
· Don't send money to receive "winning" lotteries or sweepstakes
· Consult with someone you trust.
Morris Krow is 85, his wife Sarah is 83 -- what happened to them might serve as a warning to other seniors.
"I was interested in a living trust. I have four children. I wanted them to be protected as far as probates and things like that," said Morris Krow.
Love for their family led the couple to attend what was billed as a free lunch seminar with information on living trusts. A salesman talked them into buying an insurance annuity as well.
"He had a long - to go through that thing you'd have to have a legal mind," said Morris Krow.
What the Krows failed to understand were policy terms denying them access to their money without any charge until they were well into their 90's.
Tom Banzhof spent nearly 40 years in the investment industry before retiring. Now he volunteers as a member of SAIF - Seniors Against Investment Fraud, an organization sponsored by the State Department of Corporations.
Banzhoff uses his knowledge of the legitimate business world, to educate others about the schemes, scams, and cons taking place over the phone, via the internet, through the mail or in person.
"These people are pros, they are asking about how's the grandkids. Next thing you know, they have an appointment to come out to the house -- once that happens it's all gone, it's over," said Banzhof.
Karr and the other SAIF volunteers tell seniors:
· Be skeptical
· Don't rush into signing documents
· Don't give out personal information
· Don't send money to receive "winning" lotteries or sweepstakes
· Consult with someone you trust.
Abridged Article: SOURCE
No comments:
Post a Comment