By ANN GOWANS
Published Monday, February 18, 2008
Thieves and fraud artists from many sectors of society are singling out older adults for scamming and various kinds of theft. People, who are often well known to the victims, take more than a million dollars from older homeowners every year in this country. The number of con artists is growing because they are working in an enlarging market place. Senior exploitation is on the rise in part because the numbers of older adults is soaring, and these crimes are often difficult to prosecute because most cases go unreported.
The older population is extremely vulnerable to exploitation. The perception is out there that the older generations were and are savers, have built up large nest eggs that are ripe for the picking. For many of these older folks, the majority of their holdings come from ownership of their homes, pension plans that were offered as part of their work package, some savings from investments and Social Security payments. These together with a general lifestyle that values frugality have often enabled even middle-income earners to gather small to mid-sized savings.
Those of us who own homes and want to keep them up and stay settled for as long as possible are extremely vulnerable to many kinds of con artists. They can range from those who take money for roof, driveway, landscaping and window replacement work, to those who come into the home to clean, repair, or help with health care. These can include home- and personal-care attendants and various physical, lifestyle, cleaning and replacement services. The difficulty in finding honest, fair and trustworthy workers in these areas is amazing. Many folks believe that very few can be found.
As the number of older adults grows, so does the rate of crime against them. According to Elder Abuse statistics, as many as 5 million annual cases of financial exploitation occur nationwide. Some of those who follow these crimes estimate that almost certainly financial exploitation runs into the billions every year. The White House Conference on Aging reported that only one of 100 cases is reported to police. The victims fear reprisal, judgment on their mental acuity and general embarrassment.
Unfortunately, people tend to be more trusting of others as they grow older. This, plus the fact that they really need someone trustworthy to help them, puts most in a real bind. In the past, business was done on a handshake, and most folks who offered their services could be trusted. Now even speakers at senior centers could be con artists, and folks coming to the door and asking for directions, a drink of water or access to a bathroom should, unfortunately, usually be turned away.
Telemarketing and Internet fraud is growing by leaps and bounds, and anyone who calls or e-mails asking to check a name, Social Security or Medicare number should be immediately turned away. Other schemes such as a wonderful investment opportunity, requests for special or unfamiliar donations to charity etc, should be considered for a turn down or reported to the police. Online auctions are also very risky. Anything that needs payment up front needs to be considered very carefully.
Completely read and fully understand anything you sign, especially if you have any form of low vision. People have opened new credit card accounts or lines of credit while simply signing a petition. These kinds of lists have also been used to pay car loans and house payments.
According to a recent article in Aging Well magazine, some things to look out for are unusual or unlikely account activity, large withdrawals and names added to your account signature cards or any signature that looks forged.
When an elder is suddenly reluctant to discuss finances or money outlays with family or caregivers, investigate to see whether some fraud is taking place, such as money missing from the house, purse or wallet or withdrawals from investments even in spite of early withdrawal penalties. Sudden or frequent changes in wills, trusts, contracts, property titles, deeds or mortgages should wave a red flag. Anyone unknown to family or friends who enters the life of an older adult and tends to accompany that elder everywhere, especially the bank, or who exerts influence or seems to have no other means of support bears watching. Especially look at a companion who is reluctant to leave you alone with your older family member or friend.
If you have grown up in an environment where most workers and helpers could be trusted, as many older people have, it is a difficult situation for elders and families to face when a con artist enters the picture. "Life sure isn’t what it used to be" is unfortunately the way things are.
The most insidious fraud committed against elders is that which comes from family members. It could be a son, daughter, nephew or son-in-law. Sometimes it‘s someone who has been out of the older person’s life for a long time. They return and reassert themselves and their control when the elder becomes needy and requires help. It could be a maid or a friend. Anyone who gains influence over the victim can almost always get legitimate access to his or her financial resources. Especially watch out for any "power of attorney" given to such a person who appears on the scene. They can strip the elder victim of everything they own.
It can be truly heartbreaking for a mother or father to be victimized by someone in his or her own family. These cases need special attention and understanding from financial institutions and those close to the victims. Being old is hard enough without being cheated as well.
SOURCE: colombiatribune
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