Seniors often ‘prime target’
August 29, 2009
By Jessica Legge
Times West Virginian
Seniors are often the target of financial crimes for several reasons, said Dale Smith, training manager at the National White Collar Crime Center.
During NW3C’s recent event in Fairmont, called “Local to Global — West Virginia: Protecting our Community and Beyond,” Smith gave a presentation to members of the public on fraud committed against seniors and ways for them to prevent becoming victims.
Jim Smallridge from AARP Foundation also talked about current fraud trends during the session, which was called “Awareness and Prevention: Fraudulent Crimes Targeting Seniors.”
Smith said the country’s older population will outnumber younger people by mid-century. Elder financial abuse will become an even more significant issue for law enforcement in the future, which is why NW3C teaches a police course on financial crimes against seniors.
Seniors frequently become victims of fraud because of their financial resources. These older individuals have 70 percent of the financial wealth of the country, which makes them “a target for enterprising criminals,” he said.
Seniors are also accessible because they’re often at home during the day and may have physical limitations. Smith said this group is generally more trusting and willing to take someone’s word, and they can be particularly vulnerable following the death of a loved one.
Most of these crimes are committed by a trusted person rather than a stranger, he said. Affinity fraud, for instance, is a crime committed within a group of like-minded people. Criminals become members of groups and act like they share the same interests.
Identity theft is a significant issue for seniors. Legislation was passed a few years ago that allows consumers to enact a security freeze. People also have the right to a free credit report each year from the three major credit reporting bureaus — Experian, TransUnion and Equifax, Smith said.
When it comes to home improvement, seniors should beware of door-to-door salesmen and required deposits and make sure the professional is licensed. Another danger is sweetheart scammers, who befriend seniors and start siphoning their money, he said.
Abridged
SOURCE: Times-West Virginian
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