How To Combat Elderly Fraud?

5 steps to take to keep elders safe from elder scam

  1. Check in on a regular basis. Regularly check on the financial position of your aging parent or grandparent.
  2. Be on the lookout for elder fraud schemes.
  3. Consult with a reliable source to confirm.
  4. Delete their phone number from call lists.
  5. Online, you may get the most up-to-date fraud prevention advice.

Are there any scams that target elderly people?

This is only one of many different sorts of scams that prey on the vulnerable elderly. It was Webster and his wife who were the victims of a lottery con. These are telemarketing scams in which customers are told that they must pay money in order to obtain their lottery rewards.

How much is elder fraud costing you?

  • Recent research by Comparitech indicated that over 200,000 incidences of elder fraud are reported to authorities in the United States each year, resulting in an estimated $1.17 billion in losses for the country’s financial institutions.
  • However, it is believed that the true number of elder fraud cases in the United States is as high as 5 million every year, resulting in losses of $27.4 billion.

How can you protect your personal information from a scam?

Know what to look for and how to deal with fraudsters if you want to keep your personal information or the information of your elderly relatives safe. People who grew up in the 1930s through the 1950s were often brought up to be courteous and trustworthy of their fellow human beings. Scammers will take advantage of those characteristics, according to the Federal Bureau of Investigation.

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How can you avoid elder fraud?

Scammers utilize the ″too good to be true″ method to capture your attention and direct your attention toward the payout rather than asking how this came to be at your feet. Inquiring about the situation and taking your time will help you avoid being a victim of elder abuse.

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