After a lifetime of hard work, seniors should not have to constantly worry over the security of their assets. Unfortunately though, there are many who capitalize on others’ old age and financially exploit them.
A 2011 MetLife Mature Market Institute study found that annual financial loss of elder exploitation amounted to around $2.9 billion in 2009, a 12% increase from the previous year. The next year in 2010, an Investor Protection Trust Elder Fraud Survey determined one in five Americans above the age of 65 have been a victim of financial fraud.
Over the years, financial elder abuse has manifested in a variety of ways, each taking advantage of the vulnerabilities of this generation. Here are a few of the most prevalent scams affecting seniors:
- Medical insurance: Every U.S. citizen above the age of 65 has access to the national health insurance program, Medicare, which makes all required medical treatment available to them. Unfortunately, this means that a scam artist can easily pose as a Medicare representative to retrieve personal information from most seniors. They can even use this information to bill Medicare and keep the money for themselves.
- Internet fraud: While the Millennials and younger generations have grown accustomed to using technology at an early age, many older people make easy targets for online scams over their tech savvy, younger counterparts. Those who aren’t well-versed in online interactions are typically more likely to give away personal information, such as addresses or even credit card information, to non-authenticated parties. Even notorious pop-up windows that most people under middle-age wouldn’t touch are still compromising the personal information of numerous elders.
- Relative scam: This is likely the most devious of elder abuse definitions, because it takes advantage of people’s family ties. This can be as simple as a scam artist giving a senior a call, and pretending to be a loved one, often a grandchild.
All it takes is a request for some help paying rent or for car repairs. Money transfers through providers like Western Union or MoneyGram do not require verification to collect, so scammers use this extortion over and over again.
With so many types of elder abuse statistics threatening seniors, it’s important to remain vigilant in protecting personal information and assets. Make sure everything you’ve worked so hard for stays yours.