While con games have changed with the times, the practice of defrauding consumers of all ages is nothing new. When the target is a senior, however, the stakes have never been higher, say senior care experts. Senior scams are costing older adults their life savings, their homes and even their lives.
From investment fraud to lottery and sweepstakes scams to home improvement schemes, seniors often are sitting ducks for a criminal looking to make fast cash. According to 2005 statistics from the National Fraud Information Center, 22 percent of telemarketing scam complaints were logged by those over the age of 70, which represents the highest percentage of any demographic group that year.
What makes older adults so vulnerable to tricksters, scammers and con criminals? It appears that physical and psychological needs are at the heart of this issue, according to research and anecdotes from senior experts.
“Seniors often worry they will outlive their money and are concerned that they might not be able to continue to live the lifestyle to which they have become accustomed,” said Nancy Wasilk from the Home Instead Senior Care® offices serving North and Southwest Oakland County. “That’s among the concerns that we’ve heard seniors express and one reason we believe they are so vulnerable to scams,” she added. “Some may get caught up in these schemes because they are looking for ways to improve their financial situations.” (more…)
Inspire Seniors 