Fraud

Seniors comprise a large and growing population. The average senior person has worked hard all their live and saved money. For a variety of reasons seniors can be a good target for fraud.

There are countless methods and new ones almost every day, in which dishonest persons will attempt fraudulent schemes or "Scams" to steal from seniors. Most scams today are perpetuated over the phone but these crimes can also be committed through the mail and over the Internet as well as in person! This costs Americans over $40 billion annually. The American Association of Retired Persons (AARP) estimates that over 50% of victims are seniors. Here are typical examples;

NEWS SCAMS
There have been reports in the media about some disaster, flood/hurricane victims, refugees, orphans etc. A phone or mail solicitation asks for contributions, check with the Better Business Bureau, 4200 Wilson Blvd. Suite 800, Arlington, VA 22203, 703/276-0100 or www.bbb.org/reports/charity.html

BANK SCAMS
A variety of means may be used to gather information Mom/Dad's bank accounts by mail or in person, but usually over the phone. A typical trick someone will call stating that they are with some security agency checking on fraud on the bank and need your help, perhaps even offering a reward. They need your help and account numbers. Call the National Fraud Information Center at 1 800 876-7060 or check www.fraud.org. Also see the Federal Trade Commission concerning bank scams at www.ftc.gov

CREDIT CARD SCAMS
Credit Card Scams - An area of fraud costing consumers hundreds of millions of dollars a year. There are many ways of ripping of seniors through credit and charge cards. Three of the most common means are;
• A crook goes through the trash to find account numbers from receipts and carbons
• A dishonest store clerk makes an extra imprint of card and use account numbers
• A mail or phone solicitation will offer a "special" or bargain priced vacation/trip, or Mom won something and just needs to purchase insurance or shipping.
  If there is suspicious activity with Mom/Dad's credit cards contact the The Federal Trade Commission, Consumer Response Center, 600 Pennsylvania Avenue NW, Washington, DC 20580, 1 202/FTC-HELP (382-4357) or www.ftc.gov/bcp/online/pubs/credit/cards.html.
  
  There are things that the folks and everyone can do to protect themselves from credit card scams;
• Sign cards as soon as they arrive
  
• Destroy carbons
  
• Void incorrect receipts
  
• Watch card during transactions
  
• Save and compare receipts to billing statements
  
• Check monthly statements promptly and reconcile balance
  
• Report questionable charges immediately and follow up with letter
  
• If Mom/Dad will be moving notify card company in advance of change of address.
  Keep a record of all card accounts, expiration dates, company phone numbers and addresses. This should be on list found in the FINANCES Chapter.

OTHER SCAMS

• Entertainment Scams - There is the lure and glamour of "investing" in this industry to which seniors or anyone can fall prey.
  
• Estate Planning Scams - A fraudulent means of obtaining the "Estate" or everything a person(s) owns. Estate planning should always be done with a known and trusted person, i.e., the family attorney.
  
• Debt Consolidation Scams - A means by which crooks will attempt to gather data on account numbers for credit/charge cards.
  
• Pension Fraud Scams - Check with Pension and Welfare Benefit Administration, U.S. Department of Labor, 200 Constitution Ave., N.W., Washington, DC 20210, 202/219-8771 or www.dol.gov/dol/pwba
  
• Securities and Bond Fraud Scams - Check the National Fraud Information Center @ 1 800/876-7060 or www.fraud.org. You can also gather information at the US Treasuary Department on this subject at Bureau of Public Debt, 999 E Street, NW, Washington, DC 20239, 202/219-3302 or www.publicdebt.treas.gov
  See the site index and look for Frauds, Phonies and Scams.

Looking out for the Affairs of the Folks certainly includes protecting them from getting ripped off. This is family money in which you have both an interest and responsibility. If Mom/Dad are sharp and of "sound mind" they probably need little if any looking after. It wouldn't hurt to share helpful consumer information with them.

As noted above most scams occur over the phone. In discussion with the folks determine if there has been unusual activities such as,