In an interesting article by Amy Florian appeared in WealthManagement.com. Ms. Florian advises that exploitation should be an open topic with clients from middle age on. We agree! Here are excerpts from her article.
Depending on which report you read and the method of accounting, 10 percent to 40 percent of seniors are victims of financial exploitation and fraud. A quick search on Google turns up dozens of articles describing the scams perpetrated on seniors.
It is not just elders with limited capacity who are affected either. In a given year, 1 in 18 “cognitively intact” older adults is victim to financial scams, fraud or abuse, according to a new study in the American Journal of Public Health which reported on 12 studies involving roughly 41,700 individuals. People young and old report receiving emails requesting validation of their account profiles, a notification of their supposed lottery winnings in another country or pleas for money to help a relative who’s in trouble. Even intelligent and educated people get taken in.
Stay Educated About Fraud
Subscribe to the AARP Fraud Watch Network which sends monthly emails about scams operating by geographic area. Stay current with the IRS Tax Scam Alerts especially just after tax season when perpetrators threaten seniors with supposedly unpaid taxes. Consider security awareness training from an organization such as SecuringTheHuman.sans.org or others.
Scams, Phishing Schemes, and Fraud
There are many elaborate and sophisticated scams, phishing schemes, and fraud published on the Internet, or even by calling your home or cell phone. If you have any doubts about whether something you receive is legitimate, do absolutely nothing immediately. Don’t click on a link, open an attachment, give any information whatsoever, wire money, get a gift card, turn over remote access to your computer, prepay for home repairs or anything else.
There are far too many financial scam artists earning a living preying on seniors. So, if you think you’ve been scammed, call law enforcement. We’re also available to assist you in protecting your assets. Call us at (208) 401-9300 to discuss asset protection trusts; it will be worth it.