Investment scheme one of many targeting seniors

Recently, my daughter-in-law called to tell me this true story and ask if I’d consider sharing it with you in the hope that together we’ll stop it from happening again.

It happened as she was responding to a call from a recent widow who was in need of our Visiting Angels living assistance services.

As she poured out her heart to my daughter-in-law, this is what she related.

While she was hospitalized, her late husband, who was experiencing early onset dementia symptoms, was approached by some unscrupulous scammers who managed to convince him to trust them in an investment scheme that wound up costing them their entire life savings!

The widow now found herself not only without the husband she knew and loved for so many years, but also without the means to support herself financially!

A heart-rending story for sure, but unfortunately not so uncommon among seniors these days. According to NCOA, the National Council on Aging,

“Financial scams targeting seniors have become so prevalent that they’re now considered ‘The crime of the 21st century.’”

Why? Because seniors are thought to have a significant amount of money sitting in their accounts.

Financial scams also often go unreported or can be difficult to prosecute, so they’re considered a “low-risk” crime. However, they’re devastating to many older adults and can leave them in a very vulnerable position with little time to recoup their losses. It’s not just wealthy seniors who are targeted. Low-income older adults are also at risk of financial abuse.

And it’s not always strangers who perpetrate these crimes. More than 90 percent of all reported elder abuse is committed by an older person’s own family members, most often their adult children, followed by grandchildren, nieces and nephews, and others;” we can also attest to this from other Visiting Angels® experience.

I encourage you to go to the NCOA website, www.ncoa.org, to get the details of these Top 10 Scams Targeting Seniors:

1. Health Care/Medicare/Health Insurance Fraud

2. Funeral and Cemetery Scams

3. Counterfeit Prescription Drugs

4. Fraudulent Anti-Aging Products

5. Telemarketing

6. Internet Fraud

7. Investment Schemes

8. Sweepstakes & Lottery Scams

9. Homeowner/Reverse Mortgage Scams

10. The Grandparent Scam

Obviously, I don’t have time or space to elaborate on how these various scams work here, but I encourage you to do some online research, and believe me, you won’t have to dig very deep to get some crucial insight you’ll need to protect the beloved seniors in your family or circle of friends.

Bill Milby, CSA, is a Certified Senior Advisor and a Director of Visiting Angels of Macon, a non-medical, living assistance service for seniors. If you have questions or comments about this column you can reach him at william.mercylink@gmail.com or search for us at www.facebook.com/VisitingAngelsMacon.

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