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Quick Glance At The Background on Elder Fraud

Background Elder Fraud

Though it would seem to be indicative of generalizations and AARP Many elders have valuable assets including homes, proceeds from appraised real estates and retirement funds.

Elders may be concerned with losing money and could be looking for a quick money-generating plan.

Many elderly people have memory issues, whether by product of disease or simple loss of memory, which makes it easier for them to fall victim of elderly fraud.

Elders may be lonely and in need of companionship, even from people they don't know, which could make them more vulnerable to financial elder fraud/exploitation.

Older people have traditional values which could lead to them being more generous to charitable offers.

The fear of losing their independence keeps elders from reporting elderly fraud when it happens.

The factors above combine for just some of the ways by which frauds target elderly people when trying to scam money from them. Some warning signs of potential elder fraud and the like:

Winning a special gift/prize or being selected to receive a special offer when no entry in a sweepstakes was ever made

Being urged to "act immediately" and pay for your prize

Being told there is a secret loophole to receive a cash prize

Being prompted for Social Security number, bank number, or credit card number by a company unfamiliar to the individual

Being asked to donate money to a foundation whose name sounds similar to a well-known, established charity

Being pressured to allow mail service to be ordered and pick up one's payment

Being informed of a purchase made from a company that one does not remember or have statements for

For seniors, being aware of the people who contact them over E-mail and the phone will help them save their money and prevent them from falling for one of these elderly fraud schemes. Indeed, there are many ways to protect one's money and other assets. If you are concerned about elder fraud, to make sure your assets are as safe as possible, follow these guidelines:

Keep all bank numbers, credit card numbers and Social Security numbers private.

Never allow strangers to come into your home or ask about your assets.

Be critical of the sales pitches used, especially if a salesperson says your proceeds will go to a good cause.

Do not sign a Never sign contracts with blank spots; people can fill these in after you sign.

Have a knowledgeable third party look over all home loans.

Elderly fraud happens frequently because criminals understand the easy-going and good-willed nature of many elders. These criminals will be relentless in their efforts to persuade elders into buying into their scheme or plan. To the consumer, stay aware of who is behind these suspect calls or E-mails, and always check the sources before following through with any action.

NEXT: Understanding Elder Fraud

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