Preventing Senior Scams
Did you know that one in ten American seniors lost money in a phone scam in the last twelve months? The average amount lost was $430. Furthermore, 954,000 seniors are currently skipping meals as a result of financial abuse.
Posted — UpdatedThe average amount lost per person in 2017 was $430, an increase of 56% since 2015. Unfortunately, as scammers become more sophisticated, that amount is only projected to grow exponentially.
My client, a lifelong journalist unafraid to contact the big guns on behalf of her mom, reported the incidents to the NC Department of Justice and even had a call with someone in the Attorney General’s office. They said there is little they can do, as these scammers are calling from China, India and elsewhere abroad.
"It's important for us all to be aware about common scams and signs to watch for," said Attorney General Josh Stein. "If we can have conversations with our loved ones, especially the older adults in our families and communities, about steps they can take to protect themselves, we can help keep each other safe. I encourage anyone who is concerned about a potential scam to please contact my office – we are here to help."
Americans over 50 are the prime targets because they control over 70% of the nation’s wealth. They also grew up in a more trusting time, they have specific health needs that can be exploited and there can be cognitive weaknesses that contribute. It doesn’t help that they are often too embarrassed to report a crime after it’s happened. By one estimate, only 1 in 44 seniors who were victims of a scam reported the crime. What is devastating is that it is estimated that 954,000 seniors are currently skipping meals as a result of financial abuse.
True Link also reports that the first incident predisposes the victim to receive more fraudulent calls and "is often the first step in a financial exploitation progression." In other words, a senior who loses as little as $20 in a year to scams is more likely to lose far more the following year or years.
The most striking detail in the True Link report to me was that, of those surveyed, 77% of victims said the scam was by telephone. Only 8% said email and 3% said mail.
Of course, in-person presentations might pack the biggest punch for seniors themselves. I have not found any upcoming presentations, though did see mention of something called a “Scam Jam,” which is a collection of educational presentations designed to familiarize consumers with the kind of scams and frauds in today’s society such as consumer frauds, identity theft and telemarketing fraud. These are occasionally provided at senior centers, churches or associations.
The North Carolina Attorney General’s Office will also provide presentations about scams and identity theft to groups of consumers. For more information or to schedule a presentation for your group, please contact: Victims and Citizens Services North Carolina Department of Justice Attorney General’s Office 9001 Mail Service Center Raleigh, North Carolina 27699-9001 Telephone: 919-716-6783 Email: outreach@ncdoj.gov
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