Three Disturbing Financial Scams Aimed at Seniors

Nursing Home Blog

One of the difficulties of growing old is that you often are on a fixed income, living off  retirement funds, investments and support from the government. At the same time, you may not be aware that criminals are waiting to pounce.

When criminals discover that a senior has a big bank account, they develop financial scams to take advantage of the senior before they realize they’ve become another victim.

senior woman meeting real-estate agent for investmentCompounding the problem is that seniors may be too trusting, failing to realize that strangers will not always have their best interests at heart.

At the same time, seniors who have problems with memory, judgment or thinking may give up their money to criminals before the family suspects any wrongdoing.

Criminals can reach seniors through telemarketing, email and advertisements that look legitimate before the senior’s family realizes something is amiss. With that in mind, here are some types of financial scams aimed at seniors that the elderly abuse attorneys at Garcia, Artigliere, Medby & Faulkner want you to keep in mind:

Bogus Investments

A criminal targets seniors with an investment scheme that sounds too good to be true. A trusting senior takes the bait and winds up losing all the money, with the criminals leaving town.

Shady Deals on Cemeteries and Funerals

Responsible seniors will take time to arrange for their own funeral and cemetery plot , freeing loved ones from dealing with the sadness such plans can cause.

A scam artist can take advantage of this responsibility and try to sell seniors cemetery packages that are worthless. Keep an eye out for scams like this because they can easily drain bank accounts.

Health Insurance Scams

Another major concern for seniors is the quality of their health. Consequently, when a criminal approaches them with what looks to be a great health insurance plan, what actually happens is a case of identity theft and a significant loss of money paid for fake health insurance.

Anti-Aging Treatments from Quacks

People of all ages can become vain to the point where they will use artificial methods to make themselves look and feel younger. Vanity is often accompanied by poor judgment, and trusting seniors can find themselves in trouble if they get involved with a fake “fountain of youth.”

If such remedies really worked, we would see the products out in the open with expert reviews and medically sound studies supporting the treatment (in peer-reviewed journals). Someone may try to sell your great-aunt a “cure” for wrinkles or a cream that will restore vitality. You need to remain on guard to protect your senior from scam artists.

It’s a shame that unscrupulous individuals would set their sights on members of our elderly population. Unfortunately, criminals have no problem taking advantage of seniors, which means that we must stay vigilant to protect them against financial scams.

Do you suspect that a senior has fallen prey to a scam? If so, you can count on the law firm of Garcia, Artigliere, Medby & Faulkner to provide assistance. For details on getting justice in cases where people have committed financial scams against seniors or to get a free case review from an elder abuse attorney, please contact us at 1-800-281-8515 today.