Top,Ten,Elder,Fraud,Prevention family Top Ten Elder Fraud Prevention Methods

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We all want to protect our loved ones from danger, but it's impossibleto be with them every moment of the day. And unfortunate as it is, scamartists see your aging Mom or Dad as an easy target, knowing full wellthat elderly individuals are more likely to fall for their scams. Elderfraud often goes unreported, but it's estimated that over $40 billionis stolen from America's seniors every year (1), and, due to a lack ofproper senior citizen fraud protection in place, this figure isincreasing. Families and friends are fighting back and providing theirloved ones with senior citizen fraud protection tips and tools tocombat these elder fraud scam artists.'If it's too good to be true, then it probably is' rings truein many instances. Law enforcement agencies often remark on just howdifficult it is to bring elder fraud perpetrators to justice - once aninvestigator has begun looking into the scheme, the scammers arealready moving on to another ploy. There's just no way to catch themall, which means it's up to you to help your parents understand andimplement senior citizen fraud protection tactics and be on the lookoutfor people who wish to do them, their property, or their savingssignificant harm. How can you help your parents fight back against elder fraud? Asidefrom a quick lesson in senior citizen fraud protection, a handy cheatsheet by all the phones or computers in the home is often the best wayto avoid these common elder fraud tricks, which include the followingtop ten ways to beat the bad guys.What to Include on Your Senior Citizen Fraud Protection Cheat Sheet1. Avoid sending money or providing personal financial information.Be cautious who you disclose your bank account, credit card, and socialsecurity numbers to. Suspicious, but realistic looking checks made outfor a considerable amount of money should be an elder fraud red flag.Your parents should know that if they weren't expecting a check, itcould be a fake. Tell your loved ones if they have concerns related tothis type of senior citizen fraud that protection comes from askingsomeone they trust for help. Checks such as these are usuallyaccompanied with directions instructing the recipient to call a phonenumber. The message tells the caller to send taxes on the money he orshe just received through a wire transfer service. The scam, of course,is that once the recipient sends the money, their check bounces.2. Do not speak at length with people who are unfamiliar to you- tell your parents to decline answering questions of a private matterover the phone, Internet, or at the door. Above all, the key to seniorcitizen fraud protection is caution. If a telemarketer who is pushing aproduct begins asking for too much information, tell your loved one torequest the name of his or her employer, the address, and a phonenumber. If a caller asks to speak to the man of the house and thereisn't one, tell your mother never to indicate that she lives alone.3. Do not sign any documents without reviewing them carefully.Your loved one can often be signed up for something he or she may notbe interested in and begin receiving phone calls that solicit otherproducts. If anything appears suspect, tell your loved one to contacthis or her lawyer or a trusted friend immediately. Many elder fraud conartists will pose as door-to-door salesmen and try to sell your lovedone something on the spot, introducing multiple new products and awhirl of paperwork that needs to be signed now and paid for to 'secure'it. This potential elder fraud ploy is dangerous, because the friendlysalesman is no longer some distant threat with no face; he appears tobe knowledgeable and trustworthy. Tell your parents one of the mostimportant senior citizen fraud protection tools available to them isnot to allow anyone into the home they don't know.4. Make sure to verify all claims. One of the newestelder fraud alerts is related to home construction or improvement, andmuch like any other industry, scams abound. The best senior citizenfraud protection tip in this instance is to use a well-known contractorin the area. Tell your parents to request references and contact theBetter Business Bureau or the National Fraud Information Center ifthey're unsure. Create a contract and make sure the work is carried outto the letter; a fly-by-night scheme will probably try to talk down thecontract, but if it's in writing, your loved one ultimately has morerecourse. And if the contractor wants the money upfront, tell yourloved one to move on to the next choice.5. Reach out for help before investing or spending considerable amounts of money.Tell your loved one to call you with questions about any investmentthat involves a significant transfer of money or shares. In many cases,the AARP (American Association of Retired Persons) can be a lifesaver;this organization regularly sends out information on the latest elderfraud schemes and offers senior citizen fraud protection tips as wellas financial planning assistance and consumer rights, all of which canhelp your parents judiciously decide on various offers and purchases.6. Shred all bills, notices, and personal mail before throwing them away.Information regarding your loved one's financial situation is oftenretrieved by con artists from discarded mail that is not shredded (alsoknown as 'dumpster diving'). It's all too easy for elder fraud scammersto get bank account and credit card numbers from statements as well asdetails on safe deposit boxes, ATM cards, addresses, phone numbers,social security numbers, and more. Remind your loved one that one ofthe most important senior citizen fraud protection tips is to tear upall mail before throwing it away. Or, better yet, give him or her thegift of a paper shredder!7. Recognize predatory lending practices. This seniorfinancial abuse and elder fraud practice, also known as loan fraud, isoften perpetrated by mortgage brokers, appraisers, and home contractorslooking for a quick buck. Seniors approach these seeminglyknowledgeable individuals looking to refinance their homes, but arebombarded by fast-talking scammers who incorporate a must-act clauseinto the deal. In the end, your loved one will walk away with ahigh-cost loan with exorbitant fees totaling more than 5% of the entireamount. When talking with your loved one about predatory lending andsenior citizen fraud protection tips, remind him or her that othertricks include pre-payment penalties, 'flipping' (when a loan isrefinanced to generate fee income without providing any net tangiblebenefit to the borrower), mandatory arbitration, and other unnecessaryadditions. Don't let your parents make this decision alone; help thembe more informed consumers.8. Avoid health insurance scams by identifying the red flags.Many lower income seniors rely on their Medicare health insurance,which is why many elder fraud scams originate here. Often,less-than-reputable medical equipment companies target seniors,offering free supplies in return for their Medicare numbers. Tell yourloved one that the doctor must order and sign for all equipment andproducts before Medicare will pay for it. Remind your parents of themost important senior citizen fraud protection tips when it comes tohealth insurance, including never signing blank insurance claim forms,never providing unchecked medical authorization for billing purposes,always reviewing Medicare's payment terms closely, never giving outtheir Medicare numbers to someone they don't know, and verifying withtheir physician if they are unsure of a product or equipment that'sbeen ordered.9. Bypass the 'Sucker List' altogether. Many seniors areeager to win something and often enter numerous sweepstakes, sign upfor free magazines, or register for contests. Companies with elderfraud scam artists will keep records of these submissions, meaning yourloved ones could end up on what is called the 'Sucker List,' makingyour parents that much more of an elder fraud target. This list usuallycontains not only people who the scammers believe to be a good target,but have already been successfully targeted before.10. Just hang up. Scammers know that senior citizens aremore polite, more trusting, and a lot less likely to hang up when thecall becomes personal; unfortunately, elder fraud con artists take fulladvantage of this fact. Tell your loved one that if he or she doesn'tknow the caller and questions regarding financial or personal matterscome up, they can simply hang up on the caller with no questions asked.Hanging up is one of the simplest senior citizen fraud protectionmethods. An Ounce of Prevention...If your loved one has been a victim of elder fraud, please urge them toreport it to the proper authorities. Falling for a scam is embarrassingto many seniors, making it one of the most under reported crimes. Theirassistance in the matter can help bring con artists to justice andperhaps inspire other seniors to implement better methods of seniorcitizen fraud protection.Another invaluable senior citizen fraud protection tool ishelping your loved one sign up for the national 'do not call' registryto prevent harassing telemarketer calls. It's a free service, and youcan either call 888-382-1222 or register online at www.donotcall.gov. Another website that offers helpful senior citizen fraud protection tips of its own - www.fraud.org/elderfraud- helps fight against con artists by posting regular updates andinformation. Walking your loved one through potential elder fraudscenarios is as helpful as checking in regularly to go over financialtransactions, bills, and emails as well as posting (in plain sight) thesenior citizen fraud protection tips outlined above. Ultimately, the only way to prevent elder fraud is through education,and this requires you to be firm on the subject, providing aninsightful look into the various methods of senior citizen fraudprotection. Caution is always the key to protection, and your loved oneshould be provided with a list of helpful sources to contact foradditional information, including the National Consumer League's FraudCenter, AARP, the Better Business Bureau, and Consumer Action. Aboveall, make sure your loved one always knows who he or she is dealingwith in the course of transactions or investments. And, as always, it'simportant to remember that an ounce of prevention is worth a pound of'cure.'Sources1. http://www.fraud.org/elderfraud/eldproj.htm Article Tags: Senior Citizen Fraud, Citizen Fraud Protection, Fraud Protection Tips, Most Important Senior, Important Senior Citizen, Elder Fraud, Loved Ones, Scam Artists, Senior Citizen, Citizen Fraud, Fraud Protection, Protection Tips, Most Important, Important Senior, Make Sure, Health Insurance