OHIO— Scams targeting the elderly are on the rise, and it's not just strangers who try to take advantage of aging adults.
It's often those who are closest to seniors — neighbors, friends, and even family members are responsible.
An Ohio law is on the books, designed to reduce how often older
Ohioans are defrauded and increase the financial penalties for those who
exploit the elderly.
The bill increases financial penalties for theft from someone older
than 65. It mandates someone convicted to pay full restitution, plus a
fine of up to $50,000.
Even with increased awareness and efforts by lawmakers, more than
3,630 cases of elder exploitation were reported across Ohio in 2018,
according to the Ohio Department of Job and Family Services.
Fraud against elder citizens are on the rise and the myriad way con
artists use to gain access to your money continues to grow. Learn the
signs of elder abuse and neglects, and make yourself aware of the many
scams that prey on the elderly.
We've listed just a few of the most common ways that criminals try to
seperate you from your money. This list could literally go on for
pages and pages.
Visit the common fraud page at the FBI for more details.
KNOW THE SCAMS
An advance fee scheme occurs when the victim pays money to someone in
anticipation of receiving something of greater value—such as a loan,
contract, investment, or gift—and then receives little or nothing in
return.
- Counterfeit Prescription Drugs
Counterfeit prescription drugs are illegal, fake medicines that may be hazardous to your health.
Credit card fraud is the unauthorized use of a credit or debit card, or card number, to fraudulently obtain money or property.
Identity theft occurs when someone assumes your identity to perform a fraud or other criminal act.
Internet fraud is the use of Internet services or software with
Internet access to defraud victims or to otherwise take advantage of
them.
Reverse mortgage scams are engineered by unscrupulous professionals
in a multitude of real estate, financial services, and related companies
to steal the equity from the property of unsuspecting senior citizens
or to use these seniors to unwittingly aid the fraudsters in stealing
equity from a flipped property.
When you send money to people you do not know personally or give
personal or financial information to unknown callers, you increase your
chances of becoming a victim of telemarketing fraud.
BE AWARE OF THE WARNING SIGNS
There are typically warning signs or red flags. Below are just a few.
- Watch for unusual or unexplained bank account withdrawals, wire transfers, or other financial changes.
- There may be missing cash, belongings, or valuables from an older adult's home.
- The sudden or dramatic shift in investments can be a red flag.
- Unexpected changes in wills, trusts, power of attorney, or beneficiaries should be questioned.
- Older adults may exhibit concern or confusion about missing funds or
credit card charges for items they typically don't purchase.
- Money borrowed from family or friends that are not repaid.
- Change in lifestyles or becoming more isolated from friends and family is another warning sign.
KNOW HOW TO GET HELP
If you're a professional caregiver, and older adult, or are concerned
that a family member is involved in a scam or financial fraud, help is
available.
Suspected elder financial abuse may be
reported to the Federal Trade Commission or 877-FTC-HELP and to the
Senate Special Committee on Aging at 855-303-9470
Full Article & Source:
Fighting Fraud: A Guide to Keeping Your Money Safe
