Helping to Protect Vulnerable Adults from Financial Exploitation by Scams, Schemes, and Swindles

Transcription

1

2 Helping to Protect Vulnerable Adults from Financial Exploitation by Scams, Schemes, and Swindles

3 Seminar Objectives What you should know about Elder Financial Fraud & Identity Theft How does it happen? Preventive actions you can take on your own! What to do if you are a victim! You need to understand, We are all at risk!!!

4 The intent of this presentation is not to instill fear; rather, it is meant to empower you with facts and possible ways to move forward

5 What Exactly is Elder Financial Abuse? 5

6 Financial Abuse Elder financial abuse spans a broad spectrum of conduct, including: Taking money or property. Forging an older person's signature. Getting an older person to sign a deed, will, or power of attorney through deception, coercion, or undue influence

7 Why Do They Target Us Seniors? We generally have money at our disposal We are polite and easy to talk to and they exploit our good nature We more than likely belong to groups which they can easily track, i.e. churches, temples or other organizations We are generally very trustworthy and it is that very trust that is the vehicle for financial fraud

8 Be discrete about what you post on Social Media Do not give birth date, hometown, high school Do not accept invitations from strangers to be online friends Do not broadcast your travel plans Think before you click on a link Do not trust subject line that starts with Immediate Action Required

9 The Four Most Common Misconceptions of Seniors People think they will be healthier. People think they will have more money. People think that their families will step in when needed The fourth one will be discussed later!

10 Misconceptions (cont.) Regardless of your physical condition everyone by age 80 will have some health decline The second misconception is most troubling because we will have an entire generation of people who will run out of money and will be too old to work The third misconception is the biggest challenge and also the best opportunity to avert the worst case scenario down the line by reaching out to your families now!

11 Staggering Statistics 16.7 million people were victims of identity theft in 2017* This translates to 317 new victims of Identity Theft every minute of every day in USA Federal, state & county governments all have comprehensive programs to help combat it or at least try to slow it down *According to Javelin Strategy & Research

12 Anyone can be a victim of financial fraud. You are not alone. Millions of people are defrauded every year. And you are the target only because you have money and assets to steal. Not because of a failing on your part It is a very easy crime to commit. There have been over a Billion security breaches and we have only 320 million people The truth is we are all at risk, so you need to stay super vigilant!!! ams and abuse

13 Elder Financial Exploitation is Very Seldom Random Information can be stolen by: Relatives Friends & Family Hospitals Doctors offices Schools Stores Restaurants Home aids

14 The Fourth Misconception of Seniors Question: Who is most likely to cheat, or swindle or steal from you? Answer: The people you know best!

15 Some More Staggering Statistics 6 out of 10 cases are committed by relatives 3 out of 10 by friends of the family Only 1 out of 10 is committed by strangers 90% of the time, the perpetrators are very well known by their victims!!!! Source: AARP

16 Even Scarier Statistics The closer the tie, the greater the damage Perpetrated by strangers = $38,500 Perpetrated by someone who knew the victim = $116,000 Criminals within the family = $148,000 Biggest thieves by far are victims children = $262,000 Sources AARP--- JavelineResearch---FBI JaveliMust Use the arrow key to capitalize a letter Click on key with numbers to find special characters and numbers use capital S for password

17 Now Here is the Sad Part! Only 1 in 44 cases get reported WHY? Victims are embarrassed and feel ashamed and guilty (when they should not feel that way at all) People do not want to air family conflicts in public People doubt that the money will ever be recovered People do not want to press charges against family members Seniors actually believe family members when they say they are sorry and will not do it again

18 What Can You Do to Help Prevent It? Get involved. Really involved and not just for the photo-op! Vigilance is our #1 weapon! Stay in touch. Isolation is the scammers biggest asset! Beware of the fog Be careful of caregivers Look over shoulders, let them all know you are checking!!!

19 Warning Signs or Signs of Potential Abuse Taking money or property Forging an older person's signature Getting an older person to sign a deed, will, or power of attorney through deception, coercion, or undue influence Unpaid bills, eviction notices, or notices to discontinue utilities Withdrawals from bank accounts or transfers between accounts that the older person cannot explain

20 Warning Signs of a Scam You get an unsolicited phone call, letter, or visit from someone claiming to be a government or law enforcement agency, well-known business or charity, or even a family member in trouble. You re asked to pay money by wire transfer, pre-paid debit card, paperless check or for personal info. Need to act immediately.

21 Warning Signs of a Scam (con t ) You are told that you will be arrested / deported or that a family member is in trouble. You get an offer that sounds too good to be true. You are told you have won a prize, but must send money before you get the prize.

22 Warning Signs of a Scam (con t) You are sent a check but are asked to wire part of the proceeds back to the writer of the check. You get an unsolicited request to fix your computer. If your computer needs fixing I suggest you call Robin Abello at PERCWORKS or the geek squad at Best Buy A new best friend or love interest needs money, or who all of a sudden seems to be controlling a person s decisions or choices.

23 Imposter Scams Con artists often assume the identity of others in order to gain your trust. The goal: to trick or intimidate you into paying money or providing personal information. They attempt to exploit your fears and emotions so you will act before you think. Identity thieves can use your personal information to obtain credit, government benefits or commit crimes.

24 Government Imposter Scams A caller claims to be from a government agency, such as the IRS, FBI, Social Security, Medicare, or Police stating, for example: You owe money for back taxes and if you don t pay immediately, you ll be arrested or deported. Hang-up! The agency is updating records and needs your personal information. Hang-up! You have been awarded a substantial government grant but must provide personal information or pay money for processing. Hang-up

25 Phishing s that appear to be from your bank, a reputable business or charity. The asks for personal information, such as your Social Security and bank account numbers. You are told information is needed to verify your account or to protect you from fraud. The provides a link to a legitimate looking site where you are told to enter the information.

26 Phishing is a financial crime that starts with massive numbers of deceptive spam s. These s look like they come from your bank but they are just a trick to get account numbers and passwords.

27 Phishing Example

28 Grandparent Scam Scammer calls, posing as your grandchild, hospital worker or law enforcement agent. Calls often made late at night to catch people off guard. You are told that grandchild has been arrested, mugged, or injured, usually outside of the country. You re given info on how to send money immediately. May be asked not to call parents or others because your grandchild is embarrassed or will get in trouble.

29 Computer Tech Scam Caller claims to be from Microsoft or other well known company Have detected that your computer has a problem that will lead to a crash or security breach. Caller requests remote access to your computer to fix the problem. Once the scammer has access, they can download all information stored on the computer, i.e. bank records, tax information. Remember: Computer manufacturers are unable to monitor your computer.

30 Fake Check Scam: Lotteries and Sweepstakes A letter informs you that you have won a sweepstakes or lottery. The claim often involves a foreign lottery or sweepstakes you never entered. The letter includes a check to cover your taxes and fees, which must be paid immediately by wire transfer or money card, before you can get your winnings. You later find out that the check is no good, but there s no way to get back the money you paid.

31 How to Avoid Stock Broker Scams and Abuse STOCKBROKER SCAMS Performs trades without authorization Makes unsuitable investments Over-concentrates investments in a single type of investment Misrepresents risk or potential returns of investment AVOIDING ABUSE BY STOCKBROKERS Review monthly statements Discuss investments with a trusted family member or friend Exercise due diligence when selecting a stockbroker Use a stockbroker who explains investments and answers questions

32 If a Phony Credit Account is Opened or a Loan Taken Out Contact each (all three) credit bureau and request a freeze President Trump recently signed into law a bill that will make credit freezes free to place, lift and permanently remove This makes it much more affordable to take control over your credit information than in the past when fees were charged every step of the way

33 Credit Agencies Experian Toll Free: (888) EXPERIAN( ) Trans Union Toll Free: (800) Equifax Toll Free: (800)

34 Ways to Avoid a Fraud Check it out: If you are not sure if the caller is from the organization they claim, call the organization to verify using a phone number you found, not the one given to you by the caller. Don t give personal information to anyone you don t know. Government agencies will never contact you about problems by phone or .

35 Ways to Avoid a Fraud (cont.) Take your time Slow down,think before you Click! Remember that wiring money or sending a prepaid card is like sending cash. Never wire money to someone you don t personally know. Legitimate businesses don t ask for payment this way. Read your monthly statements. Check for charges you didn t make, and fees you didn t agree to or don t understand.

36 Ways to Avoid a Fraud (cont.) Don t reply to messages that ask for personal or financial information. Don t download attachments or click on links in s from unknown senders. Don t play foreign lotteries, or believe anyone who says you ve won one. Check your credit report regularly.

37

38 New Medicare Cards Newly assigned ID Numbers in place of your Social Security Number Major step forward for Fraud Prevention Scammers are already working schemes to try and scam people, such as Demanding a processing fee---hang-up Telling people they have a refund coming and asking for bank account information---hang-up AARP offers a Watchdog Alert program via

39 Maryland Senior Call Check Program Maryland is the first state in the country to start a free, opt-in, telephone service to check on Maryland's older residents, all across the state Seniors can enroll online or over the phone. Anyone 65+ with a landline or a cell phone can specify one time per day to receive an automated call If the senior does not answer after three attempts, the program will call an alternative person who is selected by the senior during program registration Seniors can register online at by calling the Maryland Department of Aging at

40 Maryland Senior Call Check Program Seniors can register online at or by calling the Maryland Department of Aging at

41 How to Eliminate 80-90% of Annoying Telemarketing Phone Calls Nomorobo is a cloud-based service that blocks or hangs up on illegal robocaller or telemarketer calls before they reach the intended phone number. Click on following link

42 Prevention Set Up a Care Giving Team Meeting Identify 3-4 people to participate on your team Meet at least 2-3 times a year to nurture relationships with your loved ones Have a candid talk about money review bank statements, brokerage accounts, etc. This will also allow you to evaluate cognitive issues Great time to review visitation schedule as well as who is going to do what for the elderly person in question

43 Staying Close This structure will help maintain strong Communal and Family relationships and also provide financial oversight and more importantly it provides the Care Giving Team an opportunity to determine cognitive issues. Because it is now a team effort it takes the pressure off of the Primary (main) caregiver! If this fails you may want to consider adding a Professional Money Manager to the Team

44 If You or a Loved One Needs Help Managing Their Money American Association of Daily Money Managers has a directory of members. Make sure the manager you choose is insured, bonded and more than willing to include other members of the team in his or her work (Phone)

45 Don t Be Afraid to Complain It s important to report scams or other financial exploitation. Anyone can be a victim. Don t let embarrassment or fear keep you from reporting scams and fraud Help stop the con artist before victimizing others.

46 Don t Be Afraid to Complain Howard County Police Office on Aging Maryland Access Point

47 For More Information on Scams or Any Other Consumer Protection Issues, Contact: Howard County Office of Consumer Protection

48 10 Steps to Recovery From Identify Theft 1. Place 3 Fraud Alerts 2. Create an Identity File 3. Know your Rights 4. Report it to the FBI 5. Report to Local Police 6. Place extended Fraud Alert 7. Order three credit reports 8. Report to the IRS 9. Report it to SSA 10. Dispute fraudulent activity in writing

49 Closing Thoughts Even if you only suspect abuse, report it. At least talk about it, get it out in the open It is not our duty and/or responsibility to carry out an investigation; it is the people that we report our suspicions to. Our civic duty ends with our reporting it! You could save the health, dignity or even the life of an elder person.

50 If It Sounds Too Good to Be True It Probably is Too Good to Be True! The trick is to figure out when good becomes too good 50

51 Resources on SOCA s Website To see this presentation and more valuable information, please visit our Coffee with Carol page on our website at How Do I Get there? Click on Activities Click on SOCA Activities Click on Coffee with Carol 51

52 Resources AARP Fraud Watch FBI IRS Medicare Social Security Better Business Bureau FINRA(Financial Industry Regulatory Authority) Sample letters are available at Created in part by Howard County Office on Aging and Independence and the Office of Consumer Protection

53 Thanks and Let s All

54