Help Protect Seniors Against Financial Fraud

Senior citizens are particularly vulnerable to the aggressive tactics of telemarketers and financial scams. In particular, seniors who are lonely for someone to talk to or who have memory impairment are prime targets for the skilled consumer fraud artist. The financial exploitation of our seniors is troubling.

Seniors need to be aware that responding to what appear to be benign solicitations in the mail from “Sweepstakes” entries can result in their name and contact information being included in databases and phone call lists that are apparently for sale to both legitimate vendors as well as criminal entities. The unsuspecting senior can then be targeted by a telemarketer on a fraudulent scheme.

A May 2007 New York Times article showcased the relative ease in which determined telemarketers access personal information which is then used to open doors to a senior’s life savings. Two such schemes reported by The Times involved thieves posing as government workers or pharmacy employees. They would contend that the Social Security Administration’s computers had crashed or that prescription records were incomplete. Payments and pills would be delayed, they warned, unless the older Americans provided their banking information over the phone right then. Hundreds of seniors gave the callers the information they asked for!

Through greater awareness we will all be better prepared to defend against such unscrupulous practices. At our Senior Living Residences’ independent and assisted living communities, we have discussed this issue with our residents at our monthly Resident Council meetings.

We urge you to speak with the seniors in your life about the risk of responding to telemarketers and providing any personal information over the phone such as a social security number or banking information.

The New York Times article “Bilking the Elderly, with a Corporate Assist” appeared in the Sunday, May 20, 2007 edition. Please click here for a complete copy of the article!

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