Fraud

Types of fraud

Fraudsters exploit vulnerabilities to deceive seniors and unlawfully obtain money, property, or sensitive personal information:

1. Financial Scams: Targeting seniors with fraudulent investment schemes, fake charity appeals, or other scams to trick them into giving away money.
2. Telemarketing Fraud: Using unsolicited phone calls to promote fake products or services, misleading investment opportunities, or phony charities to deceive seniors.
3. Healthcare Fraud: Exploiting seniors' health concerns with scams related to health insurance, medical services, or products promising miraculous cures.
4. Identity Theft: Stealing seniors' personal information to commit various forms of fraud, such as opening credit accounts, applying for loans, or filing false tax returns.
5. Grandparent Scams: Pretending to be a grandchild in trouble and urgently requesting money from seniors.

Safeguarding our seniors from fraud takes priority. Together, we can empower them with knowledge, build awareness, and create a community to ensure a strong stand against scams for every senior.

Why seniors suffer fraud

While it's challenging to generalize about why millions of seniors may be living with fraud, several factors can contribute to the vulnerability of older adults:

• Isolation: Social isolation due to living alone, loss of loved ones, or physical limitations increases susceptibility to scams. Regular social interactions or support networks to discuss financial matters may be absent.
• Cognitive Decline: Memory loss or difficulty in decision-making makes it challenging for seniors to recognize and respond to fraudulent schemes.
• Limited Familiarity with Technology: Older individuals, unfamiliar with modern technology and online platforms, become targets for scams through emails, social media, or other digital channels.
• Politeness and Trust: Seniors, valuing politeness and trust in others, may not question or challenge the intentions of someone who approaches them, making them easy targets for fraudsters.
• Financial Resources: Accumulated savings and assets over a lifetime make seniors attractive targets for fraudsters seeking financial gain through enticing investment opportunities or fraudulent services.
• Healthcare Concerns: Concerns about well-being make seniors more susceptible to healthcare fraud, with scammers offering fake medical products or services.
• Lack of Awareness: Some seniors, unaware of common scams or evolving tactics used by fraudsters, become more vulnerable to falling for deceptive practices.

It's important to note that these reasons are interconnected, and fraud often results from a combination of factors. However, these top seven reasons tend to be among the most prevalent causes, impacting a significant number and contributing to the well-being of seniors at risk report a problem.

The impacts of fraud

Fraud causes severe and wide-ranging negative impacts on seniors, affecting their financial, emotional, and physical well-being. Some significant consequences include:

1. Financial Losses: Scammers exploit seniors' savings, pensions, or assets, leading to significant financial setbacks. These losses create financial instability, jeopardizing their ability to cover essential expenses.
2. Emotional Distress: Victims of fraud experience emotional distress, anxiety, and a sense of betrayal. Feelings of shame, guilt, or fear impact mental well-being and erode trust in others.
3. Health Implications: The stress and emotional toll of fraud worsen existing health conditions or contribute to new ones, affecting overall quality of life.
4. Loss of Independence: Financial losses from fraud compromise seniors' independence. Reliance on others for financial support diminishes their ability to make decisions and maintain autonomy.
5. Social Isolation: Victims may withdraw from social interactions due to fear of being targeted again or shame from being defrauded. This withdrawal leads to social isolation and negatively impacts well-being.
6. Impact on Relationships: Fraud strains relationships with family and friends, especially if it involved financial assistance from loved ones. This strain can lead to a breakdown in trust and communication.
7. Legal Consequences: Some fraud cases involve unwitting participation in illegal activities, leading to legal repercussions and further compounding the negative impact.
8. Diminished Financial Resources for Care: Financial losses from fraud limit access to necessary healthcare services and support, potentially compromising health and well-being.

How we help end fraud

We combat fraud using three advocacy strategies:

1. Our Services: We empower seniors, caregivers, and the public with knowledge to recognize and report fraud. Our resources provide education and our monitoring services offer ongoing oversight and proactive intervention.
2. Our Support Team: Senior Advocates provide personalized support, conduct regular check-ins, and facilitate access to services that protect against fraud. Certified Ombudsmen investigate complaints, advocate for residents' rights, and work to resolve issues related to fraud.
3. Our Access to Resources: We leverage a wide range of resources, including financial advisory services, community centers, and legal assistance, ensuring seniors stay protected from fraudulent activities.

We identify signs of fraud, offer targeted support services, and raise awareness about prevention to effectively mitigate negative impacts on seniors and enhance their overall well-being. If you suspect any sign of fraud, report now.