Senior financial abuse has caused the golden years to not be golden for many of our retirees. Many of our elders have become victims of senior financial abuse, taken in by senior citizen money scams resulting in increased debt because they are viewed as easy prey. Typically they live alone, have disposable income and are generally quite trusting.
In case you don’t think this is a widespread and very serious problem, according to a 2011 study conducted by MetLife and the Center for Gerontology at Virginia Tech about elder financial abuse, the annual financial loss suffered by victims of senior citizen money scams of financial fraud is estimated to be $2.9 billion. In addition many seniors are facing serious debt as a result of family obligations, divorce, recession and lifestyle choices.
According to the Canadian Anti-Fraud Centre, senior abuse in Canada as a result of senior financial abuse are from 3 prominent scams on senior citizens:
- The “Emergency – Grand Parent Scam” which is aimed at persuading seniors to believe a family member or friend is in trouble and in need of financial aid.
- The “Prize Scam” which targets seniors into believing they have won a lottery/sweepstakes.
- The “Bank Inspector Scam” targets seniors into verifying a possible fraudulent cashier at a bank by withdrawing funds for a supposed investigator.
How can you protect yourself? Here’s some great advice from the Canadian Anti-Fraud Centre to assist in elder financial abuse awareness:
- Never give cash to someone you don’t know or are meeting for the first time.
- Financial institutions will never solicit assistance from you for internal investigation.
- Contact police or the financial institution immediately to verify the telephone call you received.
If you think you or someone you know has been a victim of senior financial abuse fraud, please contact the Canadian Anti-Fraud Centre at 1-888-495-8501 or http://www.antifraudcentre.ca.
Are you a senior who is suffering financially for any reason? Don’t be ashamed; contact Ira Smith Trustee & Receiver Inc. Debt won’t go away on its own. You need professional help Starting Over, Starting Now so that you can regain your dignity and start back on a path to debt free living.