Posted by: Bert Copple | March 2, 2011

Stop Scams That Are On The Rise

There has been a significant increase in the number of cases in which elderly scam artists have taken advantage of older investors, according to a Wall Street Journal report.

That’s a definite new trend,” said Denise Voigt Crawford, the Texas securities commissioner. “We’re seeing more cases of older people ripping off other older people. Someone joked that seniors ripping off their peers is becoming ‘the new retirement plan.’”

The Wall Street Journal recaps several cases in which older financial planners allegedly took advantage of fellow senior citizens. Reporters Jason Zweig and Mary Pilon quoted psychologist Mara Mather of the University of California, Santa Cruz, as saying older adults seek less data than younger persons when making complex decisions, and they go out of their way to avoid negative information.

Stanford University neuroscientist Brian Knutson said it’s important for older investors to run financial decisions past a younger relative or someone who can resist the emotional pull of the situation.

This is not a new thing; elder abuse has been happening for decades now. Taking advantage of someone’s old age is a terrible crime, and we do not want this to continue the way that it has.

A good way to combat this is through a Home Instead Senior Care CAREGiver. A caregiver can help spot scams targeting seniors by being another set of eyes and ears for clients and their families. Having another person there to assist a senior with financials can be extremely helpful in preventing someone from scamming a loved one.

If you are a caregiver or relative that takes care of your loved one financially, there are many good strategies for staying on top of things found in our video series “Helping Seniors With Finances” at CaregiverStress.com.

Home Instead Senior Care will provide outstanding CAREGivers to help your loved one with personal care, incidental travel, companionship, medication reminders, light housekeeping, and even meal preparation. To learn more, call 248-203-2273 or visit www.homeinstead.com. Home Instead Senior Care is the world’s trusted source of in-home non-commercial personal care and companionship for seniors. Each franchise is independently owned and operated. And remember, to us, it’s personal.

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