What Is Elder Fraud?

Elder Fraud or Financial Abuse against the elderly is of growing concern.  One recent study reported by Consumers Digest estimated that there are at least 5 million cases of elder financial abuse in the United States each year, but law enforcement or government officials learn about only 1 in 25 cases. 

 

Loosely defined, Elder Fraud is the financial exploitation of a senior citizen by either a family member or stranger. 

 

Types of Elder Fraud Scams Committed By Strangers:

 

1) ADVANCED FEE SCHEMES

 

a) Telemarketing Fraud

 

b) Mail Fraud/Lottery Fraud

 

c) Internet Fraud

 

d) Inheritance Fraud

 

2) ELDER IDENTITY THEFT

 

a) Bank and Credit Card Theft

 

b) Health Insurance Fraud

 

3) CASH FRAUD

 

a) Charity Fraud

 

b) Sweetheart Scams

 

c) Grandparent Scam

 

4) HOMEOWNER SCAMS

 

a) Foreclosure Rescue

 

b) Repair Service Scam

 

Elder Fraud can be prevented by understanding the signs in an elderly loved one and/or being proactive and educated when dealing with your money and property. 

 

In the upcoming months I will be addressing this topic in full details on what it is, case studies, how to identify elder fraud, how to report a fraud and what you can do to prevent it. 

 

If you or a friend has any stories on elder fraud I would love for you to share your personal stories and also I am happy to answer any questions you may have.

 

Please visit www.DrMarion.com to keep up to date and download our new Philips Lifeline – Dr. Marion “Elder Fraud” booklet coming October 2013.

 

Thank you,

Dr. Marion

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