Not Your Typical Elder Law Firm

What are some examples of elder financial scams?

| May 7, 2019 | Financial Abuse |

Many cases of elder financial abuse involve a caregiver or even a trusted family member, but California’s elder population can also suffer such abuse from strangers. Scams and schemes that target the elderly run rampant in the nation, often leading to total depletion of a senior’s life savings.

The following section contains a list of several common financial scams against the elderly, according to the National Council on Aging.

Medicare scams

These schemes typically occur when someone poses as a Medicare representative. Unsuspecting elders often reveal sensitive personal information to these perpetrators, which puts their financial accounts at risk.

Counterfeit medicine schemes

Elders with mobility issues may turn to the internet to have their prescriptions filled. Unfortunately, this puts them at risk of receiving counterfeit drugs, which results in loss of funds and potential health issues.

Funeral scams

Sadly, nefarious individuals often target senior citizens in these financial abuse scams by overcharging them for funeral services or cemetery plots.

Homeowner schemes

These ploys can occur in many different ways. For example, one scam plaguing California elders involves contact from an individual claiming to be from an Assessor’s Office. The scammer offers to reassess the elder’s property in the interest of reducing taxes. Naturally, the scammer requests a fee for these fraudulent services.

You can help your older loved one remain safe from these scams by taking an active role in his or her life. Staying close with your elders can alert you to financial abuse before it spirals out of control. Seeking a legal solution in which scam perpetrators are brought to justice is another way you can protect your elder loved one. An elder financial abuse attorney can help you pursue such a solution.