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The Silent Threat: Protecting Older Adults from Fraud
Older adults are disproportionately vulnerable to fraud, a reality that stems from a combination of factors.
Why Older Adults Are Targeted:
- Accumulated Wealth: Years of saving and investing often result in substantial assets, making older adults attractive targets for scammers seeking significant financial gains.
- Trusting Nature: Many older adults are inherently trusting, making them more susceptible to persuasive tactics and emotional manipulation.
- Cognitive Decline: Age-related cognitive decline can impair judgment and decision-making, making it harder to recognize red flags and resist pressure.
- Social Isolation: Loneliness can make older adults more receptive to attention and connection, which scammers often exploit to build trust and manipulate.
- Technological Inexperience: Limited familiarity with technology can make older adults more vulnerable to online scams, phishing, and malware.
Common Scams Targeting Older Adults:
- Grandparent Scams: Scammers impersonate grandchildren or other family members, claiming to be in urgent need of money.
- Lottery and Sweepstakes Scams: Victims are told they’ve won a prize but must pay fees or taxes to claim it.
- Romance Scams: Scammers create fake online profiles to build romantic relationships and then request money.
- Investment Scams: Fraudulent investment opportunities promise high returns with little risk.
- Government Impersonation Scams: Scammers pose as government officials, demanding payment for fake debts or fees.
- Online Task Scams: Fake job postings that promise high pay for simple online tasks, but end up stealing personal information or money.
- “You must pay or else” Scams: Scammers create a sense of urgency or fear, demanding immediate payment to avoid negative consequences.
Recognizing Red Flags:
- Urgency and Pressure: Scammers often create a sense of urgency, pressuring victims to act quickly without thinking.
- Requests for Secrecy: Scammers may ask victims to keep the transaction secret, preventing them from seeking advice from trusted individuals.
- Requests for Unusual Payment Methods: Scammers often prefer payment methods that are difficult to trace, such as wire transfers, gift cards, or cryptocurrency.
- Unsolicited Contact: Be wary of unsolicited phone calls, emails, or messages from unknown individuals.
- Promises That Sound Too Good to Be True: If an offer seems too good to be true, it probably is.
Reduce your risk
- Be Wary of Unsolicited Contact: Never provide personal information, financial details, or payment to unknown individuals who contact you.
- Verify Information: Independently verify the identity of anyone who contacts you, especially if they claim to be from a government agency or financial institution. Do not rely on caller ID or an email address, both of which are easily faked.
- Resist Pressure: Never feel pressured to make a quick decision. Take your time, and consult with trusted family members or advisors.
- Protect Personal Information: Be cautious about sharing personal information online or over the phone. Shred documents containing sensitive information.
- Use Strong Passwords and Security Measures: Create strong, unique passwords for online accounts and enable two-factor authentication whenever possible. Use a password manager or simply write them on a piece of paper you keep in a safe location. Hackers cannot access your paper files.
- Monitor Financial Accounts: Regularly review bank statements and credit reports for unauthorized transactions.
- Freeze your credit.
- Be Skeptical of “Too Good to Be True” Offers: If an investment or opportunity sounds too good to be true, it likely is.
- Discuss Finances with Trusted Individuals: Involve trusted family members or advisors in financial decisions, especially those involving significant sums of money.
- Report Suspected Fraud: If you suspect you’ve been a victim of fraud, report it immediately to the authorities and relevant financial institutions.
- Be aware of Online Task Scams: Be very wary of job postings that promise high pay for simple online tasks. Verify the company and job posting through other means.
- Remember the “You must pay or else” Rule: If someone demands payment or else something bad will happen, it is most likely a scam.
Apologizing: A Complex Act
Apologize? Why?
I’m sure we all know people who rarely, if ever, apologize. Why is apologizing so difficult, and when is it truly necessary? It’s important to recognize that you should never apologize for doing the right thing or if you were not mistaken. Furthermore, an apology can sometimes imply liability when you aren’t at fault. You shouldn’t apologize for pursuing your dreams or simply being yourself. Over-apologizing can also diminish the sincerity of your words, especially if you continue repeating the actions you’re apologizing for.
However, a genuine apology can resolve conflicts, clear up misunderstandings, and mend relationships. It can even save on potential litigation costs and liability. In one instance, an apology could have saved a brother hundreds of dollars in damages and legal fees, avoiding over a decade of drawn-out litigation. Fortunately, in many cases, when parties choose reconciliation over litigation, they save significant time, money, and emotional distress. It’s often the stubborn, greedy, and deceitful individuals who refuse to admit fault and justify their actions that force us into lengthy legal battles.
Death: It’s not easy, but don’t make it harder
Watching a loved one struggle at the end of life is never easy, but it’s something that almost everyone faces and that we cannot control.
It’s emotional. One considers the relationship with the loved one and has to consider the relationship with their current and extended family members. Those relationships can make the passing of life more difficult. We don’t know what the loved one “would have wanted” unless they have expressed that in a document.
I have even heard recently, “I had a healthcare power of attorney, but I can’t find it.” In response I politely mentioned to the healthcare facility, “Honor that document once we see it; until then, next of kin govern the care and disposition of a loved one pursuant to statute.” The facility, relieved not to be embroiled in a conflict, agreed. Once more, the facility could not have provided medical information about the person under their care to a third party without the third party having a healthcare directive.
Overall, our advice is to celebrate the loved one’s life and to remember how they enriched your lives, which will help them live on in your memory. Commit their bodies consistent with their beliefs. Avoid financial issues, which are often a catalyst to conflict. The will cannot be probated and executor appointed immediately anyway.
Freeland Martz Anniversary
Freeland Martz will celebrate its 12th anniversary this October.
Thank you to our valued clients and professional colleagues, your business and referrals contribute greatly to our success. Our firm is honored to have been given the opportunity to serve you, and we look forward to many more years of providing you with the highest quality legal representation possible. Thank you for twelve years! And, as always, please contact us if we can be of service.
“Attentive, Accessible, and Committed to Your Best Interest”
Upcoming Events
Tune in to NPR to listen to Micheal Reed Martz join in on the Legal Terms talk tomorrow, June 18, 2019 at 10 a.m.
Thanks for joining me!