Elder fraud is one of the fastest-growing types of elder abuse. At this time of year between Thanksgiving and Christmas, it picks up steam, leaving many seniors vulnerable.
Whether it is people posing as Medicare representatives to get personal info or false telemarketers preying on lonely seniors during a vulnerable time of year – fraud is alive and well. Senior citizens are often the targets of these fraudsters.
The people committing fraud prey on senior’s generosity and often weave fake tales in order to garner donations for causes – only for the money to wind up in their own pockets.
It is estimated that one in every five seniors has been taken advantage of financially.
This number may be low because often, cases of elder financial abuse go unreported. The reasons for not reporting the fraud run the gamut: embarrassment, fear of losing their independence, and sometimes the inability to realize they have been a victim of fraud.
These types of fraud have an emotional impact beyond just the money involved. It carries over to family and loved ones who worry about the seniors’ financial security and how this can impact their emotional and mental well being.
There is a common belief that most financial fraud is perpetrated by people the seniors do not know or experienced criminals. Research indicates that a growing number of these incidents are perpetrated by a local service provider – handymen and lawn care professionals.
Detecting the patterns of fraud is important and can lead to more focused legislative protection for our growing population of seniors.
If you believe that you or someone you love may have been the victim of elder abuse, you may be entitled to compensation. Contact the law offices of Schenk Smith and let us help you. We can get you the compensation you deserve. Call us today.