Are You Aware of the Financial Scams Targeting Elders?

April 4, 2019 / by Fortis Family Office Tax Team

Elderly fraud is becoming a major problem. Ever have a grandparent or parent ask how to access, fix, use, or view something on their iPhone or computer?  They could be asking due to their lack of understanding of advancing technology, which can make them an easy target of financial scams.

The National Council on Aging has identified the top 10 financial scams targeting elders:¹

  • Medicare/health insurance scams
  • Counterfeit prescription drugs
  • Funeral and cemetery scams
  • Fraudulent anti-aging products
  • Telemarketing scams
  • Internet fraud
  • Investment schemes
  • Homeowner/reverse mortgage scams
  • Sweepstakes and lottery scams
  • Grandparent scams

Those with financial and accounting backgrounds, such as CPA’s, can educate clients and family members to avoid financial frauds and scams. The elderly fraud article the PICPA published by Howard M Silverstone and Irina Balashova, is one of the many resources that provide useful information. ²

Additional Resources:

Pennsylvania Institute of Certified Public Accountants (www.picpa.org/consumers/money-life-tips/fraud)


¹ The National Council on Aging (www.ncoa.org/economic-security/money-management/scams-security/top-10-scams-targeting-seniors)

² https://www.picpa.org/articles/picpa-news/2019/02/28/pa-cpa-journal-elder-financial-abuse-is-a-growing-problem-cpas-can-help-prevent-it

 

 

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