More Financial Fraudsters are Targeting Seniors

We have discussed several times on our blog throughout the years on ways that seniors become subject to financial fraud. A popular one that we have discussed before is a young adult calling up pretending to be a grandchild in an emergency, asking for money to be wired immediately. The article below touches on that, as well as how even relatives can swindle unknowing seniors out of important life savings and investments. Read on to learn more so that you can protect yourself and loved ones from such a fate. Thanks for visiting us at Advocare. We provide geriatric care management to area South Florida residents of North Palm Beach, Jupiter, West Palm Beach, Palm Beach Gardens and more.

Financial fraudsters have long preyed on the elderly. But with roughly 10,000 Americans turning 65 every day, the elderly population is growing so quickly that instances of financial fraud affecting the elderly are becoming ever more common.

Kathleen Rehl, a certified financial planner and the author of “Moving Forward on your Own: A Financial Guidebook for Widows,” remembers all too well the time a financial fraud hit someone close to her.

She was visiting her elderly aunt, Eileen Richey, who she said lived “a very moderate lifestyle.” On this visit, Richey asked Rehl to look at an investment she had made. Rehl smelled trouble, and when she saw what it was, she realized something was seriously amiss.

“She said, ‘Well, I bought Iraqi dinars,” Rehl recalled. Apparently her friend’s nephew, whom she described as “such a nice young man,” had told Richey and others about this can’t-fail investment opportunity. Richey knew her CDs were yielding very little, so when they matured, she handed over several thousand dollars to buy dinars—”a huge amount for her,” Rehl said.

Not surprisingly, the dinars never materialized. The last time Richey tried to call the nephew, she got no answer, and there was no answering machine.

“She said, ‘I feel so dumb. I trusted him,” Rehl recalled. The icing on the cake: Richey told her the nephew apparently scammed his aunt as well.

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