Home Care and Caregiving Services in West Bloomfield Township, MI

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On May 24, 2012, Posted by , In Caregivers,Home Care, By ,,, , With Comments Off on Home Care and Caregiving Services in West Bloomfield Township, MI

Ways to Protect Your Elderly Loved One From Fraud

What is elder fraud?

Financial exploitation of senior citizens includes many issues. It may occur when a durable power of attorney document or joint bank account ownership is misused. Financial exploitation also may occur when guardians or conservators misuse their authority over wards and their estates. Further, financial exploitation may occur when fraud or undue influence is used to gain control over an elder’s real and personal property and financial resources. Financial exploitation may occur when parties to a real estate transfer fail to provide reasonable consideration for the transfer. Finally, financial exploitation may occur when an elder consumer is victimized by consumer scams, telemarketing fraud, sweepstakes fraud, predatory lending, and other scams that target elderly persons.

Why do criminals target the elderly?
Criminals often target senior citizens (65 or older) because they manage a large percentage of the nation’s liquid assets and may be more vulnerable to fraud and deception due to age related physical and cognitive limitations. The assets stolen may represent an elderly victim’s life’s savings.

Senior citizens may be hesitant to report this financial abuse because of embarrassment or simply because the system may seem so cumbersome. Seniors may be afraid of losing their independence, losing control over their finances or being moved from their home. Senior citizens therefore need the support and encouragement of family and friends.

The elderly population has always been an easy target for financial fraud by both illegitimate and legitimate companies. During the recent economic recession, reports of fraud against the elderly have been rising. The Federal Trade Commission in conjunction with state attorney generals has been increasing their consumer protection programs to protect elderly consumers.

You can report incidents to the federal agency or to your local consumer protection agency. You can take steps to minimize your exposure to financial fraud.

 

How can you help?

If you are a child of an elderly parent, you can help your mother or father with the following:

  • Get on the federal government’s “Do Not Call” registry.
  • Consider obtaining an unpublished phone number.
  • Teach your elderly loved ones how to decline unnecessary services or products from telemarketers or door-to-door salespersons.

 

By taking these three simple steps, you will be helping your elderly loved ones. These three precautions are free and only take a few moments to accomplish. You can help your elderly parent understand when to decline services and when to ask for further written information.

 

Source:  http://www.hg.org/

Contact Pure Home Care Services at (586) 293-2457 today!  If you live in West Bloomfield Township or the surrounding area, we can help you care for your loved ones.

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