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Seniors Are Vulnerable to Financial Abuse

Do you ever have times when you feel like no one cares enough to look out for your well-being? You may have felt that way after learning that you had fallen victim to a scam. It may be even more devastating to know that the person who perpetrated the scam was someone close to you, perhaps one of your own adult children.

You are not alone. In fact, about 90 percent of seniors who report some kind of abuse, whether physical or financial abuse, were victims at the hands of their family members. Most seniors who lose money in financial scams do not report the fraud, and this may invite scammers to keep taking advantage of them.

Did someone take advantage of you?

There are countless ways in which someone can exploit the situation you are in. You may live alone or collect an annuity, either of which may make you a target for a scammer. Because seniors aren’t always comfortable making purchases over the phone, you may find yourself receiving phone calls that sound legitimate but feel a little off. Of course, these unscrupulous scam artists know how to play on your emotions or reach your vulnerable places, as some of these examples of scams prove:

  • Overcharging you for funeral expenses of a spouse or loved one, including charging you for a casket as part of cremation services
  • Using your Medicare information to submit fake claims
  • Promising to share a large windfall, such as a prize or lottery, if you withdraw funds from your bank account as a good faith payment
  • Asking you for money to help a sick or injured relative in the hospital
  • Collecting money for fake charities
  • Convincing you to invest in a pyramid scheme or non-existent opportunity

These are only a few of the many, often elaborate ways fraudsters target elderly people like you who may be trusting and unfamiliar with the way investment plans work. You are not alone if the scam used against you cost you your retirement, your savings or your home equity.

You may feel embarrassed, and your family may even scold you for being gullible. They may even be talking about taking drastic measures to ensure this won’t happen to you again. However, this should not prevent you from reaching out to a California legal professional dedicated to standing up for those who feel powerless. Such an advocate will work tirelessly to defend your rights.

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