Daniel Klibanoff Shares Insights on Elder Fraud
Insights on Elder Fraud
Daniel Klibanoff Shares Insights on Elder Fraud
Every year, millions of elderly Americans become victims of elder fraud. These con artists target senior citizens with substantial savings who may be more trusting of con artists. Daniel Klibanoff notes that resources are available to help you or your loved ones from becoming victims of these scams.
According to 2017 research in the American Journal of Public Health, as many as 1 in 18 “cognitively intact, community-dwelling” older Americans fall victim to an elder fraud scheme each year. These are elderly adults who often live alone and probably do not expect anyone to scam them.
Criminal cases
Five million victims each year…
Beware
In 2018, the FBI reported criminal cases against over 260 fraudsters who defrauded over two million people in the United States. The FBI estimates that costs in such incidents could amount to more than $700 million. However, Daniel Klibanoff notes that the total number of successful scams is actually much higher.
Don’t Underestimate
According to some estimates, up to five million Americans are victims of elder fraud each year. Research also shows that annual expenses can amount to more than $20 billion. However, even these figures may underestimate the actual scale of the problem.
As a result, Daniel Klibanoff argues that it is best to know what to look for and how to deal with scammers to protect your personal information and elderly relatives.
Warning Signs
Quick Cash Promises or Free Money
Daniel Klibanoff believes it’s certainly a fraud if someone offers you free money or quick cash. These pitches may claim you’ve won the lottery, promote a sure-fire investment that will make you wealthy, or advertise a work-at-home opportunity that requires little effort but pays well.
Pressure to Act Immediately
Scammers will want you to move quickly, so you don’t lose out on a chance. In fact, they don’t want you to consider how strange their offer is.
Defending Yourself or Elderly Loved One from Fraud
Daniel Klibanoff suggests asking questions and carefully considering whether you may be a victim of fraud. Never give up personal information over the phone or email, especially not bank account details, your Social Security number, or even your birth date. If someone begs you for money over the phone, politely decline and hang up. And if the calls keep coming, block their number.
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