There are various investment and other schemes currently available which are targeted exclusively at senior citizens.Now security industry regulators have revealed that many of these schemes are full of incorrect claims and some are complete frauds.
Statistics speak for themselves.People 60 and older make up 15% of the country's population but account for 30% of all fraud victims.When you also consider that three-fourths of the country's consumer financial assets are controlled by people 50 or older, then you get a picture of how much is at stake.The money these people control is about $16 trillion!
The encouraging news is that the government is aware of the problem and is trying to find ways of solving it.The Federal Bureau of Investigation has studied the problem and analyzed the reasons why senior citizens are at greater risk than others.Their findings make interesting reading.
Older citizens are more likely to have a "nest egg", own their own home, have good credit and have some spare cash to invest.
The present generation of senior citizens were raised to be polite and trusting.They find it difficult to be rude or to just hang up the phone on unwanted callers.
Older Americans are less likely to report a fraud because they do not know whom to report it to.Often they are ashamed to admit they have been scammed, or they fear that it may be taken as a sign they are mentally incapacitated and they may be asked to hand over control of their affairs by their own relatives.
When elderly victims do report a crime, they often make poor witnesses.this is because it usually takes weeks for someone to realize that he has been the victim of a financial fraud.Recalling events clearly is often difficult for senior citizens.
the most common frauds being committed these days are by selling 'fake' medical products which promise improved physical health and ability to fight or prevent dangerous diseases such as cancer.
The most common frauds being practiced include Health Insurance Frauds,Counterfeit Prescription Drugs, Funeral and Cemetery Fraud, Fraudulent 'Anti Aging' Products, Telemarketing Frauds, Internet Fraud and Fraudulent Investment Schemes and the list goes on.
But help is at hand.The FBI has a Common Fraud Schemes webpage which provides tips on how to protect yourself and your family from fraud.
The Securities And Exchange Commission is also examining ways to protect Senior Citizens from fraud.Hopefully we will soon have an almost foolproof system in place to provide necessary protection to our senior citizens.