Page 4 - Senior Times South Central Michigan - June 2016 - 23-06

Page 4 Senior Times - June 2016
PROTECT AGAINST FRAUD By: Sherii Sherban, Publisher, Senior Times
Seniors can decrease their risk of this kind of victimization by following six self-defense tips:
1. Don’t be a courtesy victim. Older generations were taught to be courteous at all times, whether guests visit them
in person or contact them by phone.
Con artists often take advantage of these overly accommodating seniors, exploiting their good manners to get at their money. Remember, strangers who call and ask for your money should be regarded with the utmost caution. The best response is to hang up the phone.
2. Check out strangers touting odd deals. Trusting strangers is a mistake that many seniors make when it comes to their personal finances.
Don’t feel pressured by someone who asks you to make an immediate decision, giving you no chance to check out the salesperson, firm, and the investment opportunity itself. Instead, get written information about the investment, review it carefully, and make sure that you understand all the risks involved before you part with your hard-earned money.
A favorite tactic of telemarketing con artists is to develop false bonds of friendship. That’s because they know that many senior citizens are eager to have someone to talk to on the phone, even if the caller is a complete stranger. When a telemarketer phones, do not be swayed by offers of unrelated advice and assistance – they are merely efforts
to develop a sense of friendship and even dependency for one purpose only: to win your confidence and take your money.
Also keep in mind that almost all investment products must be registered.
3. Never judge a person’s integrity
by how they sound. Senior citizens
who fall prey to a con artist often explain that the swindler sounded like such a
nice person. Successful con artists sound professional and are able to make even the flimsiest investment deals sound as safe as putting money in the bank. They combine these sales pitches with extremely polite manners, knowing that many older people may equate good manners with personal integrity. The sound of a voice, particularly on the other end of your telephone,
has no bearing on the soundness of
an investment opportunity.
4. Watch out for salespeople that prey on your fears. Con artists play on older people’s concern that they will either outlive their savings or see all of their financial resources vanish overnight as
the result of a catastrophic event, such as
a costly hospitalization. Playing on these fears of running out of money, swindlers often pitch schemes as a way for the
elderly to build up their life savings to allay fears of running out of money. Remember though, that fear, like greed, can cloud good judgment, and can leave victims of fraud mired in a terrible financial position.
5. Don’t let embarrassment or fear keep you from reporting fraud or abuse.
Some senior citizens fail to report that they have been victimized for fear that they will be judged incapable of handling their own affairs. Other seniors believe that their victimization will be viewed as grounds for forced institutionalization in a nursing home or other facility.
Con artists count on these sensitivities to prevent or delay the elderly from reporting the scam to authorities. While money lost to investment fraud is rarely recovered, there are also many cases in which older people discover that they have been misled about an investment in time to recover some or all of their funds.
If you believe that you have been a victim of fraud contact the authorities. While you may not be able to retrieve your assets you may be the link that keeps the next person from loosing their life savings. Just think how much you would have appreciated it if the person that was victimized prior to you had reported it.
Identity theft is one of the fastest-growing crimes in America. If you or anyone you know has been the victim of an identity thief, the place to contact is the Federal Trade Commission (FTC) at www.idtheft. gov. Or, call 1-877-IDTHEFT (1-877- 438-4338); TTY 1-866-653-4261.
Reporting Abuse
Notify the Department of Human
Services (DHS), Adult Protective Services: http://www.michigan.gov/dhs
Statewide 24-Hour Hotline:
1-855-444-3911 If you suspect abuse, neglect or exploitation of a resident of a nursing home by another resident or by a nursing home employee, notify:
• Bureau of Health Services Abuse Hotline: 1-800-882-6006
• Michigan Protection and Advocacy Service, Inc.: Developmental Disabilities: 1-800-288-5923
Mental Illness: 1-800-288-5923 • Attorney General 24-hour Health
Care Fraud Hotline: 1-800-24-ABUSE (1-800-242-2873)