When striving to gain an understanding of the factors that contribute to older persons and the elderly becoming the targets of financial scams, some unpleasant facts need to be taken into mind. According to Cherry Hill NJ elder law attorney, There is a popular misconception that many elderly people have a lower degree of cognitive savvy compared to younger individuals, which is one of the rationales that contributes to the perception that they are easy targets.
Additionally, the likelihood of elderly individuals reporting fraudulent financial actions is lower than the likelihood of younger individuals reporting the same behaviours. Because of how the situation has made them feel ashamed, they do not want to discuss the topic with law enforcement, their friends, their family members, or anybody else for that matter.
Because there is a widespread misconception that the more established you are and the more money you have hidden away, it is common practice to take advantage of elderly people. This misconception stems from the belief that the older you are, the more money you have stashed away. Because of this, there is a rise in the number of older people who are taken advantage of financially.
Because of this, there is a significantly increased risk of being exploited for one’s benefit. This is a common misunderstanding that a lot of people have, as was just clarified to them. The majority of the financial aid that people of retirement age receive comes from the federal government in the form of pensions, Social Security, and many other forms of assistance. Despite this, there is still a chance that they will be financially exploited in some way, and this does not protect them from this danger.
The unpleasant truth is that frauds and financial crimes can be difficult to prosecute, and as a result, offences of this nature are viewed as “low-risk” crimes. This perception stems from the fact that frauds and financial crimes can be difficult to detect. People are more prone to commit crimes of this nature as a direct result of the notion that they are more likely to get away with it. It is not unheard of for members of the family or close friends of the family to be the ones who are responsible for committing crimes against the family.
As a result, we can now look at the top financial scams that exclusively target the elderly. To begin, let’s examine the following:
- Arguments advanced against Medicare as well as private health insurance
- counterfeit or otherwise inferior versions of prescribed medicinal products
- Con artists that work inside of cemeteries and funeral homes
- Fraudulent anti-aging products
- Cons carried out through telemarketing and other forms of phone contact are referred to as “telemarketing cons.”
- Computer scamming
- Investment schemes
- Con artists that take advantage of homeowners and others who have reverse mortgages are known as “predators.”
- Con artists prey on people who participate in lotteries and sweepstakes to steal their money.
- The hoax that was put on the parent and grandparent generations
If you are interested in obtaining more information, you can obtain a free copy of our book, Senior Shakedown: The Unknown Dangers of Getting Old, and How to Protect Your Loved Ones, by going to the page on our website titled “Free Resources.” In this section, we discuss the unknown dangers of getting older and how to protect your loved ones from these dangers. You will find directions on how to acquire a copy of the book inside that section of the website.
Dial the number of expert attorney firms, if you or a loved one requires assistance with legal matters relating to elder care, or if you are looking to help someone else who does. Permit them to be of use to you by decreasing some of the anxiety that you are experiencing and by giving you a strategy so that you may deal with the situation more effectively.