By Liz Loewy, EverSafe General Counsel
There’s an old saying in law enforcement: If you want to find fraud or corruption, you simply have to “follow the money.” Today, 67% of the nation’s deposits are held by Americans who are 50 or older, according to the AARP, making them an attractive and lucrative target for exploiters. In addition to seniors’ inclination to save money, many are vulnerable to fraudsters due to age-related physical and cognitive challenges. The combination of wealth and cognitive impairment can be devastating, creating the perfect environment for fraud.
Experts refer to elder fraud as our nation’s hidden epidemic. Becoming knowledgeable about current scams is critical and may be your best defense.
The following list represents just a sampling of current scams known to law enforcement. Keep in mind that dozens more exist, and variations on the same scheme crop up every day.
Liz Loewy is General Counsel at EverSafe, a technology company focused on the prevention of financial exploitation and identity theft in later life. Ms. Loewy was formerly the founding Chief of the Elder Abuse Unit at the Manhattan District Attorney’s Office, where she served as trial counsel in the case involving the late Brooke Astor.
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