The American Journal of Public Health estimates that about 5% of the elderly population suffer from some sort of scam every year. Here are a few reasons why:
- Elder people in general are more isolated, more trustworthy and vulnerable to social interaction, which can set them up for a scammer who uses a “relationship” to start their scheme.
- Their financial situation. On one hand, seniors can be financially comfortable and a little less strict with their money, which in turn makes an email or message from a “grandson” requesting money a no-brainer. On the other hand, a senior could be financially insecure and in need of a get-rich-quick source of income, making a pyramid scheme appealing without knowing that they’ll never get their money back.
Note that it’s not always strangers who perpetrate these crimes. A lot of the time this abuse is committed by an older person’s own family members, most often their adult children, grandchildren, nieces and nephews, and others.
Since this is an important and worldwide issue, Alex, Aaron and I decided to discuss this live on my Facebook Page, on Monday February 15th at 19:30.
Like my page and join us!
Alex Gaft, is Certified Fraud Examiner and Certified in Financial Crime prevention and has led highly sensitive and complex Fraud & Forensic Investigations worldwide
Aaron Katsman -is President and CEO of Lighthouse Capital, a boutique wealth management firm based in Jerusalem and has over 20 years of experience helping people open and manage their investment accounts.