Yesterday, I had the privilege of emceeing an outstanding event, Senior Fraud Prevention, hosted by My Glacier Village at Flathead Valley Community College. To say the day was impactful would be a serious understatement. I walked away determined to share what I learned with my friends and neighbors, believing that together we can make a difference and protect our elders from these gross abuses.
According to Financial Crimes Enforcement Network (FinCEN), "More than 1 in 10 elderly people in the US fell victim to elder fraud in the last year." According to this study, the average loss per case is $20,015, meaning many experience much higher losses - potentially enough to wipe out their life savings or retirement.
The takeaways were plentiful but the five foundational themes of senior fraud are consistent. Awareness of these basic scammer tactics can help avoid your loved ones from becoming the victim of elder fraud. The following video outlines these five themes.