©2006 Elder Financial Protection Network

Be WisePrevent Scams, Fraud and Identity Theft

October 20, 2006Arlington, Virginia

2

Our Mission Educate the public to recognize and report

suspected elder financial exploitation

Raise community awareness

Coordinate training of financial institution employees

3

Elder AbuseDefined Elder - 65 years of age or older

Dependent adult - 18-64 years Elder abuse is a CRIME (Penal Code 368)

Types of abuse

Physical

Sexual

Psychological

Neglect

Financial

4

Who Are The Perpetrators? Usually persons in a position of trust:

Family members

Caregivers/housekeepers

“New friends” & “sweethearts”

Salesmen and brokers (especially those offering products for $399)

Telemarketers & con artists

Thieves and opportunists

5

Who Are Their Targets?

6

Why Elderly Persons Are Targets

Assets – 66% of personal wealth in U.S. is owned by persons over age 60

Typically trusting and polite; “The Handshake Generation” Sometimes isolated and lonely Dependent on another person to live at home Perpetrator may remind them of adult child/loved one Unsophisticated with money – unaware of the value

of assets Poor health /Mental competence issues Greed/denial Victims rarely report

7

Common Thefts, Frauds & ScamsTheft by family, caregivers and others in a position of trust:

Isolation and intimidation

Powers of Attorney

ATM theft

Undue influence – “sweetheart” scams

8

Adams has a history of courting and swindling single, elderly females. He is currently wanted on felony charges of financial elder abuse, securities fraud and attempting to dissuade a witness by threats of force & violence. According to DMV records he lives at XXXXXX Avenue in El Cerrito. Recent records show he is receiving social Security Benefits at XXXXX San Leandro, CA ** Will Extradite ** Bail hold placed pending court hearing under PC 1275.1 **

District Attorney’s Office

9

Common Thefts, Frauds & Scams (cont’d.)

Investment Fraud

Predatory Lending

Phishing and Internet Fraud Nigerian scam (email and regular mail)

10

Common Thefts, Frauds & Scams (cont’d.)

11

Common Thefts, Frauds & Scams (cont’d.)

Identity Theft

Do not give personal information over the phone.

Do not give SS# to anyone who calls you. – who calls you. – Beware of the “incoming.”Beware of the “incoming.”

Do not carry Social Security or Medicare Card.

Guard your mail from theft.

Shred credit card offers and old financial documents.

12

Common Thefts, Frauds & Scams (cont’d.)

Investment Fraud Check before you invest! Get a second opinion & shop around Don’t rush! Avoid ‘trust mills’

Contractor Fraud Check license with Contractors Licensing Board Check references Get a DETAILED contract

13

TelemarketingFraud

Sweepstakes & Lotteries

Canadian Lottery

Australian Lottery

Spanish Lottery “El Gordo”

14

Counterfeit Advance Check

15

Types of TelemarketingLegitimate

Example: Contra Costa Times

Deceptive Example: Garbage Bags

Fraudulent Example: Sweepstakes & Lottery Scams Example: Recovery Scams

16

Recognize Telemarketing Fraud Call is unsolicited

No numbers appear on call display

Caller will announce that you have won a prize “Congratulations!”

Money or prizes are from another country

The caller may claim to be a lawyer, customs officer or government agent (IRS)

May ask you to keep prize a secret

“Do Not Call” does not work!

17

BE WISE!Take charge: Plan ahead. Shop around. Check references for anyone you hire. Hang up on telemarketers. Never pay a fee or taxes to win a prize. Remember…if it seems too good to be true, it probably is. Feel free to say NO.

After all…it’s your money!

18

Blow the Whistle On Elder Abuse!

Contra Costa County Adult Protective Services

925-646-2854

California State Attorney General’s 24-hour hotline: 1-888-436-3600

For an Adult Protective Service phone directory, go to www.bewiseonline.org

If the person is in danger ora crime has been committed,

CALL THE POLICE - 911