©2006 Elder Financial Protection Network Be Wise Prevent Scams, Fraud and Identity Theft October 20, 2006 Arlington, Virginia.

©2006 Elder Financial Protection Network

Be WisePrevent Scams, Fraud and Identity Theft

October 20, 2006Arlington, Virginia

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Our Mission Educate the public to recognize and report

suspected elder financial exploitation

Raise community awareness

Coordinate training of financial institution employees

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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

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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

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Who Are Their Targets?

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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

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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

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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

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

Investment Fraud

Predatory Lending

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

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

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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.

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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

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TelemarketingFraud

Sweepstakes & Lotteries

Canadian Lottery

Australian Lottery

Spanish Lottery “El Gordo”

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Counterfeit Advance Check

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Types of TelemarketingLegitimate

Example: Contra Costa Times

Deceptive Example: Garbage Bags

Fraudulent Example: Sweepstakes & Lottery Scams Example: Recovery Scams

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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!

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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!

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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