Keep senior Californians safe from fraud.In an effort to help keep California's seniors safe from unscrupulous fraudsters, the California Bankers Association (CBA See Capital Builder Account. ) is offering tips to consumers to how identify and prevent incidences of elder financial abuse. "More and more, California's seniors have become the targets of unscrupulous fraudsters who want nothing more than to part seniors from their hard-earned money," said CBA president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Janet W. Lamkin. "While law enforcement, along with California's financial institutions, works hard to make sure that suspected cases of elder financial abuse are reported and investigated, we want to remind all Californians that we all have a role to play in keeping our seniors safe." Elder financial abuse is a somewhat unique crime in that, oftentimes, it is a member of the family, close friend or caregiver who ends up perpetrating the crime, making it that much more difficult to detect. CBA encourages all Californians to look out for these common elder financial abuse schemes: * Misappropriation misappropriation n. the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a dead person's estate, or by any of income or assets--Fraudster obtains access to an elder's Social Security checks, pension payments, checking or savings account Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: , credit card or ATM, or withholds portions of checks cashed for an elder. * Charging excessive rent or fees for service--Perpetrator charges an elder an excessive rent or unreasonable fees for basic care services such as transportation, food, or medicine. * Obtaining money or property by undue influence, misrepresentation misrepresentation In law, any false or misleading expression of fact, usually with the intent to deceive or defraud. It most commonly occurs in insurance and real-estate contracts. False advertising may also constitute misrepresentation. , or fraud--Perpetrator coerces an elder into signing over investments, real estate or other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. through the use of manipulation, intimidation or threats. * Pigeon drop--Perpetrator claims to have found a sum of money and offers to split it with an elder provided the elder first withdraws an amount equal to his or her share as a sign of good faith. * Fake accident ploy--Perpetrator convinces an elder that the elder's child has been seriously injured or is in jail and needs money for medical treatment or bail. * Telemarketing and mail fraud--Perpetrator persuades an elder to buy a valueless or nonexistent non·ex·is·tence n. 1. The condition of not existing. 2. Something that does not exist. non product, donate to a bogus charity or invest in a fictitious enterprise. * Fake prizes--Perpetrator tells an elder that he or she has won a nonexistent prize and either asks the elder to send a check to pay the taxes on this nonexistent prize or obtains the elder's credit card or checking account number to pay for shipping and handling charges for the prize. * Unsolicited work--Perpetrator arrives unexpectedly at an elder's residence and offers to perform work for a reasonable fee; after starting the work, the perpetrator A term commonly used by law enforcement officers to designate a person who actually commits a crime. insists that the elder pay more than originally agreed before the work will be completed. CBA reminds all Californians that if they believe that a senior they know and care about is being targeted with one of these fraud schemes, they should contact their county's Adult Protective Services In the United States, Adult Protective Services (APS) are social services provided to abused, neglected, or exploited older and/or disabled adults. APS is typically administered by local or state health, aging, or regulatory departments and includes a multi-disciplinary agency immediately and report it. Information for this article was provided by the CBA. |
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