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By recounting actual court cases, this book examines the multi-billion-dollar elder fraud industry, the special vulnerabilities of those it targets, and the ease and frequency with which it obtains hundreds of thousands of dollars per victim. It also reveals successful strategies for combating that industry and the important contributions to that effort by concerned bankers, doctors, reporters and others in the private sector. The cases reveal an increasingly sophisticated global industry that targets each victim with a series of repeat "hits." This tactic--criminals call it "reloading"--sets the elder fraud industry apart from groups that defraud younger individuals. Twelve key age-related fraud vulnerabilities are illustrated in the cases. So, too, are the scammers' skills in mapping their target's unique combination of vulnerabilities and then tailoring their narratives to exploit each one. Most of the cases highlight actual victims, scam artists or fraud fighters. Their individual stories range from inspiring and sometimes comical to frustrating and deeply disturbing. Readers with aging parents, law enforcement officials, medical professionals, members of the financial industry and others who work with older adults will find it particularly useful.

Fraud on the Elderly

United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Commerce, Manufacturing, and Trade

Published: 2014

Total Pages: 128


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Fraud committed against the elderly has reached epidemic proportions, and the problem will only worsen as a large segment of the American population approaches retirement age. This book explores the disturbing rise in these offenses--crimes aimed at a vulnerable segment of society that is often unable to overcome the consequences--with an eye towards helping seniors protect themselves. This handbook first defines fraud, then discusses why the elderly are targeted, the growing scope of the problem, and why these crimes often go unreported or unsolved. The second section clearly explains 28 of the most common types of fraud--including home improvement scams, health frauds, identity theft and magazine sales--in a manner that allows readers to recognize and avoid the predatory actions of others (whether strangers, friends, or even family members). The third section provides a list of resources and actions to take and for those who believe themselves to be the victim of fraud. The book also contains a list of related acronyms, an index and a bibliography.