Retirement Advisor | June 2016 | LifeHealthPro.com 12
the news 06.16
reD fLag remInDer
By NaTioNal e ThicS aSSocia TioN
Don’t let your senior clients get scammed
gettIng to kno W your senIor cLIents through strong fact-finding
and customer service pays three dividends. first, it helps you make appropriate
recommendations. second, it positions you to provide additional services as
their needs change. and third, it facilitates the development of a strong, personal
relationship that can protect them against financial crime over the years.
With many regulators ramping up efforts to protect seniors against fraud
and abuse, there’s no better time to up your game in this arena. one way is
to get educated about the common scams seniors face and to share your
knowledge with your clients.
for fur Ther iNforma TioN, The Na TioNal e ThicS aSSocia TioN recommeNDS aDViSorS
coNTacT a local DeParTmeNT of agiNg, The feDeral Bureau of iNVeSTigaTioN (fBi),
or The aarP fouNDa TioN’S elDerwaTch SerVice.
Medicare/health insurance fraud, involving criminals posing as a medicare
representative in order to steal personal information or acting as a health care provider
as a pretense to bill for unneeded or bogus services.
Counterfeit prescription drug schemes, in which scammers provide fake medicines
that can be ineffective and unsafe.
Funeral and cemetery scams, whereby thieves troll obituaries in order to extort money
from bereaved survivors or in which funeral directors attempt to sell unnecessary and
Anti-aging treatments that do nothing but enrich the scammers and can actually be
detrimental to a senior’s health.
Telemarketing/phone scams, with criminals persuading seniors to provide money
for phony charities or for “accidents” that have happened to relatives.
Internet fraud, where pop-up browsers can fool seniors into either downloading
a fake antivirus program (for a fee) or a real virus that will steal their personal data
and/or take control of their computer.
Investment scams involving predatory advisors who sell illegitimate products
and then cover their tracks using ponzi techniques.
Homeowner/reverse mortgage scams, typically involving fake reassessment services
for a fee or unsecured reverse mortgages that lead property owners to lose their homes.
Sweepstakes and lottery scams, whereby criminals notify a senior of a prize that
requires a payment to “unlock” it.
Grandchild schemes, in which a scammer poses as a grandchild in need of
emergency financial assistance. $
According to the National Council on Aging (NCOA),
THE TOP 10 FINANCIAL SCAMS TARGETING SENIORS include: