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BBB offers advice 011 elder fraud prevention
Hlr the Daily Corinthian
It is well known that elderly individuals tend to be
more likely to fall for scams. Even though elder
frauQ.ilften goes unreported, an estimated $40 billion
plus If stolen in elder fraud activities every year.
"The phrase, 'If it's too good to be true, it probably
is,' rings true in many instances: said Bill Moak,
president/CEO of the f!.e.lli;r_~usiness Bureau...Serv­
ing Mississippi. "Law enforcement agencies often re­
mark about the difficulty in bringing elder fraud
perpetrators to justice because they are so prolific."
"The BBB offers the follo\l,ing elder fraud preven­
tion checklist which should be reviewed often,' Moak
continued.
• Avoid sending money or providing personal fi­
nancial information.
Be cautious in disclosing your bank, credit card
and Social Security numbers.
• Do not speak at length with people who are unfa­
miliar to you.
Decline answering questions of a private nature
online, on the telephone or at your door.
• Do not sign any documents without reviewing
them carefully.
Have a trusted family member or friend review
any documents before signing them.
• Verify all claims.
Don't take the word of someone offering to do
work or provide a service. Check references and
contact the BBB to verify the reputation of business­
es unknown to you.
• Reach out for help before investing or spending
considerable amounts of money.
Check with trusted individuals (financial advisor,
family, friend) before making any significant trans­
fer for money or shares.
• Shred all bills, notices and personal mail before
throwing them away.
"Dumpster diving" is a lucrative activity for
fraudsters. Don't just throw paperwork away ..
shred it.
• Recognize predatory lending practices.
Senior financial abuse is often perpetrated by
mortgage brokers, appraisers and home contracts
looking for a quick buck.
• Avoid health insurance scams by identifying red
flags.
Beware of lucrative-sounding plans that are sold
as being great alternatives/supplements to Medi­
care. Don't purchase any medical equipment that is
not ordered! authorized by your physiCian.
• Bypass the "sucker list' altogether.
Resist the lure of winulng a lottery or sweepstakes
and don't sign up for "free' products or services.
• Just hang up.
Don't worry about being polite .. just don't have
conversations with unknown individuals asking for
personal information or offering great "deals.'
In addition to the Better Business Bureau
(www.ms.bbb.org). other sources of elder fraud in­
formation include the National Consumer League
Fraud Center (www.fraud.org/elderfraud), AARP
(www.aarp.org) and the Federal Trade Commission
(www .Itc.gov).