Elder Financial Abuse: Watch Out for These Scams!

BBB Consumer Alerts

Photo: Thinkstock

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

Elder abuse is a growing problem in the United States that will continue to increase as baby boomers age. John Wasik, Forbes.com, urges caregivers to be vigilant against all forms of abuse, including financial fraud. He discusses the types of financial abuse perpetrated against seniors. If you are a caregiver, be alert to the following scams:

  1. Pension Advances – Predatory lending disguised as a lump sum offer.
  2. Senior “Specialists.” – Financial advisors who claim to have dubious expertise in retirement planning and investing.
  3. High-Yield Investment Schemes – Promise of high returns with little to no risk.
  4. Sales by Unregistered Brokers. Be very cautious should a friend or associate or even family member who proposes any type of investment scheme. It is illegal for anyone to sell investment without being registered with the Alabama Securities Commission.

Source: Forbes.com.

For more information on Elder Financial Abuse, check out, Scam Alert: How to Protect Your Elderly Relative from Fraud.

To report a scam, go to the BBB Scam Tracker. To find trustworthy businesses, go to bbb.org.