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Fraud Warning for Seniors


NOTICE: TO ALL CONCERNED Certain text files and messages contained on this site deal with activities and devices which would be in violation of various Federal, State, and local laws if actually carried out or constructed. The webmasters of this site do not advocate the breaking of any law. Our text files and message bases are for informational purposes only. We recommend that you contact your local law enforcement officials before undertaking any project based upon any information obtained from this or any other web site. We do not guarantee that any of the information contained on this system is correct, workable, or factual. We are not responsible for, nor do we assume any liability for, damages resulting from the use of any information on this site.

Creators Syndicate

FIGHT BACK! BY DAVID HOROWITZ

Fraud Warning for Seniors

Like anyone else, older people resent being stereotyped,
especially when they are portrayed as easy marks for fraud. Millions
of sharp, savvy seniors are no more likely to be scammed than people
half their age. But unfortunately, crime statistics compiled by the
FBI, the Federal Trade Commission and the American Association of
Retired Persons tell a different story.
A recent AARP survey showed that 34 percent of people over 75
are "highly vulnerable" to consumer and investment fraud schemes. That
compares to 24 percent of people between 65 and 74 and to 7 percent
for younger people. But what's behind those statistics? What is it
about older people that makes them the victims of choice for con
artists?
It's a combination of different things, and while many of the
reasons are admirable, many are dangerous when dealing with
unscrupulous salespeople.
-- Because they are retired, seniors are more likely to be at
home to answer the phone.
-- They are more polite and less likely to hang up on an
unsolicited phone call.
-- Older people are usually more trusting than younger people
and less suspicious of strangers.
-- Many are lonely and tend to treat every caller like a
friend.
-- They often live alone with no family members nearby to
advise them against bad investments.
-- They have money to invest. And with money market and CD
yields depressed, many are anxious to find higher returns on their
retirement investments.
-- Elderly fraud victims are less likely than younger ones to
report scams to the authorities. Many are embarrassed, afraid their
families will think they're incompetent. Others simply cannot believe
that after a lifetime of experience, they could be ripped-off that
easily.
But the most important reason the elderly are so often victims
of fraud is that con artists deliberately target them for
telemarketing and investment scams. They buy lead sheets and lists of
potential victims from other telemarketers. One boiler-room operator
was recently found working from a list of widows who had recently
inherited their late husbands' estates.
Is this problem getting better or worse? Most law- enforcement
agencies say worse. The FTC calls telemarketing fraud the fastest
growing fraud in the United States. According to the North American
Securities Administrators Association, the sale of unregistered and
fraudulent securities alone costs investors $1 million an hour
nationwide.
President Clinton recently signed a new law that makes it
easier for state authorities and individual consumers to sue
fraudulent telemarketers in federal court. But seniors should still be
wary of unknown callers asking for money. Here are some tips to avoid
being ripped-off: -- Never invest by phone until you have
checked out the investment and the company that is making the pitch.
-- Never give anyone your credit-card or bank-account number
to anyone on the phone unless you placed the call and know who's
getting the money.
-- Beware of financial advisors who promote specific
investments in which they may have a financial interest.
-- Never pay for a "free" prize.
-- Don't be rushed into making an investment. The more
pressure the salesperson exerts on you to make a quick decision, the
more likely he or she is a crook.
-- Remember that these people are not your friends. They are
trying to make a sale.
-- For more information, call the National Fraud Information
Center's toll-free hotline: 800-876-7060
If you have any questions or comments, please write to David
Horowitz in the Consumer Forum+ (go FIGHTBACK).

COPYRIGHT 1994 CREATORS SYNDICATE, INC.


 
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