Elder fraud crimes carry enhanced penalties in the Hoosier State for good reason: The crooks who carry out these financial crimes prey on often vulnerable seniors and steal from those on fixed incomes.
Bad as that is, another pernicious aspect motivating the crooks is this: They know that when they target and fleece elderly people, the victims often keep quiet. Those who are victims of elder fraud crimes many times feel compelled to silence out of embarrassment, fear or shame.
Senior citizens who are victims of fraud should not be made to feel victimized again or feel stigmatized when they seek redress against those who wronged them.
Elder fraud is rampant, and part of the reason is that for too long, we as a society have failed to talk about it. We must not let that happen, because a side effect of failing to publicize these fraud cases is that is gives scammers the feeling that they can get away with it. For too long, we have been too complacent as these crimes of opportunity have spread like wildfire.
Fortunately, that is changing.
The Republic’s Andy East highlighted some local efforts recently in which Family Services Inc. and other officials gathered to discuss the problem and ways to combat it. Additionally, about 50 people turned out last month for an elder fraud prevention seminar at Mill Race Center hosted by the Columbus Police Department and the Indiana Attorney General’s Office.
“(Elder fraud) is something that is impacting the entire country, and Columbus is no different,” Columbus Police Department spokesman Skylar Berry told East. As of Aug. 6, CPD had received 93 reports of fraud this year, with about 36.5% involving victims who were ages 60 or older, Berry said.
East reported that in Indiana, 1,255 Hoosiers age 60 or older reported being scammed out of a collective $37.8 million last year — up from $26.4 million in 2022, according to FBI records. And with an aging population, those numbers are only expected to go higher.
As staggering as those numbers are, officials realize they are just the tip of the iceberg, because, again, many seniors who are scammed fail to report it.
Prevention and vigilance are the keys to avoid falling prey to elder fraud. According to the National Council on Aging (NCOA):
- Scammers who prey on seniors tend to target those who live alone or may be socially isolated, calling or texting their phone number or connecting online.
- Scammers often pose as an authority figure, such as someone from the Internal Revenue Service or Social Security Administration or another authority.
- Scammers often create a sense of urgency by saying an offer is only good for a limited time or that there will be negative consequences for failing to act.
For seniors and those who care for them, one of the best pieces of advice — perhaps the most surefire way to prevent being a victim of elder fraud — is this: Have a plan and a trusted person to contact before making any financial decisions when someone reaches out by phone or online.
“If you know their tricks, you can stop a scammer in their tracks,” financial expert Amanda Clayman told NCOA. That’s a goal we should all want to talk about.
