Monday, April 23, 2018

"Raising awareness is the first step in prevention"


"Since April is Financial Literacy Month, it’s important that we remind ourselves and our older loved ones on the importance of being financially literate, and that includes knowing how to spot and prevent elder financial abuse. 
The National Council on Aging estimates that elder abuse costs older Americans $36.5 billion per year. Elders are a target for scammers for many reasons. They may be isolated from family and friends; they may be less technologically –inclined than younger generations; or they may have more assets, such as retirement funds, for scammers to steal. 
Financial abuse can take many forms, from common phone or email scams to stolen credit cards or depletion of financial accounts. A common scam known as the “grandparent scam” preys upon elders who are tricked into thinking they are helping a loved one (usually a grandchild). Callers will say that the grandchild has been arrested or kidnapped, for example, and need money transferred immediately or payment using gift cards to post bail or pay ransom. There are instances where seniors have spent hundreds of dollars hoping to help their grandchild only to learn she or he had been safe all along."
Continue reading the article from Mass Consumer Affairs
http://blog.mass.gov/consumer/massconsumer/becoming-a-scam-savvy-senior/

"Raising awareness is the first step in prevention"
"Raising awareness is the first step in prevention"

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