MAISONS-LAFFITTE, FRANCE – 1990s: Polish writer and intellectual Jerzy Giedroyc (1906 – 2000) – … [+]
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June 15th was World Elder Abuse Awareness Day (WEAAD). Elder Abuse is most often financial with about 4% of elders falling victim to fraud. It is estimated that over $2.9 billion is lost every year. The typical victim is an 85-year-old female who is deceived, threatened, and emotionally manipulated into giving up $120,000 that they couldn’t afford. Additional losses involve a loss of innocence and generosity as victims withdraw even further from social contacts.
Older clients may be more susceptible to scams when the perpetrators are strangers, given that perpetrators are always on the lookout for people they perceive as vulnerable.
As part of their scam, perpetrators will often provide guidance to their victims on how to talk to their financial advisors when questioned about large withdrawals or wire transfers. Gaining a client’s trust is key to stopping these situations.
Exploring some of the most common types of scams may help make you resilient to their wiles. However, as you explore them, note that scams are always evolving; these are just a few possible examples. It is crucial to listen to your clients and ask questions. If you are concerned that a client is a victim of a scam, you…
