With the passage of every single day, the number of financial scams targeting seniors is on a gradual rise. It will not be a wrong claim to make that the same is often referred to as the “crime of the 21st century”. Financial elder abuse can be looked upon as an abuse when a fraudulent makes an attempt to make improper use of money of an elderly person. It seems to be a matter of encouragement that a majority of all states has come up with laws that aim at providing senior members with protection.
Fake Prescription Drugs
One of the common types of scams that have been prevalent since the early 2000 is issues pertaining to counterfeit prescription drugs. It has been found that seniors have a tendency so as to be able to make an attempt to find better prices on the specialized medications that are available. The danger that seniors are faced with is that the payment they make does not play any role in improving the health condition of elderly persons. Rather, the unsafe substances purchased can cause greater harm and adversely affect the health of concerned elderly individuals.
Selling Bogus Items
One of the other types of frauds that are committed against seniors is selling bogus items. In similar types of fraud, an elderly person is talked in a sweet manner so as to buy a product. The new product that they are convinced to purchase is a brand new television in a new sealed pack. However, the same turns out to be a well-padded rock. It is important for seniors to stay away from buying similar types of fraudulent items. There are also several instances where seniors are forced to purchase property under undue influence/external pressure. You are most likely to find several instances where seniors have been duped to part along with their properties.
Claiming False Prizes
A financial fraud that is committed against all concerned seniors is offering them with false prizes. In this type of scams, seniors are duped in such a manner such that they are made to believe that can become rich overnight. A survey has brought to light the fact that, by means of committing similar types of frauds, the scam making market is able to earn an amount of approximately one billion every single year. Since our society is bombarded with fashion crazy persons, fraudsters tend to earn a good amount of cash by means of duping them into purchasing fraudulent anti-aging products. They are made to believe that using these products at the age of 60 can make them feel in their early 40’s.
Telemarketing can indeed be looked upon as one of the common types of frauds that are made against elderly persons. It has been found that the older section of our society is easily susceptible to similar types of frauds that are committed. Since there are no documented proofs, similar types of scams can indeed prove to be difficult to trace, as well. The number of financial frauds and scams against seniors is expected to increase if proper steps are not taken.
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