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The U.S. Senate Committee on Aging recently presented its annual report on staggering elder financial abuse. Scammers continue to target this vulnerable population, according to a Jan. 16 Forbes article by Ted Knutson, Frauds Threatening Seniors With Jail Unless They Pay Proliferate As Elder Abuse Nears $3 Billion.
According to the article, one prevalent scam is the “Impending Lawsuit Scam.” A fraudster will call a senior to warn them a warrant is out for their arrest unless they pay a fine. Scammers often use local area codes to trick trusting seniors into believing the sheriffs’ departments are calling. This lawsuit scam topped the annual list of calls to the committee’s elder fraud hotline.
Cinema heists, fraudulent pet food and more.
Scandal at the Vatican, health scams and ex-Enron CEO Jeffrey Skilling released from prison to a halfway house.
Sports-memorabilia fraud, and cheating and housing scams.
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Lisa Duke, CFE, CPA, discusses the importance of prevention and detection when dealing with government fraud. View the video.