Well, we’ve made it through another Michigan winter! The days are lengthening and the buds are appearing at the tips of the tree branches. People are beginning to emerge from their winter hibernation – and that includes those with less-than-noble intentions. It’s a good time to be mindful of scams that target seniors and other vulnerable adults.
Every year, older adults lose billions of dollars to scammers. Seniors are often more susceptible to nefarious fraudsters for many reasons, including cognitive impairments, physical frailty, isolation, and necessary reliance upon family members who may not have the senior’s best interests at heart. Sadly, the AARP reports that only 1 in 44 cases of elder financial abuse ever gets reported. Fear of losing independence or being considered “incompetent” keeps seniors from reporting instances of abuse. Loyalty to a family member, friend, or caregiver, and/or fear of retaliation by those people (who may even treat them well in other ways) also prevent many from speaking out in such cases. Shame and embarrassment are the most common reasons that people are reluctant to report that they have been victimized. Simply put, when we’ve been victimized, we are likely to blame ourselves and feel like fools.
What can we do to protect ourselves and our loved ones?
- Be suspicious of cold calls and unsolicited letters and emails
- Don’t be shy about asking questions and getting complete information
- Never give out personal information online
- Don’t make hasty decisions
- Make sure you’re dealing with reputable companies only – call the Better Business Bureau if you’re not sure
- Choose financial and other professionals wisely
Remember this old Welsh proverb: “If every fool wore a crown, we’d all be kings.” If you suspect you or someone you know has been a victim of a financial scam or fraud, you’re not alone, and there’s no shame in protecting yourself. Don’t hesitate to get the proper authorities involved. If you have questions or concerns you’d like to discuss, we’d be happy to meet with you – just give us a call at 810-229-0220 (Brighton office) or 989-418-3500 (West Branch office).