May-June2020 Issue

SENIORS ARE AMONG the favorite targets of scammers. But they can respond and protect themselves. That is the aim of “Empowering Savvy Seniors,” a joint effort from American Advisors Group (AAG) and the Better Business Bureau (BBB) serving the Pacific Southwest. “AAG’s mission is to help our core customers, American seniors, improve their retirement and part of that includes aiding in the fight against financial elder abuse,” says Ryan Whittington, AAG’s senior public relations specialist. “We part- nered with the BBB because they’re leaps and bounds ahead of the rest with the kind of training they can provide to the community. To that end, we give them the resources needed to reach as many seniors as possible.” Skylar Crowley, community relations specialist for BBB serving the Pacific Southwest, says this is the third year of the program. “We have empowered senior communities across Southern California and Arizona with free resources to protect them from this targeted fraud,” Crowley explains. “We have courses available in English and Spanish to reach wider communities, and we coach seniors so that they can recognize the signs of personal and financial fraud.” Senior losses from fraud are extensive. For 2018, the last year for which complete statistics are available, the Federal Trade Commission’s (FTC) Consumer Sentinel Network states that 107,471 individuals in their 50s reported losses; 129,448 in their 60s; 85,929 in their 70s; and 40,503 in their 80s. Altogether in that year, more than 125,000 seniors had their identities stolen. One of the main forms of identity theft impacting seniors is credit card fraud. The program goes through signs that indicate an identity has been stolen, such as calls from collection AAG Teams Up With BBB to Protect Seniors The Savvy Seniors Program Teaches Potential Clients How to Avoid Scams By Mark Olshaker Skylar Crowley Ryan Whittington 24 REVERSE MORTGAGE / MAY-JUNE 2020