May-June2020 Issue

agencies, unexpected bills, unauthorized charges, denial of credit and failure to receive bills. “Oftentimes, a significant amount of the reports that we see aren’t even a fraction of what exists because seniors may not know who to report to, or they may be ashamed of what has happened,” Crowley notes. “The scams that we do receive are reported regularly and emphasize the necessity behind developing a program specifically for the community. Overall, the senior community is more trusting, have assets that make them a target, and they have limited access to resources that would empower them to avoid situations like fraud.” The FTC lists the top five scams for which seniors 65 and over are most at risk: • Investment; • Travel and vacations; • Tech support; • Sweepstakes and lottery prizes; and • Home improvement. “BBB has a ‘Scam Tracker,’ and we also have a formal complaint system, so seniors can report and inform others in the community. They can also seek a resolution if they feel they’ve essentially been a victim of business malpractice,” Crowley says. “Empowering Savvy Seniors” is built around a seminar that gives participants a fundamental understanding of the issues: Why seniors are targeted by scammers and how they are impacted; tips for remaining safe online; common types of frauds and scams; signs of identity theft; how to avoid being a victim; and retirement-savings strategies. This is squarely in BBB’s wheelhouse, which is dedicated to helping consumers identify trustworthy companies and offers guidance on where to go if a problem is experienced. “We’ve helped grow the program from smaller sessions in local areas, like libraries, with maybe a dozen seniors, to bigger arenas, like senior centers, where we can do more large-scale presentations and address a wider audience, like 50 to 60 at the same time,” Whittington says. “Since partnering with BBB in this important effort, we’ve expanded from just San Diego to throughout Southern California and into Arizona.” Part of the presentation is to help seniors recognize when they may be targeted. They are taught that scammers can be family members, friends or neighbors. They can be professionals, such as lawyers, doctors, financial advisers, clergy, caregivers or even guardians. They can be strangers, such as telemarketers, door-to-door salespeople, television or radio announcers or even supposed new love interests. The program, therefore, teaches attendees to be wary of a stranger who professes to love or care about the older person; who seeks employment as a caregiver or personal assistant recommended by a reliable source; a merchant or vendor who overcharges for a product or service or uses deceptive business practices; or someone who uses a position of trust to gain the senior’s confidence. There are individual units on “grandparent scams,” in which a senior is told his or her grandchild is in some kind of trouble and where to send money; scams that offer healthcare for heavy discounts or claim to be from Medicare; and charity and investment scams. Family members may exploit older loved ones due to substance abuse, gambling or financial problems. They may be in line for an inheritance or feel justified to take what they feel is rightfully theirs. They may fear older adults will use up their savings before they pass away, leaving no inheritance. They may have a poor relationship with a parent or older relative, and the resentment leads to a sense of entitlement and evening the score. One of the most common situations is wanting to keep other family members from acquiring or inheriting the senior’s assets. The digital realm has become a major focus for scammers targeting seniors. “Today, more seniors are adopting digital platforms. Now, more than ever, those AAG continued on page 26 Skylar Crowley of the Better Business Bureau serving the Pacific Southwest speaks during a seminar, “Empowering Savvy Seniors,” a joint effort with American Advisors Group. REVERSE MORTGAGE / MAY-JUNE 2020 25