©2006 Elder Financial Protection Network Be Wise Prevent Scams, Fraud and Identity Theft October 20, 2006 Arlington, Virginia

2 Our Mission  Educate the public to recognize and report suspected elder financial exploitation  Raise community awareness  Coordinate training of financial institution employees

3 Elder Abuse Defined  Elder - 65 years of age or older  Dependent adult years  Elder abuse is a CRIME (Penal Code 368)  Types of abuse  Physical  Sexual  Psychological  Neglect  Financial

4 Who Are The Perpetrators?  Usually persons in a position of trust:  Family members  Caregivers/housekeepers  “New friends” & “sweethearts”  Salesmen and brokers (especially those offering products for $399)  Telemarketers & con artists  Thieves and opportunists

5 Who Are Their Targets?

6 Why Elderly Persons Are Targets  Assets – 66% of personal wealth in U.S. is owned by persons over age 60  Typically trusting and polite; “The Handshake Generation”  Sometimes isolated and lonely  Dependent on another person to live at home  Perpetrator may remind them of adult child/loved one  Unsophisticated with money – unaware of the value of assets  Poor health /Mental competence issues  Greed/denial  Victims rarely report

7 Common Thefts, Frauds & Scams Theft by family, caregivers and others in a position of trust:  Isolation and intimidation  Powers of Attorney  ATM theft  Undue influence – “sweetheart” scams

8 Adams has a history of courting and swindling single, elderly females. He is currently wanted on felony charges of financial elder abuse, securities fraud and attempting to dissuade a witness by threats of force & violence. According to DMV records he lives at XXXXXX Avenue in El Cerrito. Recent records show he is receiving social Security Benefits at XXXXX San Leandro, CA ** Will Extradite ** Bail hold placed pending court hearing under PC ** Contra Costa County District Attorney’s Office

9 Common Thefts, Frauds & Scams (cont’d.)  Investment Fraud  Predatory Lending  Phishing and Internet Fraud  Nigerian scam ( and regular mail)

10 Common Thefts, Frauds & Scams (cont’d.)

11 Common Thefts, Frauds & Scams (cont’d.) Identity Theft  Do not give personal information over the phone. who calls you. – Beware of the “incoming.”  Do not give SS# to anyone who calls you. – Beware of the “incoming.”  Do not carry Social Security or Medicare Card.  Guard your mail from theft.  Shred credit card offers and old financial documents.

12 Common Thefts, Frauds & Scams (cont’d.) Investment Fraud  Check before you invest!  Get a second opinion & shop around  Don’t rush!  Avoid ‘trust mills’ Contractor Fraud  Check license with Contractors Licensing Board  Check references  Get a DETAILED contract

13 Telemarketing Fraud Sweepstakes & Lotteries  Canadian Lottery  Australian Lottery  Spanish Lottery “El Gordo”

14 Counterfeit Advance Check

15 Types of Telemarketing Legitimate  Example: Contra Costa Times Deceptive  Example: Garbage Bags Fraudulent  Example: Sweepstakes & Lottery Scams  Example: Recovery Scams

16 Recognize Telemarketing Fraud  Call is unsolicited  No numbers appear on call display  Caller will announce that you have won a prize “Congratulations!”  Money or prizes are from another country  The caller may claim to be a lawyer, customs officer or government agent (IRS)  May ask you to keep prize a secret  “Do Not Call” does not work!

17 BE WISE! Take charge:  Plan ahead.  Shop around.  Check references for anyone you hire.  Hang up on telemarketers.  Never pay a fee or taxes to win a prize.  Remember…if it seems too good to be true, it probably is.  Feel free to say NO. After all…it’s your money !

18 Blow the Whistle On Elder Abuse! Contra Costa County Adult Protective Services California State Attorney General’s 24-hour hotline: For an Adult Protective Service phone directory, go to If the person is in danger or a crime has been committed, CALL THE POLICE - 911