Teaching our grandparents to recognize elder investment fraud Funded by a grant from the Investor Protection Trust,

ELDER INVESTMENT FRAUD (EIF)  “The Crime of the 21 st Century”, Kiplinger’s Personal Finance magazine, 11/2011

ELDER INVESTMENT FRAUD (EIF)  The aim of this program is to educate teachers, students, and senior adults avoiding elder investment fraud  Senior adult education will be offered via school-run community service learning projects that focus on the question: “What is Elder Investment Fraud and How Do I Avoid It?”  Intergenerational learning

A NATIONAL EPIDEMIC Source: IPT Protect Videos (2013)  View the following Investor Protection Trust (IPT) video entitled Elder Investment Fraud: A National Epidemic (

CURRENTLY  20: The percentage of Americans aged 65 or older (more than 7.3 million senior citizens) have already “been taken advantage of financially in terms of an inappropriate investment, unreasonably high fees for financial services, or outright fraud”  This self-reported figure is higher than the “15 percent” reported by children of senior adults 65 or older  3 billion: The estimated wealth swindled from the elderly each year  This is likely just a portion of the true number as it’s believed that the vast majority of cases are never reported  53.3: The peak age, on average, for financial decision making  Of course, averages doesn’t apply to everyone Source: Infogroup/ORC, Elder Investment Fraud and Financial Exploitation (2010); Kiplinger's (2011)

LURKING DANGERS Potential PerilsRed Flags  Annuities Annuities  Telephone fraud Telephone fraud  Mortgage help Mortgage help  The Nigerian letter The Nigerian letter  Free lunch seminars Free lunch seminars  Magazine scams  A chance to get in “on the bottom floor”  The need to make a decision “right now” or you’ll miss it  The promise of “guaranteed profit” at “minimal risk” The promise of “guaranteed profit” at “minimal risk”  Assurance that a deal is based on “insider information”  Reluctance to provide documentation because an offer is based on “classified info” Source: Kiplinger's (2011)

DID YOU KNOW?  “Fraudsters” tend to go after people who are college-educated, optimistic and self-reliant  Once they make contact, they use high-pressure tactics to get people to respond quickly

WAYS TO PROTECT ONESELF  Be aware that you’re at risk (from strangers and those closest to you)  Don’t isolate yourself  Always tell solicitors “I never buy from (or give to) anyone who calls or visits me unannounced. Send me something in writing.”  Shred receipts with your credit card #  Sign up for the “Do Not Call” listDo Not Call  Take yourself off unnecessary mailing lists  Use direct deposit  Never give personal information over the phone unless you initiated the call  Be skeptical of all unsolicited offers  Research!

WE DON’T WANT THIS HAPPENING TO OUR ELDERS Source: IPT Protect Videos (2013)  View the following Investor Protection Trust (IPT) video entitled Elder Expert/Affinity Fraud Scam Alert — MoneyTrack episode 204 (2007). The Rowanos of California were among 129 senior citizens scammed out of their pensions for a total of ten million dollars by Jeff Butler, a "senior specialist.“Elder Expert/Affinity Fraud Scam Alert  Does this stuff happen in Mississippi? You bet it does! Cases handled by the Securities Division of the Secretary of State are accessible here.here

RESOURCES  Investor Protection Trust (EIF brochure)   United States Postal Inspectors Service (variety of DVDs)   Federal Trade Commission (variety of pamphlets)   StopFraud.gov (online resources)   National Council on Aging 

WHAT CAN MY SERVICE LEARNING PROJECT LOOK LIKE?  Senior Project  Middle School

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