Financial Education for Seniors: “Avoid Scams and Plan Wisely”
Have you ever been a victim of financial scams? Do you know someone who experienced identity theft? Older adults are prime targets for financial exploitation both by persons they know and trust, as well as by strangers. In many Asian and other immigrant communities, the epidemic of financial elder abuse remains under the radar.
Because it is difficult to investigate and prosecute these crimes, awareness and prevention is the first step. In October 2013, LTSC sponsored a seminar to inform Asian American seniors and their caregivers about ways to avoid scams that target older people and measures to prevent identity theft. The program, attended by close to 300 people and presented in English, Japanese, Korean and Chinese, was made possible through major funding from Citi Community Development.
Since then, several follow-up workshops have been held on other financial education topics such as Long Term-Care and LTC insurance; Living Trusts; and Living Alone in Late Life. LTSC’s social workers also provide individual case management and advice on financial matters to low and moderate-income seniors in our communities.
What are some examples of financial exploitation to be aware of?
- Theft of money or property, often by a caregiver or in-home helper
- Investment fraud and scams, including deceptive “free-lunch seminars” selling unnecessary or fraudulent financial services or products
- Lottery and sweepstakes scams
- Scams by telemarketers, mail offers or door-to-door salespersons
- Computer and Internet scams
- Identity theft
- Reverse mortgage fraud
- Contractor fraud and home improvement scams
- Exploitation by an agent under Power of Attorney or person in a fiduciary relationship
For more information or assistance, please contact 213-473-3035.
Made possible through collaboration with Citi Community Development