WHAT IS AN ELDERLY SCAM?

An Elderly Scam is fraud perpetrated against Senior Citizens which involves deliberately deceiving the victim with the promise of goods, services, or other benefits that are nonexistent, unnecessary, never intended to be provided, or grossly misrepresented.

There are hundreds of bogus investment credit scams, financial crimes and frauds which can make up an elderly scam.

These are just a few:

Prizes and sweepstakes. These frauds generally involve informing the victim that he or she could win, or has already won, a "valuable" prize or a lot of money.

The victim is required to send in money to cover taxes, shipping, or processing fees.

The prize may never be delivered or, if so, is usually costume jewelry or cheap electronic equipment worth less than the money paid to retrieve it, this is a common elderly scam.

Investments. Because many seniors live on fixed incomes, they often want to increase the value of their estate and ensure they have sufficient funds to meet basic needs.

In investment scams, offenders persuade the elderly to invest in precious gems, real estate, annuities, or stocks and bonds by promising unrealistically high rates of return.

The investments often consist of fake gemstones, uninhabitable property, or shares in a nonexistent or unprofitable company.

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