Preventing Financial Scams

September 26, 2019 | Caregiver Stories, Caregivers in the Workforce, Financial Abuse, Isolation

There are many kinds of financial scams. Strange calls asking for your Social Security Number. A romantic partner controlling your finances. Caregivers exploiting the elderly. Predatory loans. Someone claiming you have been scammed and they need to verify your bank account number.

The Community Foundation’s Preventing Financial Scams Initiative was created to help both young and the elderly who have been taken advantage of in a financial scam.

Join us for dinner and conversation and share your ideas on how to prevent financial scams on Tuesday, Oct. 15, 2019 from 5:30 p.m. to 7:30 p.m. at the Nevada Discovery Museum. Learn more and register by clicking here.

Financial scams are a tricky subject to deal with and can be difficult to prosecute. It is also harder to deal with the aftermath of a financial scam and a lot of times you do not get back what you lost.

According to the National Council on Aging, “Financial scams targeting seniors have become so prevalent that they’re now considered the ‘crime of the 21st century’ because seniors are thought to have a significant amount of money sitting in their accounts.” 90% of all reported elder abuse is committed by someone they know. Aside from wealthy seniors, low-income seniors are also at risk of financial scams.

At the state level, financial abuse has become so rampant that Nevada Secretary of State Barbara Cegavske submitted a press release in November 2017 to alert Nevadans about the dangers elders face with appointed guardians. Here is data on elder abuse from fiscal year 2017 from the State of Nevada Aging and Disability Services Division:

  • There were 1,305 cases of elder abuse in Washoe County that were recorded by the Aging and Disability Services Divisions. Additionally, five cases of abuse were recorded by law enforcement
  • The perpetrators of elder abuse were spouses/partners, children, relatives, friends/neighbors, service providers, strangers, and victims themselves (in which they caused self-harm or were unaware of the harm they were inflicting to themselves.)

During the Community Foundation’s first Preventing Financial Scams convening, we heard a lot of horror stories from individuals that have been financially scammed. Unfortunately, it does not stop with seniors. Among the attendees of the convening were youths, veterans, and family caregivers who all shared their stories of getting financially scammed. As a community, we need to work on identifying the community’s most pressing issues and collaborate to discover tangible solutions, together.     

When our community comes together, good things happen. We want to hear from you. As a neutral convener, the Community Foundation is calling all individuals who care, to join us in discussing ideas about the issues of Financial Scams. We will also discuss and share ideas on how we can help prevent elderly exploitation from becoming a prevalent target for predators and scammers. 

If you or someone you know has experienced a financial scam, please spread the word and join us. Register by clicking here.

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