One of many reasons that the consumer fraud attorneys at Markoff Leinberger are proud to practice this area of law is that we often have an opportunity to come to the aide of some of society’s more vulnerable groups, including the elderly. Fraud experts report time and again that senior citizens are disproportionately victimized by financial crimes.
If you are a senior citizen and feel you have been taken advantage of by an individual or company that is in violation of fraud laws, please contact the consumer protection attorneys at Markoff Leinberger online or by telephone to schedule your case consultation: 1-877-905-5161.
Why Are the Elderly Targeted for Fraud?
One nonprofit organization that advocates for the financial rights of the elderly reports that 20 percent of Americans age 65 and older fall victim to some type of financial fraud, and that only about 1 in every 44 cases of elder financial abuse is ever reported.
According to the FBI, the elderly are targeted for financial scams because:
- They often have a “nest egg.”
- They often own their homes.
- They often have excellent credit.
Five types of fraud that are of particular concern to senior citizens include:
Identity theft. Whether it’s over the telephone, via email, online or old-fashioned “snail mail,” once a scammer gains access to an elderly person’s personal information they can swindle savings and commit myriad types of credit card fraud.
Investment fraud. Seniors have been taken in by “investment pools” claiming their funds will be used for real estate rehabilitation, overvalued energy stocks, and many other “get rich quick” scams.
Family usury. Senior fraud is a crime of opportunity, and too often family members are the people who spot these opportunities.
Online dating scams. A growing fraud concern, the FBI and the AARP reported that in just six months of 2014, romance scams were responsible for $82 million in theft. Internet scam experts report that at least 1 percent of people who post on established, reputable dating sites are actually scammers.
Vacation rental scams. Active and retired seniors are eager to travel but often need to do so on a budget. Vacation rental scammers target this group by faking their online identities through fictitious advertisements, then absconding with rental deposits in addition to stealing their victims’ identities.
Don't delay legal action if you or a family member has been a victim of fraud. Contact Markoff Leinberger online or call 1-877-905-5161 today for a free case review with an experienced consumer protection lawyer in Chicago, Illinois.