Internet fraud hits seniors: as seniors venture into the web, the financial predators lurk and take aim: hearing before the Special Committee on Aging, United States Senate, One Hundred Eighth Congress, second session, Washington, DC, March 23, 2004.

Most people have read media stories about older people losing large sums of money to scams. The sad truth is that it DOES happen! Government data shows that individuals beyond the age of 60 years often report the fraud they encounter. In fact, people 60+ are much more likely to report fraud than people in their 20's, but far less likely to admit that they lost money. Senior fraud continues to be widespread, costing older people billions every year. It's an alarming figure encompassing many different scams aimed at tricking seniors into providing personal information, placing their money and/or identity at risk. The Better Business Bureau's Scam Risk Report indicates that monetary loss increases with age, ranking those over the age of 65 as losing the most money to scams. This may be due to the sophistication of today's scammers or it could be more closely related to the increasing financial resources age may bring. In any event, there is little doubt that con artists, scammers, and fraudsters will continue to ply their trade, pilfering the nest eggs of unsuspecting senior victims. Another reason elderly people are the most likely age group to lose money to scammers is because fraudsters are meeting the needs of loneliness among seniors by finding common ground with the victims in order to build trust. These con artists are talkative and friendly to their senior victims, making it hard to see red flags. The top scams to which seniors are most susceptible include Health Insurance Fraud, Healthcare Fraud, Medicare Fraud, Medical Equipment Fraud, Counterfeit Prescription Drugs, Fraudulent Anti-Aging Products, Funerals and Cemetery Fraud, Telemarketing Fraud, Internet Fraud (including Internet Auction Fraud), Credit Card Fraud, Investment-Related Fraud (including Reverse Mortgage Scams, Nigerian Letter Fraud, Advance Fee Schemes, Redemption/Strawman/Bond Fraud, Ponzi Schemes, and Market Manipulations such as Pump and Dump Fraud), and Identity Theft. FRAUD PROTECTION FOR SENIORS by Cotter Bass addresses each of these fraudulent schemes in detail, providing multiple initiatives for detecting and subsequently dealing with scams and scammers. In addition, this comprehensive eBook reveals numerous strategies and tips for avoiding these potentially costly crimes, thus keeping your savings intact.

Fraud committed against the elderly has reached epidemic proportions, and the problem will only worsen as a large segment of the American population approaches retirement age. This book explores the disturbing rise in these offenses--crimes aimed at a vulnerable segment of society that is often unable to overcome the consequences--with an eye towards helping seniors protect themselves. This handbook first defines fraud, then discusses why the elderly are targeted, the growing scope of the problem, and why these crimes often go unreported or unsolved. The second section clearly explains 28 of the most common types of fraud--including home improvement scams, health frauds, identity theft and magazine sales--in a manner that allows readers to recognize and avoid the predatory actions of others (whether strangers, friends, or even family members). The third section provides a list of resources and actions to take and for those who believe themselves to be the victim of fraud. The book also contains a list of related acronyms, an index and a bibliography.