U.S. Government Cracks Down on Scammers Who Target Elders

MetLife Mature Market Institute suggests that the money lost by elderly citizens through fraud and theft is more than $2.9 billion. It’s hard to know exact figures. Many seniors who fall for a scam are ashamed and never report the crime.

To keep scammers from stealing money from elderly men and women, the government is cracking down. Here are some of the ways the government is changing rules to help prevent financial fraud.

Elder Care Greece NY - U.S. Government Cracks Down on Scammers Who Target Elders

Elder Care Greece NY – U.S. Government Cracks Down on Scammers Who Target Elders

Binding Operational Directive 18-01

In 2018, the Department of Homeland Security set forth a new rule that is meant to stop email fraud. The goal is to keep government email addresses from being spoofed. The goal is to put an end to emails that appear to come from the IRS or area police departments. The new rule will make it impossible to spoof those emails.

The FTC Works to End Robocalls

In August, the FTC came up with new rules to make it easier for phone companies to stop robocalls. When a number is reported as a robocaller or violates the Do Not Call rules, the FTC posts a list of those numbers on a special page on the Do Not Call website. Telecom companies can then block those numbers from being able to make any calls.

FINRA’s New Steps to Prevent Fraud

The Financial Industry Regulatory Authority (FINRA) is not a government agency, but they’re taking strides to help out. In February, financial brokers gain the rights to put a freeze on financial transactions involving senior citizens. It gives financial firms the chance to investigate withdrawals before transferring cash. Many banks across the country are starting to take similar steps to prevent fraud.

Elders or those holding a power of attorney are asked to give contact information. When a banking transaction is submitted online, the financial company calls and asks for additional information. If fraud or a scam is suspected, the company can prevent the transaction from happening until the account holder comes in with the proper paperwork.

Say your parent gets a call saying a grandchild has been arrested. Your mom or dad are then told to transfer money from their bank to a specific Western Union office. Your parent goes to his or her bank and sends the money. The bank can keep that transaction from going through. They can ask to see the request for money and help your parent report the scam to the authorities. No money has left your parent’s account thanks to this step.

There’s another way to help prevent fraud. Make sure your parent knows to ask elder care aides when a call or email arrives. With an elder care professional’s help, your mom or dad will have someone to remind them not to answer an unknown phone number, click on links in emails, or fall for a door-to-door salesperson’s pitch. Call our elder care agency to discuss this and other helpful services.

Sources:  http://www.ncsl.org/research/financial-services-and-commerce/financial-crimes-against-the-elderly-2016-legislation.aspx

If you or an aging loved one are considering Elder Care Services in Greece NY, contact the caring staff at Caring Hearts of Rochester today! Serving Rochester, Pittsford, Greece, Webster, Canandaigua, Fairport, Perinton, Penfield, Brighton, Henrietta and ansurrounding communities. Call 585-245-0134.

About Kevin Watkins

Caring Hearts of Rochester was founded by John Hunt and Kevin Watkins. Kevin and John met when they were in the same Boy Scout Troop in their youth. They chose different career paths before forming Caring Hearts.

Kevin and his wife, Candy, lived in Naples, Florida for 10 years, where three of their four children were born. He was recruited to the insurance industry by a colleague who felt his personality would benefit people with needs. The insurance industry became a big part of their lives. He evaluated peoples’ risks, working with property and casualty, and life products, and later began to underwrite Long Term Care insurance as people were beginning to plan for their futures. He started two agencies, then bought a third. In his last three years before selling his third agency, he was ranked in the top 10%, top 5% & then top 1% nationally out of the more than 12,500 Allstate agencies in the U.S. at the time. Kevin’s success can be accredited to his kind nature and his genuine desire to help individuals and families with their needs. He feels very at home meeting with people and discussing their needs, a trait that has been very helpful in his continued success with Caring Hearts of Rochester. Kevin returned to Rochester in 2006 to introduce their young children to snow and to be closer to his extended family.

After having returned to Rochester from their careers in other states, John and Kevin reconnected. Alzheimer’s had afflicted both of their families, and they had both experienced and witnessed the challenges associated with the role of being a caregiver. Kevin’s and John’s collective experiences complemented their desire to work with families and individuals in need. They founded Caring Hearts of Rochester and have since been able work in a capacity that has become a passion for them. They are both Certified Senior Advisors (CSA), a designation earned through education, study and experience in the Elderly and Geriatric Care Profession. Their number one concern is providing their senior clients with ethical and effective services and products. Caring Hearts of Rochester is associated with numerous local affiliations for the elderly in the Upstate NY area including Lifespan, Eldersource, and the Greater Rochester Area Partnership for the Elderly.

As the co-founders and hands-on managers of Caring Hearts of Rochester, we thank you for this opportunity to tell you about our passion. We are responsible for the services we offer, for the people we hire, for the training they receive, for the quality and reliability of the services our team delivers to you and your loved ones. Give us a call so that we may learn more about you and your needs at (585) 861-CARE(2273)