Radio: Elder Abuse Scams

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Elder Abuse is most often financial with about 4% of elders falling victim to fraud. It is estimated that over $2.9 billion is lost every year. The typical victim is an 85-year-old female who is deceived, threatened, and emotionally manipulated into giving up $120,000 that they couldn’t afford. Additional losses involve a loss of innocence and generosity as victims withdraw even further from social contacts.

On Tuesday, May 10, 2021, David John Marotta appeared on Radio 1070 WINA’s Schilling Show with Rob Schilling to talk about Elder Abuse Scams and how to protect yourself.

Here is an outline of the discussion:

[0:00] Introduction and general introduction to the topic. Perhaps it should be called “youth abuse” as we have all been scammed.

[3:49] Computer Virus Scam

[6:23] IRS or Social Security Scam

[7:58] Relative in Trouble Scam

[11:48] Sweetheart Scam / Hard Luck Scam

[15:00] General protections to help elder’s learn to avoid scams

You can listen to the audio here:

 

Photo by Vlad Sargu on Unsplash

Follow David John Marotta:

President, CFP®, AIF®, AAMS®

David John Marotta is the Founder and President of Marotta Wealth Management. He played for the State Department chess team at age 11, graduated from Stanford, taught Computer and Information Science, and still loves math and strategy games. In addition to his financial writing, David is a co-author of The Haunting of Bob Cratchit.