Scam targeting elderly netted $300 million in ill-gotten gains

| Nov 6, 2016 | Financial Planning

Life gets more difficult as we age. Not only do we become more physically frail, but our mental capacity can become impaired. In short, older people are often extremely vulnerable and should be treated with care. This is why it is so hard to comprehend how someone could willfully and maliciously take advantage of an elderly person.

Sadly, the world has no shortage of fraudsters who prey on the elderly and try to steal their money. And recently, it was revealed that around 15,000 people were victims of a scam that reportedly operated through a network of call centers in India.

The elderly were specifically targeted in the fraud that involved callers posing as IRS agents and using threats of fines or arrest to get victims to part with their money. One California man paid out $136,000 after being repeatedly bullied. In total, the scam is said to have netted $300 million for the perpetrators.

Fortunately, legal actions are being taken against some of those who are responsible. As of this post, 20 individuals who were located in eight different states have been rounded up and arrested. Additionally, several call centers in India have also received charges.

But sadly, there are always plenty of cons aimed at the elderly. If you are concerned that one of your loved ones could be the victim of financial fraud, you may want to consider the advantages of placing a fiduciary in charge of his or her finances.

A fiduciary can monitor your loved one’s financial activity and help protect against scammers and other undesirable influences. An experienced financial planning attorney can help you find a reputable fiduciary. The attorney can also provide guidance and advice regarding other aspects of the management of your loved one’s elder care planning.

Source: Fox 6 Now,””It?s a scam:” IRS impersonators accused of stealing millions from the elderly,” Oct. 27, 2016