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Help Protect Your Elderly Relative from Becoming a Victim of Iowa Financial Fraud

Many people every year fall victim to financial fraud in Iowa and throughout the United States. One group that is highly affected by financial fraud scams is the elderly. Sadly, con artists know that elderly people tend to be more trusting, which is why thieves prey on senior citizens.

If you have an elderly parent or grandparent, you may want to have a discussion with them and warn them of all the different types of financial fraud scams they may fall victim to. Remind them to never give out their credit card number, social security number, Medicare numbers or other personal or banking information over the phone.

Even the FBI warns seniors to be aware of financial fraud scams that include:

  • Advanced fee scheme -This is when you pay money to someone in return for something that is of little or no value. This also takes place when someone is offering you an advanced fee loan, which is of no good.
  • Pyramid scheme - When someone wants you to invest your money in a distributorship or franchise, be careful. Most people don't make money selling the product, but by selling a new distributorship. 
  • Nigerian letter fraud - This is a letter or email from Nigeria asking you for your personal and banking information. Do not send money and do not give them any information. You should inform the FBI when receiving this letter or email.
  • Prime bank note scheme - Typically international con artists will attempt to have you send money to a foreign bank to get you an exceptional return on your investment, but they will use your money for their own expenses.
  • Ponzi scheme - This is when someone promises you a high financial return or dividends for your investment; however, it is not available through traditional investments. Don't believe these exaggerated earnings claims.
  • Telemarketing scams - This is when a salesperson calls selling a product and asks for your credit card information or banking information. They may tell you that you won a prize but you have to pay for postage and handling. Don't fall for this, and do not buy from unfamiliar companies or from people who have solicited you.

When Iowa Financial Fraud Hits Close to Home

Sometimes a senior's own caregiver may have committed identity theft, financial fraud or other scams against that senior. When seniors live alone, they often become vulnerable and susceptible to fraud. The most common types of financial fraud in Iowa against seniors include forging checks, stealing money, and stealing credit and debit cards. Sadly, these forms of fraud are carried out by someone who is trusted in the senior's life. 

Seniors may be embarrassed to realize they were victims of financial fraud and not pursue it or tell anyone. If you are close to your elderly relatives, start talking to them to open communication channels so that you may find out if there has been any fraudulent activity.

If your elderly loved one was a victim of financial fraud in Iowa, please call an experienced Cedar Rapids financial fraud attorney who can tell you if you have a case and more about your rights. Call the law office of Brady Preston Gronlund today at (319) 866-9277 for your free legal consultation today. 

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