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Public Relations >> Press
Release, September 15, 2005
Press Release
Contact: Anissa Yates
For Release: 09/15/05
916/438-4408
Keep senior Californians safe from fraudsters
Tips from the California Bankers Association
SACRAMENTO - September 15, 2005 - In an effort to
help keep California's seniors safe from unscrupulous fraudsters,
the California Bankers Association (CBA) is offering tips to consumers
to how identify and prevent incidences of elder financial abuse.
"More and more, California's seniors have become
the targets of unscrupulous fraudsters who want nothing more than
to part seniors from their hard-earned money," said CBA president
and CEO Janet W. Lamkin. "While law enforcement, along with
California's financial institutions, works hard to make sure that
suspected cases of elder financial abuse are reported and investigated,
we want to remind all Californians that we all have a role to
play in keeping our seniors safe."
Elder financial abuse is a somewhat unique crime
in that, oftentimes, it is a member of the family, close friend
or caregiver who ends up perpetrating the crime, making it that
much more difficult to detect.
CBA encourages all Californians to look out for
these common elder financial abuse schemes:
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Misappropriation of income or assets - Fraudster obtains
access to an elder's Social Security checks, pension payments,
checking or savings account, credit card or ATM, or withholds
portions of checks cashed for an elder.
-
Charging excessive rent or fees for service - Perpetrator
charges an elder an excessive rent or unreasonable fees for
basic care services such as transportation, food, or medicine.
-
Obtaining money or property by undue influence, misrepresentation,
or fraud - Perpetrator coerces an elder into signing over
investments, real estate or other assets through the use of
manipulation, intimidation or threats.
-
Pigeon drop - Perpetrator claims to have found a sum of money
and offers to split it with an elder provided the elder first
withdraws an amount equal to his or her share as a sign of
good faith.
-
Fake accident ploy - Perpetrator convinces an elder that
the elder's child has been seriously injured or is in jail
and needs money for medical treatment or bail.
-
Telemarketing and mail fraud - Perpetrator persuades an elder
to buy a valueless or nonexistent product, donate to a bogus
charity or invest in a fictitious enterprise.
-
Fake prizes - Perpetrator tells an elder that he or she has
won a nonexistent prize and either asks the elder to send
a check to pay the taxes on this nonexistent prize or obtains
the elder's credit card or checking account number to pay
for shipping and handling charges for the prize.
-
Unsolicited work - Perpetrator arrives unexpectedly at an
elder's residence and offers to perform work for a reasonable
fee; after starting the work, the perpetrator insists that
the elder pay more than originally agreed before the work
will be completed.
CBA reminds all Californians that if they believe
that a senior they know and care about is being targeted with
one of these fraud schemes, they should contact their county's
Adult Protective Services agency immediately and report it.
Information about CBA
Established more than 110 years ago, the California Bankers Association
(CBA) is one of the largest state banking trade associations in
the country. CBA leads the way in developing relevant educational
and legislative solutions to some of California's more pressing
financial and banking issues, including adult financial empowerment,
identity theft, financial privacy, and financial elder abuse.
CBA's membership includes more than 300 of California's commercial,
industrial and community banks and savings associations.
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