Page 33 - Seniors Today - Vol1 Issue 3
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The easiest way to protect oneself is to person guiding on investments. Typically, the
simply ignore such calls/emails. No banks or ability of a person to ‘mis-sell’ increases if he/she
any governmental agencies will ever ask for knows that they do not have to face the investor in
any form of password or other such critical future and is more focused on short term benefits.
information on phone/email. If there are
still some concerns, it is prudent to visit the Lottery and Fake Prize Scams
nearest bank branch or call the bank on the
numbers listed on its website, directly.
Investment Proposals
Another very common form of financial fraud
widely prevalent is to mis-sell investment
products by making false return claims or
hiding critical information and obtaining
investors consent (through multiple signed
documents). The communication pattern is
such that most of the important information In such forms of frauds, the victim (often, senior
is discussed verbally and there is no citizens) are made to believe that they have
written trail of such a discussion. It is quite won a large sum of money through a lottery or
possible that what was actually mentioned some attractive business proposal which could
in the documents signed by the investor help them make a big corpus. To receive the
is significantly different from what was funds, they have to wire some money as ‘taxes &
communicated to them verbally. The trick handling charges’. As the entire setup was fake,
used here is ‘trust’ and ‘emotional connect’ to once the money is transferred, there is absolutely
be able to mis-sell an investment proposal not no chance of receiving anything since most of
suitable for the investor, in the lure of higher it is operated through offshore accounts and
commissions. This is an even more tricky overseas countries outside the jurisdiction of legal
situation, as there is very little recourse left authorities.
given that everything happened in the ‘legal’ As an informed senior citizen, one must simply
course of business. ignore all such traps. Remember that what is too
good to be true is always actually false in such
cases.
Conclusion
Fraudsters targeting elderly people rely heavily
on the assumption that elderly people are not
familiar with changing technology and that
they are more gullible once their trust is formed.
While financial frauds are not restricted to senior
citizens only, it is more important to safeguard
A simple way of not falling prey to such them as the impact is more devastating on senior
frauds is to ensure that all investments citizens. Capital once lost cannot be earned back
are routed through a certified and reliable in such cases. It is important to be aware and
financial advisor, instead of blindly relying diligent, especially when finances and personal
on the friendly relationship managers of information are involved. Whenever there is even
financial institutions. Besides qualification, a small doubt, it is prudent to cross verify with
an important factor which can help to credible sources or individuals.
highlight the intent is the stability of the Be Aware, Be Safe!
SENIORS TODAY | Volume 1 | Issue 3
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