Page 63 - Book4E

CHAPTER 13
Helping Senior Consumers Avoid Fraud
As distasteful as it is, there are unscrupulous people in this world who target older consumers with their fraudulent schemes and shady business practices. While such schemes range from underhanded investment and real estate dealings to insurance fraud, one danger area frequently overlooked is charity fraud directed at seniors.
Without question, charities perform an entire spectrum of valuable services in our society, assisting with cancer and heart disease prevention and education, extended medical services for disabled veterans, shipments of food and medical equipment to war-torn or disaster stricken areas, etc. However, according to the Federal Trade Commission (FTC), many charities are facing increases in costs and demands and decreases in funding. To meet these financial challenges, charities are asking for larger contributions from more donors—and they’re asking more frequently than they used to, often using telemar- keting and direct mail solicitations to raise funds for their causes, and often directing their pitches to older consumers.
The FTC cites research conducted by the American Association of Retired Persons (AARP) that shows that Americans aged 65 and older receive more telephone and mail solicitations for charitable donations than any other age group. Fraudsters try to take advantage of this population on the theory that older adults may be more trusting and polite toward strangers, and that they’re more likely to be home during the day to receive phone calls.
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