Review: How My Mom Got Swindled by a ‘Friend’

Elder fraud is depressingly common. Because of a combination of factors – social isolation, potential cognitive decline, and many others – older Americans are especially vulnerable to all sorts of fraud and theft. This happens to millions of people every year.

Maine, where I live, is the oldest and most rural state in the country. Because of it’s rural nature, many seniors are essentially on their own.

When I moved up here, I had to attend a class as part of the advisor licensing process. As far as I know, Maine is the only state that requires this.

The class served a couple purposes: you get to know some of the state’s financial regulators (it’s a small state), to tell you not to commit elder fraud (which should go without saying, but apparently some people need a reminder), and to make sure that you know the warning signs of elder fraud. It’s great that they have the class, but depressing that it’s necessary.

There are a lot of resources out there, but a good place to start learning more about how to protect yourself or your relatives is the Department of Justice’s Financial Fraud Enforcement Task Force.

If you have older parents, you should read our ebook Taking Care of Your Finances While Taking Care of Your Aging Parents

 

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