We are in the midst of literally the greatest crime of the century and it is being committed against some of the most vulnerable in our society – senior citizens. As a professor at Montclair State University, I teach a course in Forensic Accounting and Fraud. What makes fraud possible is “TRUST.” We often think of scammers as people we don’t know, but the truth is that it can be caretakers, friends and even children. But it also occurs with trusted advisors such as financial advisors, lawyers and accountants.
There are estimates that our seniors are victimized to the tune of over $30 billion dollars a year! Part of the reason we don’t have an exact figure is because most frauds go unreported. It’s not just the fraudsters that are responsible, financial institutions have complicit in that they are not doing enough when suspicious activity occurs when a fraud can be stopped in its tracks. We must educate our seniors about how to recognize when they are being ripped off and we need more cooperation from financial institutions by putting more checks and balances in place.
Contact Elder Law Department at Goldberg Law Group at Goldberg Law Group today to learn more about how we can help you protect your loved ones!