Older adults are often the target of scams. It’s an unfortunate reality that causes adult children to worry if an aging parent’s financial well-being is at risk. Summer has typically been the busiest season for crimes against seniors. Fake home remodelers, roofers, and driveway repair companies head out in full force when the weather warms up.
There is another time of year, however, that is almost as risky as summer—tax season. Experts say identity theft and filing fraudulent tax returns cost seniors billions.
Losses from Scams Are Significant
The Internal Revenue Service (IRS) has detection programs that are helping to decrease losses. As of February 29, 2016, the IRS had successfully prevented 31,578 fraudulent tax returns. Their identity-theft filters helped to prevent $193.8 million in fraudulent tax refunds from being issued.
Unfortunately, older adults are still falling victim to fraud and scams. Experts from the Federal Bureau of Investigations (FBI) say the trusting nature of adults raised in the 1930s, 1940s, and 1950s is a leading reason they become victims.
When seniors do suffer a loss, many are unlikely to report it. While there are a variety of reasons why an older adult may not report the crime to authorities, here is a list of the most common reasons:
Preventing Common Scams Targeting Seniors
Prevention is the key when it comes to fraudulent scams. Here are a few tips you can use to protect an older family member:
Resources for Caregivers
At Sunrise Senior Living communities, we know how busy the days can be for family caregivers. That’s why we make it easier to stay up-to-date on the latest trends on aging and issues affecting seniors. The Sunrise Blog is published several times each week. We cover topics ranging from tax deductions for family caregivers to the latest research on senior nutrition. Bookmark the blog and stop by often!
If you would like to visit a Sunrise community in person, our doors are always open. Call 888-434-4648 to schedule a time!