Contact: Jackie De Haan |
18 W. Michigan Avenue |
GUARDIAN FINANCE AND ADVOCACY SERVICES |
Modern Day Willie Suttons
-by Pat Fosdick, Director of Client Services
| Also published in the Senior Times of South Central Michigan |
Dear Readers,
You may wonder: ‘why do so many fraudsters target senior citizens and the elderly?’ The answer is simple: “Because, that’s where the money is.”
You probably recognize that famous statement credited to Willie Sutton, the prolific bank robber, answering a journalist’s question “Why do you rob banks.” Sometimes it is called “Sutton’s Law.”
Well, we are the equivalent of Sutton’s bank. We are where the money is. According to one source, we seniors are the most affluent of any age segment, controlling three-fourths of all US wealth. We wield $1.7 trillion in annual buying power.
Actually, we are more attractive targets than the banks. Since most of these crimes are committed over the Internet, telephone or mail, we can’t shoot back!
The Financial Industry Regulatory Authority (FINRA), people charged with protecting investors, looked at other common traits of victims of fraudulent investment schemes. They also found that most victims tend to be:
- Self-reliant when it comes to making decisions (i.e., they don’t research or ask for third party advice)
- Optimistic and educated
- Above average financial knowledge and income (A little bit of knowledge is dangerous?)
- Experienced a recent health or financial setback and perhaps looking to quickly make up for lost ground
- Open to new ideas or sales pitches
How close am I to describing you?
FINRA forgot to mention another set of people: folks who are vulnerable to scams because of reduced capacity. They may have lost mental capacity due to Alzheimer’s, a stroke, an accident, addiction, or a learning disability. These are the people we dedicate ourselves to helping and protecting from predators. (We also help seniors who just need some financial coaching, see below).
According to FINRA, a simple way of reducing your visibility to scam artists is to avoid solicitations. Here are some services that will remove you from target lists:
- Stop telemarketing calls — visit www.donotcall.gov or call toll-free (888) 382-1222
- Stop direct Mail and Email Offers — visit www.dmachoice.org
- Stop credit Card Offers — visit www.optoutprescreen.com or call toll-free (888) 567-8688
- Stop online Cookie Collecting — visit http://www.networkadvertising.org/
The above are not perfect solutions, you will still get solicitations but they are more likely to be from fraudsters.
Dear Pat, my landlord is threatening to evict me. She claims that I am behind on my rent, but I know that I paid it. What should I do? I am a senior citizen with very little money. I can’t afford to pay her twice!
You are, no doubt, very worried and looking for a reasonable way to solve this problem. Your landlord’s records obviously are different from yours.
I am assuming that you understand exactly what your landlord is claiming and you have checked your records carefully and still believe that you are up to date. Make a copy of your payment, such as the check stub or money order receipt. If your check has cleared the bank, get a copy of the bank statement showing your payment.
That being said, here are some steps you can take.
Ask for a copy of the landlord’s payment record, you may need that.
Contact an attorney and ask for help. Free or ability to pay legal clinics are available in our area. In Calhoun County, we have Legal Services of South Central Michigan (269) 965-3951). In Kalamazoo County, you can contact Legal Aid of Western Michigan (1-800-819-0773). These organizations serve residents who are low income and/or senior citizens, and are skilled in resolving disputes about rental housing.
Sometimes seniors gradually lose control of their finances and wind up in some difficult predicaments. If this could be you, then seek help now!
Ask yourself a couple of questions. Do you find your finances confusing? Have you experienced similar problems with other debts? If the answer is yes, then you may want a “coach” to help you. You can ask a trusted family member or friend to help.
We also provide a service where we work with seniors to help keep their finances organized and to avoid exploitation (called our “Financial Stress Buster” service). Our trained and bonded staff members visit seniors in their homes for this purpose. Thanks to Calhoun County Senior Millage and generous community donors, our service may be free to you, depending on your income level.
Have a question for Guardian? Contact Pat Fosdick at 18 W. Michigan Ave. #300, Battle Creek MI 49017. Or, email her at pfosdick@yourguardian.org, or call her at (269) 963-3253, extension 434.
“Safeguarding At-Risk Adults,” Guardian Finance and Advocacy Services is a nonprofit organization with forty-three years of trusted service to the people in Calhoun and Kalamazoo Counties. Their clients are people who need help in managing their personal and financial matters. More information is available at www.yourguardian.org.Guardian is a United Way organization.