Senior citizens are often a target of fraud. The reasons are numerous and I’ve written about them in the past. One common scam these days is the “Grandparent Scam.”
Recently, I attended Washington’s 8th Annual Conference on Abuse of Elders and Adults with Disabilities. This conference provides valuable insight to those individuals who may encounter elder abuse, including law enforcement, caregivers, ombudsmen, and any other professionals or adults interested in learning more about this growing issue.
As baby boomers age and life expectancy increases, the population of older adults increases. In turn, the pool of potential victims increases.
Medicare is the nation’s largest health insurance program. It covers over 40 million people and makes payments of about $500 billion per yea, of which, almost $48 billion is estimated to be improper.
Identity theft is a broad term used to describe an entity that misrepresents itself, i.e. represents itself as something else.
You’ve likely heard about the big fraud cases, such as Enron, WorldCom and Bernie Madoff. But, did you hear about the bookkeeper who walked away with $200,000 or the office manager who charged $150,000 to the company credit card? Maybe you read about it in a newspaper, but probably not. Unfortunately, fraud happens. It does not discriminate based on industry, background, status or any other characteristic, so you need to be aware and protect yourself and your business.
