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Teaching our grandparents to recognize elder investment fraud Funded by a grant from the Investor Protection Trust, www.investorprotection.org

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ELDER INVESTMENT FRAUD (EIF) The Crime of the 21 st Century, Kiplingers Personal Finance magazine, 11/2011

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ELDER INVESTMENT FRAUD (EIF) The aim of this program is to educate teachers, students, and senior adults avoiding elder investment fraud Senior adult education will be offered via school-run community service learning projects that focus on the question: What is Elder Investment Fraud and How Do I Avoid It? Intergenerational learning

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A NATIONAL EPIDEMIC Source: IPT Protect Videos (2013) View the following Investor Protection Trust (IPT) video entitled Elder Investment Fraud: A National Epidemic (http://www.investorprotection.org/protect-yourself/?fa=eiffe-video)

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CURRENTLY 20: The percentage of Americans aged 65 or older (more than 7.3 million senior citizens) have already been taken advantage of financially in terms of an inappropriate investment, unreasonably high fees for financial services, or outright fraud This self-reported figure is higher than the 15 percent reported by children of senior adults 65 or older 3 billion: The estimated wealth swindled from the elderly each year This is likely just a portion of the true number as its believed that the vast majority of cases are never reported 53.3: The peak age, on average, for financial decision making Of course, averages doesnt apply to everyone Source: Infogroup/ORC, Elder Investment Fraud and Financial Exploitation (2010); Kiplinger's (2011)

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LURKING DANGERS Potential PerilsRed Flags Annuities Annuities Telephone fraud Telephone fraud Mortgage help Mortgage help The Nigerian letter The Nigerian letter Free lunch seminars Free lunch seminars Magazine scams A chance to get in on the bottom floor The need to make a decision right now or youll miss it The promise of guaranteed profit at minimal risk The promise of guaranteed profit at minimal risk Assurance that a deal is based on insider information Reluctance to provide documentation because an offer is based on classified info Source: Kiplinger's (2011)

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DID YOU KNOW? Fraudsters tend to go after people who are college-educated, optimistic and self-reliant Once they make contact, they use high-pressure tactics to get people to respond quickly

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WAYS TO PROTECT ONESELF Be aware that youre at risk (from strangers and those closest to you) Dont isolate yourself Always tell solicitors I never buy from (or give to) anyone who calls or visits me unannounced. Send me something in writing. Shred receipts with your credit card # Sign up for the Do Not Call listDo Not Call Take yourself off unnecessary mailing lists Use direct deposit Never give personal information over the phone unless you initiated the call Be skeptical of all unsolicited offers Research!

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WE DONT WANT THIS HAPPENING TO OUR ELDERS Source: IPT Protect Videos (2013) View the following Investor Protection Trust (IPT) video entitled Elder Expert/Affinity Fraud Scam Alert MoneyTrack episode 204 (2007). The Rowanos of California were among 129 senior citizens scammed out of their pensions for a total of ten million dollars by Jeff Butler, a "senior specialist.Elder Expert/Affinity Fraud Scam Alert Does this stuff happen in Mississippi? You bet it does! Cases handled by the Securities Division of the Secretary of State are accessible here.here

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RESOURCES Investor Protection Trust (EIF brochure) http://www.investorprotection.org/downloads/EIFFE_Patient_Brochure_National.pdf http://www.investorprotection.org/downloads/EIFFE_Patient_Brochure_National.pdf United States Postal Inspectors Service (variety of DVDs) https://postalinspectors.uspis.gov/raddocs/consumer/dvdorder.htm https://postalinspectors.uspis.gov/raddocs/consumer/dvdorder.htm Federal Trade Commission (variety of pamphlets) https://bulkorder.ftc.gov/Default.aspx https://bulkorder.ftc.gov/Default.aspx StopFraud.gov (online resources) http://www.stopfraud.gov/protect-yourself.html http://www.stopfraud.gov/protect-yourself.html National Council on Aging http://www.ncoa.org/ http://www.ncoa.org/

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WHAT CAN MY SERVICE LEARNING PROJECT LOOK LIKE? Senior Project Middle School

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