Sadly, some fraudsters will happily take advantage of older investors. While your parents, regardless of age, could run into any kind of investment fraud, older investors are particularly susceptible to:
Your parents may meet the fraudster through their church, a club, or a hobby. The fraudster then uses this similarity to take advantage of your parents' trust.
"Free Lunch" Seminars
In this scam, an elderly investor is offered a free seminar that may include an item giveaway, a complimentary lunch, or similar "free" items for attending and listening to the sales pitch. The investment sounds great. The problem is that many of these seminars don't give all the details or may promote one investment, but actually offer a different investment.
Phone calls, e-mails, and text messages come through offering incredible returns or a great opportunity. Because these types of messages seem so personal, and because they can be quite persistent (sometimes several calls a day!), many seniors eventually give in just to get them to stop calling.
To learn more about elder financial abuse, watch the videos below.