Increased Age Often Means Increased Fraud

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Information about Increased Age Often Means Increased Fraud

Published on March 7, 2016

Author: AndreiMurphy

Source: slideshare.net

1. Increased Age Often Means Increased Fraud

2. There is a clear growing trend of financial fraudsters targeting the senior population through various life insurance and annuity package schemes. While of course the senior portion of society has always been a target for such fraudulent activity, it is apparent in recent years that the number of those taken advantage of has grown exponentially.

3. This is likely due to the fact that literally 70 percent of personal wealth in the United States is controlled, operated, and maintained by the elderly. Additionally, with the baby boomers retiring in full force, ten thousand Americans turn sixty-five every day. It is projected that this number will not decrease until 2030. In light of such, it makes sense that crooks would refine their scope of financial fraud to highlight seniors. Not to mention, there are large sums of money involved in the insurance industry, providing the perfect framework for said criminals.

4. Luckily, regulatory efforts are being made in order to protect the vulnerable elderly from falling victim to said deplorable schemes. As recently as last Fall, two representatives brought the Senior$afe Act of 2015 to the floor. Essentially, the legislation attempts to decrease criminal activity by encouraging victims to report the crimes. It should be noted that, currently, only one in every forty-four cases are estimated to be reported to the proper authorities.

5. Just as well, the Financial Industry Regulatory Authority’s proposed a bill in 2015 that intends to fight elder financial abuse also. This all said, it is true things are being done to protect those who cannot protect themselves. Yet, the stark reality facing us is that these illegal schemes are currently being executed across the country; and while we announce our intent to vote on bills that should have already been passed, seniors are forced to deal for even longer.

6. Thankfully, the Financial Industry Regulation Authority claims to be close to a decision. However, this is an issue that needs immediate action. It is possible that FINRA is postponing decision because of the potential costs that regulation could add to daily business. However, even though this may be the case, it does not change the facts. This despicable financial abuse needs to be eradicated, and soon.

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