Five Ways People Will Try to Scam Your Elderly Parents

To most of us, scamming an elderly person out of his or her life savings is deplorable. However, to some fraudsters, scamming an elderly person out of his or her life savings is an opportunity. While fraudsters may have different reasons for scamming the elderly, they often act in surprisingly similar ways.

How a Fraudster May Trick Your Elderly Parent

Often, those who want to take money from a senior citizen will:

1. Promise to take away financial stress. A scammer may hone in on an elderly person's vulnerability and make promises of financial security. For example, a fraudster may promise that an investment will make enough money to pay for medical bills, the care of a disabled child, or leave a legacy for the investor's grandchildren.
2. Provide a free lunch (or other offer). Some fraudsters use "bait" or tricks, such as free lunches, to lure investors in to hear their sales pitch and gain their trust.
3. Pretend to be the senior citizen's best friend. This type of fraudster will try to gain the elderly person's trust and then exploit that trust by getting the senior citizen to invest in the scam.
4. Guarantee a high return. Promises of security and high returns with little risk may lure in elderly investors. However, the guarantees of high returns are often telltale signs of fraud.
5. Tell the senior citizen that he or she must act now to get a great deal. A scammer who urges immediate decision making is often trying to prevent an elderly person from getting outside advice.

Contact a Columbus Investment Fraud Attorney if You or a Parent Have Been Scammed

If your elderly parent has been the victim of a financial scam, then it is important for your family to seek the advice of an experienced Columbus investment fraud lawyer as soon as possible.

To learn more about how an Ohio investment fraud attorney may be able to help you, please call the only Ohio law firm exclusively dedicated to helping individual and class-action investors in stockbroker mediation, arbitration, and litigation claims.

The Ohio investment fraud lawyers of the law firm of Meyer Wilson can be reached at 614-224-6000 for a free consultation, and we invite you to read our FREE book Five Signs of Investment Fraud... And What to Do if it's Happened to You to learn more about your rights.