Be aware of special vulnerability
of elderly to scammers and thieves

Some 13 percent of older African-American residents of Metro Detroit report they have been the victim of a scam or a theft in the past year while the national average is just 3 percent, according to new research from Wayne State’s Institute of Gerontology.

Dr. Peter Lichtenberg, the IOG’s director, just finished crunching the numbers and the results are dramatic – but not surprising, he said.

“Three-quarters of those interviewed said they underestimated how much they’d need in retirement,” he said. “And the best victims of fraud are those that are stressed about their finances.”

Add that to the fact that the elderly tend to be less critical and more accepting, they are the perfect victim, Lichtenberg said.

That’s why, he said, “everyone needs to be on guard, but some more than others.”

Last month, an elderly couple in Grosse Pointe Woods was robbed of $15,000 in jewelry when they allowed into their home two men posing as workers who said they needed “to check the water pressure,” according to GPW police.

Scammers use ingenious ways to earn trust and get people to open up – whether it’s getting confidential banking or credit card information or walking into someone’s home.

“They very quickly learn three or four things about you – religion, politics, family situation – and they use this in a way the recipient identifies with them,” Lichtenberg said. “They are very socially skilled that way.”

And while their techniques can be very believable, remain cautious. Lichtenberg offers a few tips of guidance:

• Don’t ever buy anything the first time it’s offered. Request contact information, a business card, and check them out.
• If someone requests to come into your home and you believe it’s legitimate, set an appointment for another time and have a family member or your financial advisor there for the appointment.
• Develop a personal relationship with an officer at your bank and use him or her for guidance on any large-scale transaction you are considering.

“Scam and fraud artists have come to recognize that as we age we tend to have more rose-colored glasses, in general we use less critical thinking and we are more focused on the emotional tone of the conversation,” Lichtenberg explains.
Just remember, the old adage is still true: If it sounds too good to be true, it probably is.

Anne Marie Gattari is owner of BrightStar of Grosse Pointe / Macomb. Contact her via email. 

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