8 Common Types of Fraud that Target Seniors

 

 

Criminals often see seniors as an easy mark for scams. Being aware of the variety of frauds that are commonly perpetrated against seniors is a vital step in protecting yourself, Victory State Bank says.

To assist in your anti-fraud efforts, Staten Island’s only community-based commercial bank issharingthe following list from the U.S. General Services Administration’s “Consumer Action Handbook,” which highlights eight types of fraud that are commonly committed against seniors:

§  Caregiver fraud

A staff member at a nursing home, friend, or family member steals your money.

§  Funeral and cemetery fraud

You pay unnecessary charges for funeral and burial services.

§  Health care or health insurance fraud

You receive bills for medical services or equipment that you never received or ordered.

§  Housing fraud

Real estate professionals attempt to gain access to the equity from your property. They may also fail to explain repayment requirements on reverse mortgages.

§  ID theft

Scam artists use your personal information to apply for loans, file taxes, or get medical care.

§  Internet fraud

Emails, online ads, pop ups, and search results may be designed to trick you into sending money and personal information.

§  Investment schemes

Seniors may fall victim to advanced fee schemes, pyramid schemes, and other financial crimes.

§  Telemarketing fraud

Scammers call, selling bogus products and services over the phone.

WHERE TO REPORT FRAUD

To report fraud, contact your state consumer protection office or the relevant federal agency listed here:

§  Financial Fraud: Consumer Financial Protection Bureau

Phone: 1-855-411-2372

Online: www.consumerfinance.gov/complaint

§  Housing Fraud: U.S. Department of Housing and Urban Development

Phone: 1-800-669-9777

Online: www.hud.gov/complaints_home

§  Identity Theft: Federal Trade Commission

Phone 1-877-382-4357

Online: www.ftccomplaintassistant.gov

§  Internet Fraud: Internet Crime Complaint Center (IC3)

Online: www.ic3.gov

§  Investment Fraud: Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA)

Phone: 1-800-732-0330

Online: www.sec.gov/complaint.shtml

FINRA Phone: 1-844-574-3577

§  Medicare Fraud: U.S. Department of Health & Human Services, Office of the Inspector General

Phone: 1-800-447-8477

Online: https://oig.hhs.gov/fraud/report-fraud/

§  Not Sure What Type of Complaint

If you are uncertain about the fraud category, contact the Senate Special Committee on Aging Fraud.

Phone: 1-855-303-9470

Online: www.aging.senate.gov/fraud-hotline

 

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ABOUT VICTORY STATE BANK

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank.

A planned sixth branch, to be situated in Meiers Corners, has received both regulatory and building department approvals.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

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