Introduction to the class
Elder fraud is a damaging crime, more so than most. We are all subject to fraud, and sure, we lose a bit here and there – this is life. But as many of us are young(er) and employed, we have the emotional and physical capacity to recover. The elderly do not. In many cases, the results of elderly fraud have caused the victims to lose their homes and their savings and become either wards of the state or taken in by friends or relatives.
Join us to help you make those around you more resistant to elder fraud.
This course includes:
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3 hours of self study including articles and presentations
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Full lifetime access to learning material
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Certificate of attendance
How it works?
Workshops take place on Hapeiron, an Interfima e-learning platform.
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Enroll to the class from this page
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After enrollment you'll receive a registration link to access the platform
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Complete all learning material
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Get your certificate of attendance
Do you want this class in-house?
We can deliver this class in-house for your organization's employees.
CPD Recognition
The syllabus of this workshop is eligible for 2 CPD hours in Regulations and ethics, finance, auditing.
Criteria and CPD hours are verified directly by your association, regulator or other bodies which you hold certification or membership.
What you will learn
The causes and reasons for elder fraud are clear
The elderly population is a target with a good deal of money. These are the people that, through hard work and toil over the years, have amassed substantial sums of money. Maybe not millions, but they have accumulated the fruits of a lifetime of earnings.
As we get older, our capacity to detect untrustworthiness declines. While many older people are portrayed as angry and disagreeable – this is a common defense mechanism against change. The fact is in those parts of the brain that are active in younger persons when trying to discern trustworthiness – in the elderly, this region's activity is significantly diminished.
The elderly are more emotional. The elderly react with stronger emotion than the young. Strong emotions exist, and disproportionate emotional reactions to important life events increase with age rather than diminish.
In short, we have a relatively wealthy population with a diminished mental capacity and increased emotional sensitivity. It is a population ripe for exploitation. Estimates were in the United States alone. It is a 45 billion dollar a year problem.
Elder Frauds Dissected
The following is a list of the more common frauds that will be discussed, dissected along with developing the “red flags” for awareness for all of us to see.
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Health Insurance
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Counterfeit Prescriptions
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Funeral and Cemetery
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Fraudulent Anti-aging products
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Telemarketing
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Pigeon Drop
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Fake Accident or kidnapping
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Charity
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Internet
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Email phishing scams
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Social medial scams
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Investment
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Property
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Insurance/annuity
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High Yield Investment
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Precious Metals and Crypto Currency
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Predatory Lending
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Homeowner Scams
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Tax Bill
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Reverse Mortgage
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Repair
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Fake Utility Inspector
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Identity Theft when in hospital or extended care
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Sweepstakes and Lottery Scams
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Grandparent Phishing
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Caregiver Exploitation
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Relative Exploitation
Making someone Fraud Resistant
There are many ways to address an individual’s susceptibility to scams. Even though a friend or a relative may be entering a time of diminished capacity, it does not mean they are in any way mentally feeble. Learning the signs of diminished capacity can alert family and friends to heighten their awareness. Further, asking a friend or loved one to cede control of parts of their life is likely to backfire.
Rather, it is wiser to take a very forward approach to fraud in general. Share with them that fraud is everywhere – as it is – and suggest to them a series of stratagems, not to necessarily protect them from fraud or themselves, but to lessen the damage of a fraudulent event.
These stratagems include:
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Separating accounts
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Long term v short term
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Credit cards v Debit cards
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Use of multiple banks
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Restricting wires and ACH outbound transfers
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Monthly or quarterly planning and budget sessions
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Awareness training
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Open and easy communication.