LOS ANGELES (CBS) — A major effort was underway Wednesday to protect millions of older Americans from falling prey to financial fraud schemes.
KNX 1070’s Ron Kilgore reports the District Attorney’s office warned perpetrators of senior scams are most likely to be people within their own family.
The Elder Financial Protection Network held a call-to-action summit in Los Angeles to highlight a startling trend.
“Victimization by a family member who takes advantage of this person’s love and trust for them and gets control over their finances, and next I think it would be the scam artists who call,” said Chief Deputy District Attorney Jackie Lacey.
Lacey was joined by Hubert “Skip” Humphrey III, head of the Consumer Financial Protection Bureau’s Older Americans Unit, and State Senator Kevin DeLeon (D-Los Angeles).
Humphrey had some advice for older consumers: take your time.
“Step back, think about it, you don’t need to rush into any decision even though you’re being pressured,” he said. “They’ll be back, if they’re really interested in helping you, they’ll find a way to help.”
The aim of the program is to educate a rapidly aging public about their rights and steps they can take to ensure their financial protection in the event of any loss.
Anyone who believes they have been victimized by family members or other scam artists are encouraged to visit the website for the Elder Financial Protection Network.