New Brunswick senior citizens lost 385,000 to fraud in 2010

In 2010, people approaching retirement age and senior citizens made up nearly 50% of all fraud victims in New Brunswick and reported more than $385,000 in losses, though investigators believe the actual number of people defrauded is much higher.

Some of the common scams targeting seniors include:

Bank Inspector Fraud: In August 2010, several New Brunswick senior citizens were victimized by “bank inspector fraud.” With this type of fraud, the potential victim receives a call from a person claiming to be an investigator from their bank or their bank manager requesting their help to solve an internal theft. The person is instructed to withdraw several thousand dollars from their bank account, then meet the caller outside the bank or at a designated location where they will exchange the money. It’s only after the money has been exchanged that individuals realize they have been a victim of fraud.

The Grandparent Scam: A grandparent receives a phone call from a con-artist claiming to be one of his or her grandchildren. The caller goes on to say that they are in some kind of trouble and need money. The victim sends money electronically through a money transfer company. Once the money has been sent via wire transfer, it can be picked up anywhere in the world and is hard to track once received by scammers. At this point, money is usually not recoverable by law enforcement or banking officials.

Door to door solicitation, such as renovation or home maintenance offers: Always verify that anyone offering services is legitimate, and get a second opinion if someone claims that they’ve identified a problem with your home or property before accepting and paying for their services.

Investment fraud: Be wary of any offer that sounds too good to be true or promises a high return on investment.

“Criminals view seniors and older adults as particularly easy targets,” says Cpl. Guy Paul Larocque. “Scam artists may try to capitalize on an older person’s vulnerabilities –whether they’re lonely, experiencing health issues or memory loss, living on a budget and anxious about finances, or simply not familiar with some of the latest technologies, particularly the Internet.”

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