Types of Retirement Fraud
Unfortunately, there is an entire industry of scammers out there that make their living preying on the elderly by stealing their retirement. People work their entire lives and stash money away in retirement plans, only to have someone catch them unaware with a scheme that drains their retirement portfolio of sums of money. Thankfully, there are also attorneys who make their living defending people who have been taken advantage of with retirement fraud. It is important that you learn a little bit about some of the most common forms of retirement fraud, so that you are able to fight back with the help of an attorney.
#1: The Grandchild Crisis
It is a universal truth that grandparents have a huge soft spot in their heart for their grandchildren. Because of this, scammers prey upon this love by making up stories of their grandchildren being in crisis. People will cold call elderly persons with stories of a grandchild being in the hospital, stranded in a foreign country and many other heartbreaking matters, in order to get the person to wire them some money. In many situations, the elderly person will tap into their retirement fund in order to wire the sum of money.
#2: Computer Schemes
There are a number of web sites that elderly people are lured to that steal information. The web site is built to take over the computer and allow someone on the other end to access personal information, or to prompt the elderly person to give away this information. From here, scammers will be able to get access to their retirement account and transfer money out of it accordingly. Because many elderly people are not entirely comfortable with or aware of how to use internet, this is one of the biggest areas of retirement fraud today.
#3: Phony Repairs
One of the biggest forms of retirement scams is to contact an elderly person posing as a contractor and telling them that they need repairs on their property. They may up the ante on the drama, making it seem as though the house is at risk if they do not get the repairs quickly. This is done under false pretenses, and in many situations, they may be prompted to dip into their retirement account in order to pay for the repairs. This is a key area that people turn to for retirement fraud, because it is quite easy to quote someone an expensive repair for roofing, siding and other structural issues.
Now that you know a little bit about retirement fraud, you should take inventory of whether or not you have fallen prey to any of these schemes. If so, you will need to fight back by hiring the representation of a high powered retirement fraud attorney who can help you out. They will be able to take on your case and get you your money back. This way, you will be able to enjoy a peaceful retirement and bounce back from this crisis.