Did you know that scam artists pay money for lists of names and telephone numbers, and then use slick sales people to try to get access to your bank account information?  The New York Times reports that large corporations such as Wachovia bank and other banks do little or nothing to stop unauthorized persons from stealing from vulnerable elderly persons.  The scam artists trick seniors into giving out financial information over the telephone.

The scammers pay “information brokers” for the lists of names, and then make contact with you by telephone.  The information brokers do not care about your privacy, nor what the thieves want to do with the information they sell.  Isolated, unsuspecting, vulnerable elders receive a pleasant sounding phone call from a scammer, pretending to be asking for financial information for a legitimate purpose.  The scam artist is chatty, friendly, and personable.  Lonely people are easily victimized, particularly if they suffer from memory problems, dementia, or confusion.  The thieves want your buying habits, your opinion, and your personal financial information, such as your bank account location and account number.  They use it immediately to gain access to your account, draining your funds and getting away with it.  The thieves rely on the bank to allow them to access your money, and the banks do nothing to stop the access, even when the thieves’ names are not on your account.  One telephone call can leave a person destitute if he or she gives out this personal information.  

If you notice that you have any memory problems, if you find yourself sometimes confused about who is calling on your home telephone, you are a target.  Never give out your account number to anyone, no matter how nice they seem, nor how often they call just to talk.  Beware of these scams.  It happens often, and millions of dollars are stolen from elders each year.

By Carolyn L. Rosenblatt, R. N., Attorney at Law

Marin Financial Abuse Expert Team member