Our Maine Street's Aroostook Issue 23 : Winter 2015 | Page 24

Cynthia Grove is a volunteer AARP Maine Fraud Fighter. AARP Maine is currently seeking volunteers who would like to give presentations in their own communities. Don’t Let the Next Victim of Fraud be You: Learn to Keep Your Money Safe Jane Margesson AARP Maine Communications Director It is a sad fact that older adults in Maine are increasingly the target of financial exploitation. In fact, financial industry research indicates that most investment fraud victims are between 55 and 65 years of age. Many older adults have sound finances and a solid credit history, making them a prime target for thieves. It is also not uncommon for older adults to live alone which can make them even more vulnerable. For this reason, thieves may design their schemes to manipulate older adults. One of the most prevalent and destructive forms of financial fraud is called Identity Theft. Identity theft occurs when someone uses your personal information such as your Social Security number, your credit card number, or your bank information to get credit or make purchases for themselves in your name. Victims of identity theft not only risk losing money but may also face difficulty getting credit or loans. It can take years to reestablish your credit rating. 22 WINTER 2015 Scam artists are also experts at fabricating stories in an effort to solicit personal information. You may have heard about schemes such as the “grandparent” scam where fraudulent calls are made to consumers regarding a grandchild who is in financial trouble or even in jail. These schemes use victims’ emotions against them so they are too distracted to question the validity of the stories. Another common scheme is the “get rich quick” scam where fraudsters claim that you have won the lottery and are entitled to a huge payout. These scammers are creative and relentless. They will stop at nothing to separate you from your hard-earned money. AARP Maine is actively working with the Office of the Attorney General, legislators, community leaders and volunteers across the state to deliver presentations, disseminate information and raise awareness about con artists’ tricks and how we can work together to spot fraud. One question I am often asked is “why do so