Enlist doctors' help spotting scams

Just in time for the holidays, the “grandma” scammers are back on the job.

They're calling older Iowans, pretending to be a grandchild in trouble, asking for money for bail or a bus ticket or bills.

Iowa seniors have lost thousands of dollars in this scam since it first appeared here in 2008 - just one of any number of financial swindles targeting older Iowans.

I asked Iowa Insurance Division spokesman Tom Alger to name some other common scams. “How much time do you have?” he asked.

There are the Bernie Madoff-style Ponzi schemes, the oil and gas gambits, cons involving precious metals and phony banks.

There's what Alger called affinity fraud - when someone from a respected church or other organization uses that trusted name to get access to your checkbook.

But while the details are as various as the con artists who cook them up, the core problem is the same: With plenty of savings and a willingness to trust, some older adults can be easy marks for criminals without a conscience.

Experts estimate that one person in five over the age of 65 already has been the victim of a financial scam. That's more than 7 million people - making seniors the country's most exploited population.

And as baby boomers ease into their retirement years, experts worry the numbers will explode.

Little of the estimated $2.5 billion swindled from seniors each year is recovered. That can be devastating to fixed-income folks with little time to rebuild their nest egg.

Seniors with dementia or early-onset Alzheimer's are especially vulnerable to fraud, Alger said: “It's just a tragic situation.”

Studies show that family members tend to overestimate their relatives' ability to take care of their finances. They can be reluctant to pry into elders' financial affairs.

But soon, seniors may have new allies: Their family doctors.

In Iowa and nearly two dozen other states, officials are developing educational materials to help doctors screen patients for financial victimization. The project is a collaboration between securities regulators, consumer advocates, adult protective services and medical groups across the country. It makes sense.

Doctors are mandatory reporters of elder abuse - this is a natural extension of that responsibility.

Teaching doctors to be on the lookout for signs of financial victimization takes advantage of an already established, trusted relationship. That could go a long way to prevent con artists from taking advantage of seniors' trust.

Comments: (319) 339-3154; jennifer.hemmingsen@sourcemedia.net