Sadly, scammers often target senior citizen. However, New York caregivers can take measures to protect seniors against elder financial abuse.

Elder financial abuse is a big problem for older New York consumers and their caregivers. If you’ve never heard of this term, it refers to financial schemes aimed at seniors. Sometimes, professional scammers target and steal money and/or property from senior citizens in New York. However, these crimes are (sadly) often committed by “friends” and family members. Unfortunately, elder financial abuse often goes unreported. This is in spite of the fact that it costs elderly victims in New York thousands of dollars a year and can cause significant damage to their credit reports and credit scores. These crimes also cost caregivers money and put unnecessary stress on New York families.

How Scammers in New York Commit Elder Financial Abuse Against Seniors

The Allianz Life Insurance Company annually polls families in New York and other states about elder financial abuse. Back in 2014, when the company conducted its first survey, 30% of respondent families claimed that they knew of a financially abused senior. In 2016, this number rose to 37%. Of the families surveyed who have personally experienced these types of crimes, the average financial loss reported was around $36,000. In 2014, it was $28,000.

Elder financial abuse in New York takes a variety of forms. Sometimes professional fraudsters use telemarking schemes to sell useless products to seniors, steal their personal data, or take their money without delivering promised goods. In other types of scenarios, identity thieves actually befriend lonely seniors in order to take their personal information or financial resources.

Finally, unscrupulous family members frequently take advantage of seniors. They may manipulate elderly New Yorkers into signing over a deed, changing a will, or giving them power of attorney. Sometimes these amateur scammers just take possessions or cash when seniors aren’t look. Or, if they are more ambitious, they steal and use credit cards or set up fraudulent credit card accounts in an elderly person’s name.

No matter how they get scammed, crimes related to elder financial abuse can cause terrible burdens for both the victims and their caregivers. Often, targeted seniors live on fixed incomes, so they must rely on adult children, grandchildren, nieces, or nephews to compensate for financial losses. In cases of identity theft, seniors may need co-signers for necessary loans until their credit is fully repaired. This is why it is very important for both seniors and caregivers to be on guard against elder financial abuse in New York.

New York Caregivers Should Watch for These Common Elder Financial Abuse Warning Signs

New York caregivers should talk to seniors about protecting themselves against scammers, fraudsters, and identity thieves. However, it is also important for these caregivers to check up on elderly friends or family members.

First, when visiting your older friend or relative, look around to see if any valuables are missing. If so, ask about who has been in their home. Also, verify that all bills and bank statements are coming to the correct address, and that they are paid on time. In addition, ask to see bank and credit card statements, and look for any unusual activity. Finally, if they have not done so in a while, help your senior check their credit reports.

The easiest way to request free copies of credit reports from the three major credit bureaus is to visit From this federally authorized website, you can get credit reports from TransUnion, Equifax, and Experian all in one place. Under the Fair and Accurate Credit Transactions Act (FACTA), New York consumers can make these cost-free requests once every 12 months. This is also good advice for caregivers to take for themselves. Because, unfortunately, identity thieves prey on all age groups.

How to New York Consumers Should Handle Credit Repair After Identity Theft

If, while going over your credit reports or those belonging to a senior family member, you spot unauthorized accounts or bogus transactions, file a police report immediately. Also, make sure that they get a copy of the police report to use later in the credit report recovery process.

Next, contact Credit Repair Lawyers of America in New York. If you are a caregiver, you can call us on behalf of a senior. Just make sure to get their permission first. Then, our credit pros will connect you with an experienced credit attorney who will go to work on your behalf. Our firm will get fraudulent items removed from your credit reports no matter what it takes – for free.

 The Free and Legal Way to Repair Your Credit Reports After Identity Theft in New York

Don’t let identity theft damage on your credit reports bring your credit score down. At Credit Repair Lawyers of America, we’ve been cleaning up credit reports for consumers since 2008 for free. How do we do it? All of our fees come from the defendants in settled cases. This is why our clients pay nothing for the work we do.

Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Carl Schwartz at (646) 859-3045 or sending him a message through our contact page.

For more information about Free Credit Repair After Identity Theft, please visit