National Senior Fraud Awareness Day 2023: National Senior Fraud Awareness Day is celebrated annually on May 15. Its purpose is to raise awareness of the fraud schemes to which senior adults frequently fall victim, as they lose approximately $36.5 billion per year to financial fraud. Due to this alarming statistic, the U.S. Congress declared the establishment of National Senior Fraud Awareness Day in an effort to raise awareness and enhance methods for ensuring the safety of senior citizens in the United States. This day was inaugurated in 2018 and has continued to occur annually.
HISTORY OF NATIONAL SENIOR FRAUD AWARENESS DAY
Financial misconduct is several millennia old. In 300 B.C., the Greek merchant Hegestratos purchased an insurance policy known as ‘bottomry,’ in which he borrowed money and promised to repay it with interest. The repayment was due upon delivery of the insured cargo. Hegestratos, however, intended to sink an empty ship, retain the loan, and sell the goods without the lender’s knowledge. He ultimately perished while attempting to flee with his crew and passengers.
Additionally, financial fraud in the United States has a lengthy history. Charles Ponzi discovered in 1920 that he could purchase postal vouchers in the United States, send them abroad, and make a 5% profit. He did not tell his investors this, however. Ponzi guaranteed them a grossly inflated profit estimate of fifty percent. He escaped the country after using the large influx of funds from newer investors to pay off earlier investors. His deception shook so many people to their cores that this type of deceit was named after him.
Today, senior citizens are frequently the most susceptible to financial fraud, and many geriatric individuals fall victim to a few prevalent schemes. Sometimes, they are victimised by fraudsters posing as government agents and convincing them to divulge confidential information such as their Social Security numbers. On occasion, con artists send these older individuals text messages claiming there is a problem with their account, whether it be a credit card, bank account, or something else, and ask them to voluntarily provide their login information.
HOW TO OBSERVE NATIONAL SENIOR FRAUD AWARENESS DAY
Investigate financial fraud
The purpose of this day is to bring attention to financial fraud. Initially, ensure that you understand what the term entails.
Look up prevalent financial frauds
Make an effort to comprehend common cons. This would prevent you from falling prey to them.
Educate senior citizens about these cons.
Help the cause and inform the elder adults in your life of what you’ve learned. What greater way to celebrate this day could there be than by doing this!
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5 INTERESTING FACTS ABOUT SCAMS
victims of deception
One in ten American adults fall victim to fraud annually.
Juvenile characteristics
Each year, approximately 1,3 million minors have their identities stolen.
Fraud complaints
Nearly 2,8 million Americans filed fraud complaints in 2021.
Most common fraud
Some of the most prevalent cons involve fraudsters posing as someone else.
Most expensive swindle
Investment fraud is the form of fraud that costs victims the most money.
WHY THIS DAY IS IMPORTANT
It emphasises the importance of financial literacy
People are frequently duped because they do not understand how their finances and financial institutions operate. Consequently, National Senior Fraud Awareness Day emphasises the importance of financial literacy.
It recognises the most vulnerable individuals
The only way to remedy a problem is to determine who it affects the most. National Senior deception Awareness Day highlights the demographic most susceptible to deception.
It encourages preventive measures
National Senior Fraud Awareness Day promotes arming seniors with the knowledge and awareness necessary to avoid financial schemes. We are committed to bringing attention to vital issues such as this one.
NATIONAL SENIOR FRAUD AWARENESS DAY DATES
| Year | Date | Day |
|---|---|---|
| 2023 | May 15 | Monday |
| 2024 | May 15 | Wednesday |
| 2025 | May 15 | Thursday |
| 2026 | May 15 | Friday |
| 2027 | May 15 | Saturday |
