Financial Scams and Exploitation

Financial scams are everyone’s business.

Every year, thousands of older Kansans become victims of financial exploitation, jeopardizing their financial independence. Scammers are becoming more and more sophisticated. There is no shame in falling victim to financial exploitation. One of the best defenses for prevention is educating yourself and others about what financial scams look like, the tactics scammers use and knowing your rights.

	Don’t give out your information. Hang up the phone, don’t click on buttons or links, and don’t respond to messages from potential scammers. Scammers will employ a sense of urgency to get you to act quickly without thinking. Avoid falling for these tactics by exercising caution always and never agreeing to any urgent requests or demands for money.
	Check if the person trying to reach you is legitimate by verifying the source. Asking for help from someone you trust, like your bank, your family, or your friends, will help to relieve some of the stress of the situation and ensure you locate the right information. If you receive any kind of communication from someone claiming to be associated with a business or organization, contact that company’s customer support through a verified website or phone number and ask the company to verify the person as their employee.
	If you or someone you know has been scammed or may be at risk of exploitation, call the Kansas Protection Report Center hotline at 1-800-922-5330. Reporting scam activity helps improve efforts to shut down scams and scammers and prevent future scam victims. Financial scams are everyone’s business.

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What is financial exploitation?

Financial exploitation is the illegal or improper use of another person’s money or property for personal profit or gain.
The following Kansas statutes explain in detail the definition of financial exploitation of certain adults and the circumstances considered mistreatment of a dependent or elder adult:

KSA 39-1430 - Abuse, neglect or financial exploitation of certain adults; definition of financial exploitation
(e) "Financial exploitation" means the unlawful or improper use, control or withholding of an adult's property, income, resources or trust funds by any other person or entity in a manner that is not for the profit of or to the advantage of the adult. "Financial exploitation" includes, but is not limited to:
1. The use of deception, intimidation, coercion, extortion or undue influence by a person or entity to obtain or use an adult's property, income, resources or trust funds in a manner for the profit of or to the advantage of such person or entity;
2. The breach of a fiduciary duty, including, but not limited to, the misuse of a power of attorney, trust or a guardianship or conservatorship appointment, as it relates to the property, income, resources or trust funds of the adult; or
3. The obtainment or use of an adult's property, income, resources or trust funds, without lawful authority, by a person or entity who or trust funds.
KSA 21-5417 - Mistreatment of a dependent adult; mistreatment of an elder person.
(a) Mistreatment of a dependent adult or an elder person is knowingly committing one or more of the following acts:
(2) taking the personal property or financial resources of a dependent adult or an elder person for the benefit of the defendant or another person by taking control, title, use or management of the personal property or financial resources of a dependent adult or an elder person through:
1. Undue influence, coercion, harassment, duress, deception, false representation, false pretense or without adequate consideration to such dependent adult or elder person;
2. a violation of the Kansas power of attorney act, K.S.A. 58-650 et seq., and amendments thereto;
3. a violation of the Kansas uniform trust code, K.S.A. 58a-101 et seq., and amendments thereto; or
4. a violation of the act for obtaining a guardian or a conservator, or both, K.S.A. 59-3050 et seq., and amendments thereto

What are some common types of financial scams?

Sweepstakes, Charity, Lottery Scam
Perpetrators claim to work for a charitable organization to gain the victim’s trust, or claim the victim won a lottery or sweepstakes, which they can collect by paying a “fee.”

Romance Scam
Perpetrators pose as interested romantic partners on social media or dating websites.

Tech Support Scam Perpetrators pose as technology support representatives and offer to fix non-existent computer issues for money.

Government Impersonation Scam
Perpetrators pose as government employees and threaten to arrest or prosecute victims unless they agree to pay.

IRS Scam
Perpetrators claim the victim owes money for unpaid taxes or a missed paperwork deadline.

Grandparent Scam
Perpetrators pose as a relative, usually a child or grandchild, claiming to be in immediate financial need.

What are your rights when dealing with scammers?

It’s your right not to engage with scammers.

Financial scammers are everywhere, but you have the ability and the right to avoid them. It is okay to hang up the phone, throw away a piece of mail, or simply say, “No, thank you.” Exercise caution and trust your instincts. If something seems concerning, out of place, or ‘too good to be true,’ then stop to consider the situation. Never agree to any urgent requests or demands for money.

It is your right to seek independent verification of the person or business contacting you.

It is your right to say ‘no’ to requests for money from anyone.

It is your right to terminate contact with the individual or business.

How can someone protect themselves from being scammed?

	Resist pressure to act quickly – a sense of urgency is a common scam tactic.
	Never give out personal identifying information over the phone, unless you initiated the call with a trusted organization.
	Avoid any arrangement that asks you to pay up-front via money order, wire transfer, international fund transfer, pre-loaded card, or electronic currency (i.e., bitcoin).
	If you do not recognize a telephone number on caller ID, you do not have to answer the phone. Legitimate callers will leave you a message. If you’re unsure, look up the telephone number in a directory.
	If you received an email asking you to handle financial business via email, contact the company’s customer support through a verified website or phone number and ask the company to verify the person as their employee.
	No legitimate law enforcement agency or business will ask you to pay for anything via gift card or cash. NEVER mail or wire transfer money to anyone

What should someone do if they’ve been scammed?

STOP. VERIFY. REPORT.

If you or someone you know has been scammed or may be at risk of exploitation, call the Kansas Protection Report Center at 1-800-922-5330.

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Every year, thousands of older adults in Kansas become victims of financial exploitation, jeopardizing their financial independence. Free or affordable services are available to help avoid or correct the harmful effects of financial exploitation.

Free Credit Reports
Annual Credit Report Request Service
P.O. Box 105281, Atlanta, GA, 30348-5281
1-877-322-8228
annualcreditreport.com/index.action

Credit Bureaus/ Credit Freeze
A credit freeze limits third parties from accessing your credit reports and may prevent certain types of identity theft. You may be charged a fee of up to $5.00 to place or remove a security freeze. Generally, there is no charge for victims of identity theft.
To place a credit freeze, contact:

Equifax
1-800-525-6285
equifax.com

Experian
1-888-397-3742
experian.com

Transunion
1-800-680-7289
transunion.com

Unwanted Calls
Reduce telemarketing and potential scam calls by registering with the National Do Not Call Registry. Registration is permanent unless you remove your phone number from the list.

National Do Not Call Registry
1-888-382-1222
donotcall.gov

Resource Materials

Financial Exploitation Brochure

Financial Scam Brochure

Your Role as Power of Attorney

Learn More about Adult Protective Services