I'm reading a very useful book called, Fleecing Grandma & Grandpa: Protecting against Scams, Cons, and Frauds, by Betty L. Alt and Sandra K Wells. The book provides lots of useful advice about protecting seniors from the many scams that target them. With the expanding senior population of the US, the number of seniors affected by scams and fraud will undoubtedly grow.
One scam described by the book is the Romance Scam in which a senior meets a younger companion who seems interested in a relationship. The younger companion asks for monetary support in various forms and in some cases will make off with hundreds of thousands of dollars before leaving to look for another mark.
One case described in Fleecing Grandma & Grandpa involved a 69 year old widow who answered a "seeking friends" ad in the local newspaper. She got a response from Brad, who was her age and lived in a neighboring state. After several months of correspondence, Brad came for a visit and a visit of several weeks was extended for five months. The widow paid for all of Brad's expenses and was given various excuses for his inability to pay his own way. Finally his host confronted him and then threw him out. She found out later that he was actually only 56 and made his living by writing to older women who answered his lonely hearts ads.
The book also described another romance scam where a 73-year-old man was approached by a 25 year-old-woman in a fast food restaurant. The relationship developed and the man eventually gave her $100,000 from his bank account and a $36,000 pickup truck. He also tried to buy a $65,000 Corvette for her, but the auto salesman became suspicious and notified the police. The woman was eventually arrested and pled guilty to abetting a swindle. It wasn't over yet though because the man posted bail for his young friend, and she skipped bail and left the area. He finally admitted she was "no good."
These scams can be prevented or at least mitigated if friends and family members step in when they see potentially predatory relationships developing. It's not easy to tell someone that a new romantic partner is in the relationship for profit, but doing so might prevent at least some of these romance scams.
