Financial Education for Seniors
“Avoid Scams and Plan Wisely”
Have you ever been a victim of financial scams? Do you know someone who
experienced identity theft? Older adults are prime targets for financial
exploitation both by persons they know and trust, as well as by strangers. In
many Asian and other immigrant communities, the epidemic of financial elder
abuse remains under the radar.
Because it is difficult to investigate and prosecute these crimes, awareness
and prevention is the first step. In October 2013, LTSC sponsored a seminar to
inform Asian American seniors and their caregivers about ways to avoid scams
that target older people and measures to prevent identity theft. The program,
attended by close to 300 people and presented in English, Japanese, Korean and
Chinese, was made possible through major funding from Citi Community
Since then, several follow-up workshops have been held on other financial
education topics such as Long Term-Care and LTC insurance; Living Trusts; and
Living Alone in Late Life. LTSC’s social workers also provide individual case
management and advice on financial matters to low and moderate-income seniors
in our communities.
In addition to workshops, LTSC has been collaborating with the Financial Planning Association of Los Angeles (FPA LA), to conducted One-on-One Counseling Sessions for our clients to speak with a Certified Financial Planner individually for 45 minute sessions. FPA LA has helped to recruit the volunteers, while LTSC staff are there to help provide translation for the monoligual clients who may need the additional assistance.
What are some examples of financial exploitation to be aware of?
• Theft of money or property, often by a caregiver or in-home
• Investment fraud and scams, including deceptive “free-lunch
seminars” selling unnecessary or fraudulent financial services or products
• Lottery and sweepstakes scams
• Scams by telemarketers, mail offers or door-to-door
• Computer and Internet scams
• Identity theft
• Reverse mortgage fraud
• Contractor fraud and home improvement scams
• Exploitation by an agent under Power of Attorney or person
in a fiduciary relationship
For more information or assistance, please contact 213-473-3035.
Program funded by