Some people may be more susceptible to fraud than others, as we have seen at Wesley Financial. Phone scam, in person scam, or otherwise, many people may find themselves being taken advantage of. We’ve seen a plethora of people from all walks of life being “taken for a ride” by unscrupulous timeshare salespeople. You don’t have to be the victim anymore. You can combat timeshare fraud with the assistance of Wesley Financial. Phone scam, online scam, or in person scam, we’ve heard our fair share of timeshare fraud stories from those who have been duped. In an article published online for the New York Times, writer Ann Carrns explores how certain older people tend to be taken advantage of.
Those Most Susceptible to Fraud
Respecting our elders is a maxim that we follow at Wesley Financial. Phone scams, online scams, and in person scams with timeshare fraud grab hold of many people at one time or another. Unfortunately, research shows that certain older people may be taken advantage of more than others. Writer Ann Carrns explores this in her article published online for the New York Times. She begins, “Older people who are active investors and who prefer unregulated investments may be more susceptible to investment fraud, a report published…by the AARP Fraud Watch Network found. The network, established in 2013 to help promote fraud prevention, commissioned a study… that included telephone interviews with 200 known victims of investment fraud and 800 interviews with members of the investing public.
Doug Shadel, the lead researcher for the network, said that relatively inexperienced people often invest money on their own these days, in part because of the decline in traditional pensions. At the same time, he said, technology makes it easier for scam artists to reach larger numbers of people, by telephone or email.” (Carrns, 2017). Although the article emphasizes investment fraud, sometimes people are duped into timeshares by the idea of investing. After all, isn’t timeshare touted as an ‘investment’ by many? Timeshare fraud takes its toll on countless individuals and families.
Carrns analyzes a report published by the AARP Fraud Watch Network. She elaborates,” The report sought to pinpoint traits that may help explain why some people are more susceptible to investment fraud, Mr. Shadel said. Victims were more likely to be men 70 or older, and they tended to be risk takers. About half of the fraud victims agreed that they did not mind taking chances with their money, as long as “there’s a chance it might pay off.” (Carrns, 2017). We know that timeshare fraud touches upon people from many different walks of life.
Unfortunate Victims of Fraud
Although the article is focusing on those who are victims of different investment frauds, it is still relatable to much of what we see in timeshare fraud: innocent people being taken advantage of by unscrupulous individuals. Carrns continues, “And nearly half of fraud victims, compared with less than a third of general investors, agreed that “the most profitable financial returns are often found in investments that are not regulated by the government.” Victims were more likely to report valuing wealth accumulation as a measure of success in life and being open to sales pitches, the research found. Victims reported that they frequently received targeted telephone calls and emails from brokers and that they made five or more investment decisions a year. Also, they were more likely than general investors to respond to remote sales pitches, including those delivered in television commercials.” (Carrns, 2017).
We’ve seen countless people being taken advantage of and coming to us for help at Wesley Financial. Phone scam, online scam, or otherwise, fraudsters are on the lookout for innocent people. Still, sometimes it’s hard to come to terms with fraud when you are the victim. No matter what age or background you may have, you should feel comfortable coming to someone for help. If you or someone you know is the victim of timeshare fraud, you can contact Wesley Financial for help.
Stories by Victims of Fraud
Carrns continues to explore who is most likely to be exploited and why. She states, “As many as 17 percent of Americans 65 and older report being the victim of financial exploitation, according to the Consumer Financial Protection Bureau. Estimates of annual losses are in the billions of dollars… Older people are at risk of being swindled not only by strangers but also by people they know. Douglas Canada, a 78-year-old retiree in Nevada…received a call in 2015 from a man who had been a co-worker three decades earlier. The man invited Mr. Canada and his wife to lunch to talk about an investment opportunity. The man and his date sported Rolex watches, and they even bought a diamond ring during the outing. “They really put on a good show,” Mr. Canada recalled.” (Carrns, 2017) It hurts to hear about stories such as these. We’ve heard our fair share of sad stories about timeshare fraud at Wesley Financial. That doesn’t mean that something can’t be done about it.
The story continues, “The man told Mr. Canada that he had grown rich by buying and renovating foreclosed homes in another state. He invited Mr. Canada to invest, promising double-digit returns. Mr. Canada sent a cashier’s check for $40,000 — but has since been unable to contact the man. Mr. Canada has hired a lawyer and a private investigator, and he has written to the state authorities but isn’t optimistic about getting his money back. “He’s a con man,” Mr. Canada said. “I was gullible, and I fell for it.” Some scams — gold investing, real estate schemes, and even one involving leases on A.T.M.s — may sound improbable after the fact, Mr. Shadel said, but victims report being persuaded — sometimes, because of word of mouth from friends or family.” (Carrns, 2017). Indeed, it is very sad to hear about someone being taken advantage of. Although the story isn’t specifically a case of being duped in a timeshare, we can still see the similarities. Basically, it’s another story about people trying to prey upon the kindness and openness of others.
Contact Wesley Financial: Phone Scam, Online Scam, or In Person Timeshare Fraud, We’ll Fight It
Carrns’ article collects information and stories about those who have been the victims of fraud. At Wesley Financial, phone scam, online scam, or in person scam, – if it has to do with timeshare fraud – we’re the best out there. If we don’t believe that we can help you in your particular situation, we will be sure to let you know as soon as possible. We don’t lead people on. We do everything in our power to help those who have been duped by the timeshare industry. It isn’t rocket science to understand what these fraudsters are up to, and they’ve got to face up to what they’ve done. Find a time during your day to speak with a member of our team at Wesley Financial. Phone scam, online scam, or in person scam, we’ve got your back.
Carrns, Ann. (February 17, 2017). Why Older People Are Vulnerable to Fraud, and How to Protect Them.