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Protecting the Elderly from Financial Fraud

WHEREAS, the elderly are the fastest growing segment of our society and are vulnerable to financial abuse; and

WHEREAS, African-Americans are 3 times more likely to become victimized; and

WHEREAS, it is estimated that only 1 in 10,000 elderly fraud victims reports the crimes to authorities due to embarrassment, lack of awareness about the enormity of the problem and the toll that age takes on their cognitive abilities and health; and

WHEREAS, financial fraud whether perpetrated by a stranger or trusted aid or "loved one" can destroy the financial well-being of its victims, as well as the financial well-being of the entire community; and

WHEREAS, an estimated 5 million seniors annually fall victim to these crimes according to the FTC (that's one in five seniors) and they are losing an estimated 3 billion annually various financial frauds including telemarketing fraud, inheritance fraud, grandchild in trouble scam, identity theft, health insurance fraud, fraudulent charity, sweetheart scams, repair service scam and foreclosure rescue scam.

THEREFORE, BE IT RESOLVED that the National Association for the Advancement of Colored People (NAACP) work with the local, state, and federal legislative and judicial processes to make sure that such crimes are prosecuted to the fullest extent of the law; and

BE IT FINALLY RESOLVED that the NAACP will urge all of its units to work to educate seniors on how to avoid these frauds and assists victims of financial fraud, and take action necessary to expose and halt those who perpetrate the financial fraud in our communities.