The longer you live, the more assets you acquire. For this reason, seniors typically have more assets than other people. If they’ve lived in the same residence for decades, they might have paid off their house. This makes them vulnerable to real estate fraud. Seniors are the most often targeted group by those looking to commit property fraud. Here are a few reasons why this is the case and why seniors need home title monitoring.
Less Technologically Savvy
Technology is growing at a tremendous rate and so is white-collar crime. Every day, more schemes are being hatched as criminals look for ways to trick unsuspecting victims. Today, you have to be more cautious than ever before when communicating with people online. Many seniors aren’t as technologically savvy as those of a younger age. They might not realize the dangers of communicating with people they don’t know online or over the phone. This makes them vulnerable to those looking to take advantage of them. If they’re not careful, they could end up giving away information that could cost them the title to their home.
They Have More Assets
Most people don’t own their home or many other assets. It takes time to pay off these large purchases. If you don’t own your home, car, or other large purchases, you don’t have the title. This makes attempting to scam these people pointless. Seniors have spent decades paying off debt and likely have most of their assets in their name. This makes them the perfect target for criminals as they’ll get more of a payoff by targeting them. Unfortunately, this means that those that typically are less aware of the dangers are more vulnerable to being targeted.
They Can Be More Trusting
Many seniors grew up in a time where people could be more trusting. Criminal activity was much easier to see. Technology has changed that as criminals can now pretend to be someone they’re not and it can be tough to recognize that. Still living with the same mindset as the past, this makes seniors much more trusting than those of a younger age. This trust also makes them more vulnerable as criminals will look to prey on that attribute.
The most targeted group when it comes to title fraud is seniors. They tend to be more trusting, have more assets than younger people, and are less knowledgeable about modern technology. This vulnerability makes it even more important that they have home title monitoring to protect their assets.