List Brokers and Banks Help Scammers Scam The Elderly

Most telemarketers hate it when they hit a run of phone numbers belonging to the elderly. Many old people are hungry for anyone to talk to, though often have little money. Telemarketers are usually banned by their employers from hanging up on a potential customer, and can find themselves stuck on the phone listening to stories of the good old days.

But there's a special circle of scammers who prey on the elderly. And with help from direct marketing list brokers like InfoUSA that sell targeted lists of gullible elderly people and banks like Wachovia that won't crack down on scam accounts, they can empty accounts faster than you can say "uphill both ways."

The New York Times has a heartbreaking account of one such victim named Richard Guthrie.

Today, just as he feared, Mr. Guthrie’s financial freedom is gone. He gets a weekly $50 allowance to buy food and gasoline. His children now own his home, and his grandson controls his bank account. He must ask permission for large or unusual purchases.

And because he can’t buy anything, many telemarketers have stopped calling.

“It’s lonelier now,” he said at his kitchen table, which is crowded with mail. “I really enjoy when those salespeople call. But when I tell them I can’t buy anything now, they hang up. I miss the good chats we used to have.”

Photo: Administration on Aging via PingNews