In the Press
$AIF PROGRAM FEATURED IN NCOA's INNOVATION NEWSLETTER
The following article was originally published in the Summer 2006 Innovations Newsletter, published by The National Council on Aging. Please download the PDF (1MB) to view this article in it's original form (pages 24-26), and to enjoy the other age relevant articles their publication has to offer!
Seniors Better $AIF than Sorry
by Amy Johnson
Evelyn Bendersky opened her e-mail to find an “urgent request”—if she would ensure the safe transfer of $25 million, one quarter would be hers if only she provided her bank account and Social Security numbers.
The 72-year-old Montgomery Village, MD, grandmother of three immediately deleted the file. Discussing the strange e-mail with her daughter, Bendersky learned she had been “phished”—she was the recipient of an unsolicited e-mail that promises huge returns by providing confidential information to the solicitor.
Bendersky didn’t take the bait, but many do. In fact, the U.S. Secret Service estimates that the United States loses $300 million per year as a result of e-mail scams. And this staggering figure doesn’t account for other types of fraud, such as real estate scams, “ponzi” schemes, home-improvement rip-offs and theft.
One group working to educate seniors, their advocates, and caregivers on the impor- tance of safe investing is the northern California-based Seniors Against Investment Fraud, or $AIF. The program uses peer teams to deliver training to seniors at risk for invest- ment fraud and is sponsored by Mills- Peninsula Senior Focus-RSVP, San Mateo, in partnership with the Northern California Presbyterian Homes and & Services, Inc., Retired Senior Volunteer Program (RSVP), San Francisco.
$AIF was one of eight community-based organizations nationwide to receive a grant through Wisdom Works: Building Better Communities, a civic engagement program designed to create new opportunities for older Americans to contribute to society and educate the public about older adults’ vitality and potential. Sponsored by the National Council on Aging and supported by MetLife Foundation, Wisdom Works programs created self-directed, diverse teams of mature volun- teers and, in the process, enhanced senior volunteer leadership skills.
According to Megan McCarthy, RSVP pro- gram director, $AIF volunteers are “people who care. Victims come from all walks of life, and our volunteers understand that. The one thing they all have in common is that they care about seniors, and they don’t want to see them taken advantage of.”
Beauty Outside, $AIF Inside
That was certainly the case for $AIF volun- teer Helen Karr. As manager of a chain of department store beauty salons, Karr over- heard her clients confide tragic tales of being taken advantage of—fortunes lost, assets stolen, trust misplaced. “It broke my heart,” she recalled, “so when I read an article about two older lawyers who provided legal servic- es for middle-income women, I said, ‘I could do that!’”
Tips for Avoiding Investment Fraud |
 click to view larger or download PDF to view these tips on page 26. |
That’s when the San Francisco-based grandmother of 12 decided she wanted to be a lawyer. Working by day and attending law school at night, Karr was sworn in on her 64th birthday. That same day, her mentor from the San Francisco district attorney’s office invited her to join a new elder abuse unit. The more time she spent in the DA’s office, the more she realized the extent of these crimes and how many people had been victimized. “It did not take long to realize that we would never have enough prosecutors, judges or lawyers to handle all these cases,” Karr said. “We had to go out and educate... to tell people that they need to protect them- selves so that they would never need our services,” she said. After seeing two $AIF demonstrations, Karr said, “I knew I had to do this. But where to begin?”
Beginning was actually the easiest part, she learned. RSVP had all the materials Karr need- ed to get underway—from scripts and briefing materials to handouts and a toll-free number. After reviewing the materials, Karr said she felt “ready to help seniors be smart about their money. The hardest part,” she admitted, “was hearing their stories of victimization. So many people had lost so much.”
In the three years since she has been with $AIF, Karr has spoken to social workers, law enforcement officers, senior centers, ladies clubs and even the California State Bar. She also speaks at forums about senior abuse. “When we first went out in the community, people were reluctant to admit they were vic- tims of fraud,” she said. “But these seminars also empower. Many seniors who attend ask if they can volunteer to become educators.”
Last year, Karr received the National Spirit of Service award for her work through RSVP/$AIF. “That was a nice surprise,” she laughed. “I guess it means that the word is getting out.” Having distributed more than one million booklets on senior investment fraud, Karr doesn’t have to worry about that.
Investing in the Present, and Future
The desire to help others also drove Tom Banzhof, 65, a former president at Franklin Templeton, to $AIF. He enjoyed his career of making money for people. But when he retired at age 60, Banzhof looked forward to leaving the bustle of San Francisco for his relaxing vacation home in Minnesota.Then he was bit by the volunteer bug. It started innocently enough, when Banzhof saw an article on $AIF in a San Francisco newspaper. “I kind of knew people were being taken advantage of, but I didn’t real- ize the magnitude of the problem until I got involved with the program.” In the investment banking world, “we were always honest with our clients,” he said. “The more I learned, the more frustrated I became at the magnitude of those claiming to be honest but who were just out to hurt people.”
Banzhof called RSVP. With 38 years of experience in investment banking, he felt his unique perspective and insight would prove beneficial. “Unlike other $AIF volunteers, I speak from personal experience,” he said. “When I make the $AIF presentation, I tell them my background so that they can see where I am coming from.”
Banzhof said scammers prefer older tar- gets because they can easily win their trust. But not everyone fits this mold. “Victims come from all walks of life—no one is exempt,” he said. “The scammers have done their homework. The question is, can you avoid being a target? $AIF can give you strategies to avoid being a victim.”
Banzhof also volunteers at Cal Pacific Medical Center in the Liver Transplant Center. After reassessing his volunteer schedule, he made the tough decision to sell his house in Minnesota and stay in San Francisco, where his volunteer work beckons. “By staying in one place, it is easier to get more involved,” he said. “And that is what I want to do.”
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This was originally published in the Summer 2006 Innovations Newsletter, published by The National Council on Aging. Please download the PDF (1MB) to view this article in it's original form (pages 24-26), and to enjoy the other age relevant articles their publication has to offer!
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