CHARLESTON, WV (WOWK) — West Virginia is looking at a unique plan to protect its senior citizens from being scammed out of their money.
A crowd of AARP members, lawmakers and State Auditor’s Office employees packed a Capitol conference room on Tuesday.
Their mission is to push a bill in the Legislature that would give reimbursement assistance to anyone ripped off in an investment scam.
For example, a senior citizen who gets scammed out of $100,000 in retirement savings, could get $50,000 in restitution from a new state fund.
“Many of the people who have been taken advantage of, end up with nothing in their 401(k) and the people who have absconded with their money are gone. They live in a different country,” said State Auditor JB McCuskey, (R) West Virginia.
“From robocalls, email, TV, social media and more, it’s easier than ever to connect with people to try to convince them of new opportunities to get rich quick,” said Gaylene Miller, State Director of AARP West Virginia.
The top scams targeting seniors are dating and romance frauds that prey on widows and widowers.
Financial scams that target senior investment accounts are next. And the phony expiring auto warranties remain a persistent scam, too.
If you feel you might be targeted, the AARP, local law enforcement and the state auditor have resources to help.