Senior citizens are often the target of a number of scams. It is estimated that as many as one million elderly people fall victim to one or more scams each year.
Older adults are more trusting of people whom they don’t know and often are more vulnerable to these types of scams. Some seniors also may have cognitive issues that affect their judgment and reason. In addition, as seniors become less mobile and physically strong, they invite more personal services and help into their lives and homes. This can leave them susceptible to fraud or a stolen identity.
Scammers will often try to pressure an elderly person into giving out information. Remember nothing is ever that urgent. Any person or company that says they need an immediate reply is not going to be legitimate.
Prevention is the key
The most important thing for a senior to do is to ask for help or advice before agreeing to any type of arrangement with a company. Never be pressured into any type of deal before asking for assistance
- Do not sign an agreement with any individual or business.
- Never provide any personal or financial information. Do not give out social security, credit card, or bank account numbers. Never give any financial information period.
- Do not give out personal details such as an address, details on children or family, or other general information.
- Do not give any online account information such as passwords.
It’s extremely important to know and be on the alert for potential scams. Also, be aware that certain situations may not be everything they are hearing or reading.
Identifying and avoiding senior scams
According to the National Council on Aging (NCOA), there are prominent scams targeting seniors currently that have cost some billions of dollars. Identifying these scams will help protect your elderly loved ones’ wallets and identity.
Talk to your older loved ones about the different types of scams and how to avoid them. It is important for family members, caregivers, and friends of the older generation to remain up to date about different scams to protect the seniors they care about.
- Internet fraud – Do not click on unknown emails or pop-ups, download files or links, or enter financial information into an unknown website.
- Fraud over the phone – Happens very often especially when it comes to financial scams. Never give account numbers and ask for company identification to research them. Also, the IRS will never call a senior saying they are under audit.
- Investment scams or reverse mortgages – Many fraudsters make promises to seniors on how much return they can make on their money, try to push mortgages, and more, so be cautious in dealing with dollars and cents.
- Scams on Medicare as well as other medical issues – Do not provide account numbers, review copies of all bills/statements, and be wary of insurance companies trying to sell additional coverage.
- Sweepstakes frauds – Promise that the senior citizen “won” something if they just mail in a check. Almost 100% of these deals are some form of fraud.
Talk to your older loved ones about the different types of scams and how to avoid them. It is important for family members, caregivers, and friends of the older generation to remain up to date about different scams to protect the seniors they care about. If you or your loved one have been scammed or are concerned you might be the victim of a scam, don’t be afraid to talk about it with someone you trust. Seek help because doing nothing could have huge financial consequences.
