6 Common Senior Scams and How to Avoid Them
During this unprecedented time, we’re focusing a lot of attention on keeping you safe. Nothing is more important right now than doing all we can to keep you informed and keep you safe from scams, criminals, and trickery.
During times of crisis and uncertainty, the one certain thing is that charlatans, malcontents, and criminals will be lurking everywhere to take advantage of the situation. They’re looking for easy money and easy targets. And unfortunately, “easy targets” often means that seniors are targeted more often than any other age-group.
We found an excellent article we wanted to share with you. It explains why seniors are so often the targets of criminals and also highlights 6 common senior scams and what seniors can do to avoid them.
From the article:
“Imagine going to the grocery store and having your card declined. You call the bank only to find out that there have been thousands of dollars in transactions made to your account and now you have no money. Now imagine this has happened to your parent or grandparent.
“Financial scams are crimes that often go unreported because they can be difficult to prosecute. However, that doesn’t make them any less devastating. Falling victim to a financial scam can leave you, a parent, or grandparent in a vulnerable place. What’s arguably even scarier is that it’s not always a stranger who commits these crimes. According to a MetLife study, 34 percent of elder financial abuse is perpetrated by family, friends, and neighbors. In this article we’ll talk about common senior scams and how you can help your loved one avoid them.
“Why are seniors the target of scams?
“Growing up, we may have gotten annoyed by our parents. Perhaps they were embarrassing to us or something. Now that we’re grownups, we want nothing more than to be with our parents and for them to be safe. Why are our parents and grandparents the target of scams? According to the FBI, seniors are the perfect victims for con artists because of the following:
“They are likely to have a “nest egg,” own their home, and have good credit—making them attractive to scammers.
“People born from 1930 to 1959 were generally raised to be polite and trusting so it’s difficult for them to say no or hang up the phone.
“Seniors are less likely to report a fraud because they don’t know how to report it, are ashamed, or they don’t know they’ve been scammed.
“Schemers count on elderly victims having poor memory. Since it may take weeks or even months until the victim realizes they’ve been scammed, it may be even more difficult for the victim to remember the event’s details.
“Seniors are interested in better health, which means con artists sell products that claim to promote health…