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Seniors Have Been The Targets Of Financial Scams

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Recommended: Elder abuse introduction

In the last few decades, seniors have been the targets of financial scams more frequently than any other age group. Why? Not only do scammers believe that seniors have money just sitting in their bank accounts, but the types of financial scams they tend to perpetrate are extremely difficult to prosecute and frequently go unreported. Worse still, it’s not always a stranger who’s behind the crime: research shows that 90% of all elder abuse-including financial scams-is committed by a family member.

Now, there’s some good news. Not only are people less likely to fall prey to scams if they’re aware of the general details of the scam ahead of time, but organizations like Visiting Angels-Ft. Myers, FL are available to help seniors to protect themselves. …show more content…

In this type of scam, the perpetrators will claim to represent various government agencies or organizations and will try to get older adults to give out their personal information by telling them their Medicare card needs to be replaced.

How to Avoid It: Generally, government agencies will never call you asking for your personal information; more often, they’ll send a letter. Be very leery of anyone who calls claiming to represent a government organization or a bank. It’s perfectly okay to hang up, call the actual number of the organization they say they represent (don’t just dial the number they called you from, go and call the official number), and ask if that organization is calling people for the information the person requested.

Scam #2: The Grandparents Scam. In this scam, the perpetrators will call an older adult and say something like, “Hi Grandma (or Grandpa), do you know who this is?” When the senior guesses the name of the grandchild the voice most sounds like, the scammers will pretend to be that person and then claim to be in trouble and ask for money to be sent via a service like Western …show more content…

And don’t skip this step because the caller includes some personal details: social media sites like Facebook have made it easier than ever for scammers to get information about you and your family. While many aren’t quite that savvy, the tactic isn’t unheard of.

Scam #3: The Funeral Scam. The FBI has warned about two types of funeral and cemetery scams that are currently being perpetrated on seniors. In the first approach, scammers will read obituaries and then contact the widow or widower, claiming that the deceased had an outstanding debt with them. The second approach involves funeral directors, who will try to add unnecessary charges to the already-large funeral bill. They might claim, for example, that the family still has to purchase a casket, even though the deceased is being cremated.

How to Avoid It: Remember that it’s difficult to make logical decisions when you’re grieving, and don’t be afraid to let a calm, trusted family member know what’s happening and ask him or her for guidance and

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