Scam Alerts for Seniors
October 11, 2017
The number and complexity of financial exploitation cases against the elderly has grown significantly over the past decade. Scams targeting senior citizens are extremely prevalent and often go unreported due to the victim’s embarrassment and fear of losing their independence.
Deceptive practices against seniors are perpetrated in person, over the phone, and on the internet, and can be hard to identify especially if the individual is isolated and unfamiliar with common red flags.
Seniors tend to be fraud targets because scammers know that older adults are more likely to have a 'nest egg', have excellent credit and own their own home. Con artists know that prey on victims they believe are less likely to report fraud because of embarrassment or that their relatives will think the victim lack the mental capacity to make good financial decisions. Here are a few common schemes reported by the Federal Bureau of Investigation.
Telemarketing Scams often target people over the age of 60 and with offers of bogus prizes, low-cost medicinal products and services, and travel offers.
Door Knocker Scams target people year round with specific service or product offers. Many seniors have more free time than the average person, which makes them more susceptible to being approached. The offers often turn out to be substandard, cost more than the market rate or do not provide services that were promised.
If you believe you may be a victim of fraud, notify your family and contact the local police. Remember, you should never feel ashamed; the people who prey on others are the ones who should be ashamed
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