Stay Vigilant: Scams Targeting Older Adults are on Rise It might leave you stunned and shocked that millions of older adults fall prey to scams every single year. Staying alert and having an idea about where to report financial exploit" />

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Stay Vigilant

Stay Vigilant: Scams Targeting Older Adults are on Rise

It might leave you stunned and shocked that millions of older adults fall prey to scams every single year. Staying alert and having an idea about where to report financial exploitation really proves helpful to stop scammers from claiming more victims.

What can be done?

If you are concerned and would like to protect yourself and your loved ones from being a victim of scams, then you must stay informed.  There are organizations like National Association of Senior Advocates (NAOSA) that are trusted, reliable and credible to ensure the safety and peace of mind for the growing senior population.  Having expert professional assistance will help guard our seniors before they are targeted and victimized.

Most Common Scams – Asking for Money in an Unconventional Manner

Whether it is a phone call from someone mimicking a grandchild in trouble, or an appeal for a donation from a fake charity capitalizing on a fresh disaster, one of the swiftest ways to spot a scam is by recognizing and understanding how you are being asked to send money. Experts warn consumers against anyone who asks that you can by wiring money, putting money on a gift card, or loaning money on cash reload card. If you encounter someone saying this or something similar, just hang up the phone, because you are being scammed.

These types of con artists are specifically fond of widows and widowers. A current scam is to target those who are lonely and suffering from a loss of a spouse.  Criminals will shower them with attention and tiny gifts over time to gain their confidence. Eventually, they will ask for money to help “a sick relative” or to help out in some other manner.  Police say unsuspecting widows and widowers have been scammed out of hundreds of thousands of dollars.  One case involved over $600,000 and several others over $400,000. Beware of any person who has just recently become a part of your life and seems too good to be true.  Most often, it is too good to be true, and you need to be on high alert!

Don’t Take Things Lightly

Don’t take these things lightly. One in five individuals over the age of 65 has become a victim of illegal financial fraud. If that isn’t cause enough for alarm, millions more are taken advantage of by unethical, yet legal business practices due to:

  • An absence of transparency in multiple, diverse industries
  • A lack of knowledge and training
  • A dependence on 3rd party endorsements
  • A practice of over billing and gross exaggeration
  • The exploitation of trust of an individual by unethical professionals
  • A business that makes use of a “grey area” as a chance to take advantage

If you have older friends or family, it is important to stay engaged in their lives.  Staying in touch is the best way to make sure they are protected.  Communication is vital whether by phone or in person and having regular conversations regarding scam artists will keep them on guard when you are not present. To someone who is alone and isolated, being aware of the dangers of predators who prey on the elderly will empower them to make the right decisions.

Conclusion

The bottom line is communicating the dangers to your beloved friends and family members. Become a member of a scam awareness organization. In doing so, both you and your loved ones can stay informed about prevalent scams, information that could save them from falling prey and losing thousands of dollars.

 

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