Common Scams Against the Elderly

The elderly population has a lot to keep track of these days – grandkids, technology, current events. Amid all this, the elderly also need to be aware of the financial scams that are out there being attempted against them every day. Those who scam senior citizens often use scare tactics and/or pull at the emotions because fear and compassion are powerful motivators. Thieves and frauds use this emotion to gain money or access to personal or bank information, and even to steal a person’s identity. Here is a short list of the most common scams that affect our most vulnerable loved ones.

1. The “grandparent” scam. This is when someone calls or emails and pretends to be a family member in serious trouble. This person requests that money be sent immediately (usually by wire transfer) to help pay their medical bills, rent, or any number of fake expenses. The “family member” wants to keep the rest of the family in the dark about it though…which usually means they aren’t really a part of your family.
2. Lottery or prize scam. The elderly are often contacted about having won the lottery or a prize, which they will receive once they send in a certain dollar amount for “taxes and fees” for said prize. They may send in the money in their excitement, but they never do receive any prize. Just remember that legitimate lotteries will never ask for money in order for you to collect your prize.
3. Charity scams. These are the worst. Someone calls and claims to be from a well-known charity, and they want to know if you would like to donate to a worthy cause. They are intending to either steal your money or your identity, so just say no if you receive any unsolicited calls from charities or businesses. If you do feel led to make a donation, hang up and contact the organization directly – this will guarantee that your hard-earned money is actually going to the correct charity.
4. Medicare/healthcare scam. Because everyone who turns 65 is eligible for Medicare, the scammers often use this as an opportunity to defraud the elderly. They can easily say that you need a new Medicare card and they need your social security number to do so. Give them this number and they will steal your entire identity. Again, any legitimate business – especially the government – will NOT call you out of the blue and ask for personal information.
5. Online dating scam. This one is sometimes tough to recognize, especially if your senior is actively looking for love through a legitimate dating website. Scammers often contact seniors through social media or these dating sites and begin emailing with the intention of building trust and sparking a romantic interest. At some point a request for money will come through. Do not be fooled by these whirlwind Internet romances.

The best ways to combat these or any other scam artist is to:

• be educated about the most common scams
• listen to your gut and trust your instincts
• be comfortable with today’s technology
• be suspicious of everyone and everything when it comes to your personal information
• never be afraid to stall for more time and to ask for things in writing – but don’t give out your mailing address if they don’t have it (a sure sign it’s not legit).

Being aware of what is out there is the first step to protecting yourself, your personal information, and your financial assets. There will always be another scam, another swindle, and another con. Just don’t be a victim! Stay vigilant as you get older to protect yourself emotionally and financially.