Unfortunately, numerous deceitful individuals often target seniors to take advantage of them and defraud them, ultimately stealing money from them. Scammers often focus their devious efforts on the elderly because they know that older adults may be more vulnerable. And since senior citizens may be trusting of others, especially those that exhibit kindness and attention, they may become victims of thieves who rob them of their personal information, bank accounts, and even assets.
Read more as we are going to reveal several prevalent financial scams affecting seniors today and learn the details so that you can be properly informed and potentially thwart these schemes from happening to you or your elderly loved ones.
1. Prescription Drugs Scams
It’s no secret that senior citizens often require several prescription medications –sometimes a myriad of drugs and tablets, which can be very expensive. Sure, Medicare may cover a portion of the costs, but individuals often have to come out of pocket for part of the costs of their medications. That’s why older adults may fall prey to online ruses in exchange for huge discounts on medication.
The modus operandi of this scam is to get personal information from the senior. And once the money is taken, they leave the older adult in the lurch without sending any of the promised medication.
2. Email Scams
Next on our top financial scams list is perhaps one of the most commonly used among seniors: the email scam. Technology and the internet may be confusing for older adults. This vulnerability may lead the elderly to become victimized by scammers who send them emails asking them for a small investment in exchange for big returns for the purpose of getting their personal information. So if you notice your parents or grandparents providing their personal details through email without adequate due diligence, then it’s an indication that they may be scammed.
3. Investment Scams
This type of scam is designed to defraud older adults by asking them to invest in a fictional business, sham investment opportunity, or purchase a vacation property that doesn’t really exist. And if your loved one becomes a victim of this scam, then they are at risk of losing their savings very quickly.
4. Charity Scams
Last on our list is probably the most challenging scam targeting seniors: the charity scam. In this swindling scheme, the scammer will pose as a kind and charming person and he will knock on the elderly person’s door and tell a sad tale with an appeal for funding his ‘bogus’ charity. And most of the time he will impose a sense of urgency to coerce the elder to donate money immediately. This prevents the victim’s ability to fully investigate the credibility of the charity. This scam can cause significant economic loss.
You cannot always protect your loved ones from being victimized, but we hope that this blog post can give you some guidance and provide you with the ability to detect these types of financial scams. And we also recommend that you consider hiring professionals to serve as an added layer of protection for you or your loved ones.