Frauds and Scams 1

 Summertime and the living is easy and the scammers are out to get you.  Seniors lose more than $3 billion to fraud each year. One of our most popular workshops is about scams and frauds. If you haven’t yet been approached by a scammer, you could face a scheme in the coming years. Sometimes family members, especially relatives caring for the elderly, are even the ones behind the attack. Some of the most common senior scams include:

1.     Charity scams.

2.     Funeral scams.

3.     Government imposter scams.

4.     Grandparent scams.

5.     Internet scams.

6.     Investment scams.

7.     Medicare scams.

8.     Reverse mortgage scams.

9.     Romance scams.

10. Sweepstakes scams.

Here’s a breakdown of how these elderly scams work, along with what to do to avoid falling prey to an attack.

Charity Scams

If there’s a hurricane or other natural disaster in your area, a criminal might call you and ask for donations to a non-profit that is working to rebuild the region or help needy families.

Protect Yourself: Don’t agree to give to charities over the phone or when first approached. Instead, investigate the organization and find a number to call if you are interested in giving a donation.

Funeral Scams

If you place an obituary in a local publication after a loved one dies, a thief might contact you and insist that your deceased relative left behind a debt that needs to be paid. In another variation of this scam, the criminal might attend the funeral service to gather information about you before asking for money to cover an unpaid debt. Someone pretending to be from the funeral home could call you and insist that there are extra charges that didn’t get paid yet.

Protect Yourself: For all these attempts, refuse to send money immediately and ask for written documentation of the expense.

Government Imposter Scams

You might receive phone calls from people pretending to be from the IRS or Social Security Administration that demand immediate payment of unpaid taxes or ask for personal information in order to continue your Social Security or Medicare benefits. The scammer could be using a technique called spoofing which makes it appear as if the incoming phone number is legitimate. The caller is likely to ask you for information or demand you make a payment, which might need to be in the form of a gift card.

Protect Yourself: “These government agencies will never initiate contact with people through a phone call, so you can be sure that the person calling you is a scammer.

Grandparent Scams

In this scenario, a person will pretend to be the grandchild of the person who answers the phone and ask for money. The caller might claim they are having an emergency, such as a car accident or problem with the law, and don’t want anyone to find out. They might ask you to send them money or gift cards.

Protect Yourself: Setting up a code word for your grandchildren to use in a real emergency is a good thing to do.

Internet Scams

If you share information about yourself through social media, you could be targeted by scammers online. Internet scammers can find out personal information about you that is available online and use that to craft a scenario that might motivate you to provide funds or share more information.

Protect Yourself: If you receive a message that asks you to click on a link or share details about your identity or make a payment, press “delete.”