How to Protect Seniors Against Being Victims of Fraud

It is unbelievable to me that there are people out there who are so evil that they target seniors with their fraudulent schemes and scams in order to steal their money and/or possessions. This is money they have saved their whole lives for, to live on during their older years, money that belongs to them and only them.

Unfortunately, there are many seniors who are more vulnerable and easier prey than others for these con artists, because they are…

• Lonely – so they are happy when someone calls on the phone or stops at their door.
• Overly trusting and naive – they can’t imagine someone trying to steal from them.
• Live alone – so, with no one there to watch out for them, they are an easier target.
• Cognitively challenged – which means their judgement is impaired and it’s easier for wrong decisions to be made.
• Easily confused – so fast talkers have no problem promising the moon, frightening the senior, using  persuasive tactics, or pretending there is a time limit, so the senior feels pressured to act quickly.

Common Fraud Red Flags

Here are a few red flags to watch for for yourself of to educate your senior with to protect themselves. 

1. If someone contacts you with a random, unsolicited offer of free money or prizes…They will promise lottery winnings, big returns on a hot new investment, easy money for easy work at home, or even an unknown inheritance. 
2. If someone promises you something that seems “too good to be true“, then it probably is!
3. If you are feeling pressured with a one time, limited time offer…act now or lose the opportunity.

Common Fraud Schemes

The Grandparent Scam – This scam actually happened to the elderly parent of someone I know. The grandmother was the one who answered the call from a young man claiming to be her grandson. The young man said, “Grandma, I am in jail and I need some money to get out, can you loan it to me?” He also said that she shouldn’t call his parents, because he was afraid of what they would do. He asked for $500, but fortunately the grandmother, who was naturally a suspicious person, told him to call back in an hour and she would decide…the caller never called back, so luckily the fraud was never completed and the grandparents got to keep their $500.

You can avoid getting caught up in these kinds of scams, by telling the person on the other end that you will call them back after you have checked with some of your other relatives. This usually tips them off that you are not so gullible. You can also ask the caller to give some information that is personal and only family members would know.

Email Scams – All kinds of email scams are out there, my spam folder is full of them.

• There are those who claim to be a rich person, offering you a cut in their wealth if you will give them some assistance.
• Others make claims that you won a lottery or drawing, but in order to claim your prize you will need to put up money to begin with, which they claim will be refunded later.
• Others are called phishing scams…it appears to be from a legitimate institution such as a bank or investment firm. They will claim there is a problem with your account, and in order to fix it or verify that you are the owner, they need you to give them your user name and password.

The best way to avoid these scams is to be very distrustful, and never give out your personal information to anyone you don’t know. If you are concerned, give the institution a call on a trusted phone number and ask if there is really a problem.

One of the very common email scams that is going around appears to be urgent from a bank, USPS, FedEx, Apple, and so many other big institutions. These emails play upon the fears of the elderly that there are problems with their accounts. They give them links to click on to contact them with, where they will try to get as much of your information as possible. Here is an example of one that I recently received. Keep in mind these institutions will not email you with urgent problems, they will contact you by phone, just be sure to get all kinds of identification and ways to verify they are who they say they are:

Medicaid or Medicare Scams – This is a big scam going on right now with seniors who are either on Medicare or Medicaid. The caller claims that you need to replace your medical card and ask for all your private information, which is what they are really after.

Again, you can avoid these scams by keeping your personal information to yourself. Also remember that Medicare will never just call and ask for your private information. Your new Medicare cares come automatically to you via the USPS. If you do receive a suspicious call, call Medicare directly at 1-8020-633-4227.

Charity Scams – Whenever a major disaster occurs, these scams seem to come out of the woodwork…playing on your sympathies and generosity, the caller will ask for donations for the victims or for disaster recovery. The only place that money goes to is the wallet of the scammer.

If you want to donate to worthy causes such as these, you can avoid being scammed by doing a little research and finding and contacting a reputable organization.

It’s sad that we have to be so skeptical, but these dishonest people are out there and ready to take whatever they can get…Don’t fall for these tactics, recognize them for what they are…scams, and that you have been targeted by a predator. You can, and should report these scams – AARP has provided a phone number that you can use to report fraudulent exploitation: 1-800-222-444, choose option #2.

We are Certified Senior Move Managers recognized by our National Association of Senior Move Managers, NASSM! We are committed to serving our seniors with a high standard of ethics, best business practices and continuing education to help make our client’s move a Smooth Transition.

Contact us to learn how we can help you and/or your family cope with a senior move anywhere in the Phoenix East Valley area. We would love to serve you.