Becoming very prevalent as of late, financial scams are so common they are thought of as one of the most popular 21st-century crimes. Those targeting retirement age individuals are running rampant, but why is that? For one thing, the bank accounts of older adults are thought to be significant. This is, of course, not always the case.
It can be hard to prosecute financial scams because, frequently, they go unreported. Sadly, with little time to make up lost finances, older people can be left in an extremely vulnerable position, once the victim of fraud or a scam.
So you know what to watch out for, here are some of the most popular frauds and scams today.
Telemarketing
To prey on older individuals, fake telemarketing calls have become one of the most common schemes. Here are some of the most popular telemarketing scams:
- Charity scams (you will frequently see these after natural disasters, and they involve fake charities/causes)
- Fake accident – “please wire money” (they tell you that a relative, child, etc. needs money because they’re in the hospital after an accident or something similar)
- Pigeon drop (the scammer has a person draw money from their account to hand over as a good faith payment because they’re going to split a large sum of money they just happened to find)
Fake Anti-Aging Products
By a certain age, most people wish they could look younger. The market is full of creams, lotions, potions, pills, and more that all promise to “make you look younger”, “wash the years away”, “make wrinkles disappear”, and more. In addition to simple products, they may even offer services such as – just one example – fake Botox treatments.
Cemetery and Funeral
Disreputable cemeteries/funeral homes may try to sell the grieving widow, widower, etc. overpriced items, plots, services, etc. – taking advantage of their grief.
Another tactic is to call the surviving relative of a deceased person (these scammers tend to watch the obituaries) and tell them the deceased has an outstanding debt that must be paid.
Fake Prescription Medications
Becoming more and more popular, this scam involves the Internet. In search of less expensive medications, retirement age individuals are tempted to buy their much-needed prescription meds online. These drugs the scammers are selling, however, will not help improve the buyer’s medical condition and, in fact, may even be harmful.
Fraudulent Health Insurance/Medicare/Healthcare
To get the personal information of an older person, the scammer will pose as a Medicare representative. They may also set up makeshift mobile clinics and provide bogus services.
Various Other Scams or Frauds
Here are a few more of the most common scams currently taking place. Information about them is easily obtained on the Internet:
- The Grandparent
- Lottery and Sweepstakes
- Reverse Mortgage
- Investment Schemes
- Internet Fraud (various types)
Your Loved One Can Lessen Their Chance of Financial Scams by Living in a Secure Environment
Morada Grand Prairie offers assisted living in a resort-like atmosphere full of amenities.
In an assisted living community such as ours, aside from being there to offer assistance with everyday tasks, our caring and vigilant team members keep an eye out for our residents. There is always someone around – 24/7 – so the environment in which your loved one is living is far more safe and secure than living alone. What’s more, the friends your loved one will make will also be a source of comfort and offer a certain measure of safety.
