Active Adult Living Financial Tips

Current Scams Targeting Seniors


March 13, 2024 • Fenny Peiffer

Scam

Seniors Beware – Many Scammers are Targeting you!

Seniors fall prey to various scams. These can be financial scams, counterfeit drug scams, funeral and cemetery scams, telemarketing scams, and many more. Why are seniors so susceptible to scams? Why do scam artists target them? Seniors are an attractive target to many scam artists because they are more trusting than others, isolated from their families and also because they are considered more prosperous. Provided below are several types of scams that you may fall prey to and how you can avoid them.

Scams to be Aware of

As senior-targeting scams are on the rise, you must know some scams to be aware of so that you don’t fall prey to these sick individuals.

The Grandparent Scam -This is a widespread scam where the victim receives a call from a “fake” grandchild, overseas, who is in trouble and needs financial assistance. The usual excuse for this scam is that money is required to post bail as he or she is in jail. However, a newer version of the grandparent scam is the phone call the victim receives saying the grandchild is kidnapped and to pay a ransom. Most often, these scammers know a bit of information about the grandchild and can impersonate the grandchild’s voice.

Health-Related Scams –There are several health-related scams, although the most common is the senior who receives a call about a Medicare refund. The crooks ask for personal information, including your Medicare card details to refund money. Another health-related scam is the offer of free medical equipment and services with hidden charges in the fine print which you will be required to sign.

Mortgage Scams –One of the most common and recent scams is the reverse mortgage scam that specifically targets seniors over the age of 62 and above. These scams offer seniors financial returns or trick them into signing the deeds to their homes! The Deed of Reconveyance scam is another quite recent one where the scammer accesses the publicly available document drawn up when the deed is paid and writes the victim to supply the document and pay a fee. This is usually written with a veiled threat of legal problems if they don’t get a copy and pay a fee.

How to Avoid Being Scammed

There are many ways to avoid scam artists. Below are a few tips that we thought would be handy to be aware of.

  • Never send out money, as in the Grandparent Scam, without confirming the whereabouts of the “kidnapped” or “jailed” grandchild.
  • Never offer personal information over the phone no matter who it is. This is especially true with Medicare frauds. Your refund check is always mailed automatically if you are entitled to it.
  • Never sign anything without reading everything – especially the fine print – first.
  • When getting a mortgage always consider the advice of a trusted and reputed financial professional.
  • Avoid getting reverse mortgages.

Scammers come up with new and inventive methods of scamming seniors. Therefore, you have to always be aware of the methods scammers utilize so that you do not fall prey to them. There are many forums, scam alert sites, and meetings, etc. that enable you to be up-to-date about the types of scams you may become a victim too. Taking the time to attend meetings, and visiting the websites will help you to be wiser and not become a victim to these individuals.

This article is brought to you courtesy of ActiveAdultLiving.com, the national directory of over 6,500 active adult living communities across the USA.

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