Seniors are often targeted by scammers, who take advantage of their vulnerability and trust.
From fake investment opportunities to lottery scams, it’s important for seniors to be aware of the various scams out there and how to avoid them. In this article, we’ll provide an overview of some common scams targeting seniors and offer tips on how to protect yourself.
Types of Senior Scams:
Investment scams. These scams often involve fake investment opportunities, such as “guaranteed” high-return investments or opportunities to invest in non-existent businesses. To avoid falling for this scam, do thorough research before investing and be wary of promises of guaranteed returns.
Lottery scams. In these scams, victims are told they’ve won a large sum of money, but must pay a fee to claim their prize. These scams are often run by organized crime groups, and victims can lose thousands of dollars. To avoid falling for this scam, remember that you can’t win a lottery or contest you didn’t enter, and be cautious of any message that asks you to pay a fee to claim a prize.
Phishing scams. These scams involve fake emails or websites that appear to be from legitimate companies or organizations, but are actually designed to steal your personal information. To avoid falling for this scam, never click on links or download attachments from unknown sources, and be cautious of any message that asks you to provide personal information.
Grandparent scams. In these scams, victims are contacted by someone claiming to be a grandchild in need of urgent financial assistance. To avoid falling for this scam, never send money to someone without verifying their identity, and be cautious of any message that creates a sense of urgency or fear.
Real-life examples of senior scams:
In 2018, a woman in the US was scammed out of $300,000 by a fake investment opportunity that promised high returns.
In 2019, a man in the UK was scammed out of £22,000 (approximately $29,000) by a lottery scam that claimed he had won a large sum of money.
In 2020, a woman in Canada was sentenced to six years in prison for running a grandparent scam that defrauded victims out of more than $500,000.
How to protect yourself or your loved ones from senior scams:
Don’t carry large amounts of cash with you. Instead, use a debit or credit card for purchases.
Be cautious of giving out personal information, such as your Social Security number or bank account information, to anyone over the phone or online.
Be wary of investment opportunities that promise high returns with little or no risk. Do your own research before investing and consult with a financial advisor if you have any doubts.
Be careful about responding to email or phone solicitations for investment opportunities or offers of financial assistance. These may be scams.
Avoid sending money to people you don’t know, especially if they claim to be in urgent need.
Keep your bank and credit card statements in a safe place and review them regularly to check for unauthorized charges.
Consider setting up automatic payments for your bills to avoid missing payments or falling behind on bills.
Avoid keeping large sums of money in your home. Instead, keep your money in a secure bank account or investment account.
Don’t sign any financial documents without reading and understanding them first. If you have any doubts, consult with a lawyer or financial advisor.
Consider purchasing identity theft protection or insurance to safeguard your personal information and financial assets.
