subject: Avoiding Scams That Target Seniors [print this page] Avoiding Scams That Target Seniors Avoiding Scams That Target Seniors
Scamming has become so prevalent in society that popular talk show hosts Oprah Winfrey and Dr. Phil have dedicated entire segments to the topic! Scammers will stop at nothing to get what they want, and seniors and the disabled are common prey for scam artists. According to a June 2010 survey by Investor Protection Trust, more than 7.3 million senior citizensroughly 20 percent of Americans aged 65 or older-- have "been taken advantage of financially in terms of an inappropriate investment, unreasonably high fees for financial services, or outright fraud."
According to a study done by the American Association of Retired Persons (AARP), older people are quicker to believe promises and slower to take action to protect legal rights. .
Here are a few scams which seniors are most vulnerable to.
Medicare Scam
Telemarketing Scams
Health Care Fraud or Health Insurance Scams
Door-To-Door Scams
Charity Scams
Prizes & Sweepstakes Scams
Counterfeit Drug Scams
Funeral & Cemetery Scams
Reverse Mortgage Scams
Jury Duty Scam (verified by the FBI)
Reasons why Seniors are the Target
Older people are very generous in helping others.
75% of the wealth in the U.S. is controlled by senior citizens and so are financially more stable.
Seniors are more polite and trusting and these traits are exploited by scammers.
Majority of the seniors live alone and hence are more susceptible to fall victim to con artists.
Senior fraud cases are rarely reported as they do not know who and where to report to.
Few Tips to Prevent Scams and Fraud
Never give away your money or personal information such as credit card numbers, bank account numbers, or Social Security numbers to unknown persons.
Never allow anyone you don't know into your home.
Check out unfamiliar companies with your local consumer protection agency, Better Business Bureau or the National Fraud Information Center.
Talk to family and friends or call your lawyer, accountant or banker and get their advice before you make any large purchase or investment over the phone with a stranger.
Educate Yourself - Arm yourself with one of the best tools to combat scammer: knowledge. Knowledge is power and one of the best ways to making yourself and your loved ones less vulnerable is learning about what's going on out there, being aware of your surroundings and knowing how to defend yourself.
Helpful Resources to Prevent Scams
Federal Trade Commission www.ftc.gov The Federal Trade Commission, the nation's consumer protection agency, collects complaints about companies, business practices, and identity theft.
FBI - http://www.fbi.gov/scams-safety/fraud/seniors/seniors - Provides tips on how you can protect you and your family from fraud, with an emphasis on scams that target seniors.
Better Business Bureau www.bbb.org The BBB's mission is to promote and foster the highest ethical relationship between businesses and the public through voluntary self-regulation, consumer and business education, and service excellence. You can find your local office on the BBB's Web site.
The National Fraud Information Center www.fraud.org The NFIC is a project of the National Consumers League and provides tips for fighting frauds targeted at older consumers.
American Association of Retired Persons - www.aarp.org AARP provides seniors with information on financial planning, using home equity, avoiding fraud, and consumer rights.
Have you or has someone you love been the victim of scammers taking advantage of seniors? The best thing we can do is come together and promote awareness to better protect those who are most vulnerable.
