Scams Aimed at Seniors

Scams

Are you a senior citizen? Are your parents or grandparents senior citizens? If, so you may want to be aware of the more common scams that target seniors. While scam artists will and do target anyone of any age, it seems seniors are more likely to be targeted by unscrupulous individuals. Here are some of the more common scams that are targeting seniors at the present.

And do not feel that the only ones being scammed are uneducated seniors as there is a prevalent IRS tax scam that is popular now. Since 2013, there have been almost 300,000 scam IRS calls in the US and Canada. And it is also not just older seniors who are receiving these calls. Recently, Treasury Secretary Jack Lew, age 59, was targeted by an IRS caller’s scam. These scams seem very genuine as they will state they are with the IRS and you owe back taxes. Then they will threaten you with arrest, lawsuits, and even driver’s license suspensions. According to the IRS on these types of scams just know that the IRS will correspond with you through the US Postal mail system and if a call is made it will be instigated by you and not the IRS.

One of the most common on-going scams involves health care. As health related issues tend to me an important factor for seniors, it is no wonder this topic is so popular among scam artists. First the scam artist will call your insurance company or Medicare and gain access to personal information. Then they will call back at a later date and state they have talked to a child or spouse and need the person’s Social Security Number or driver’s license information. Then these scam artists will place false claims with Medicare and pocket the money.

A scam that is near and dear to me is one that involves unscrupulous financial advisors. Being someone who is working on a master’s degree in financial planning, this one is one that makes me very upset. It is never acceptable for a financial advisor to take unearned funds from a client but when seniors are targeted it is especially dangerous. The reason is many seniors blindly trust their advisors when in many instances the advisor is skimming money from the senior’s accounts. It is always a good practice to read and understand any statements you receive from a financial advisor no matter your age. If you are a senior who uses a financial advisor, it is always a good idea to possibly have a second person review your statements for any irregularities.

A scam that plays on a seniors emotions, as many do, is when someone calls pretending to be a grandchild or a great-grandchild in an attempt to get money from the senior. In many instances, these scammers will have gained just enough information from social media to make it sound believable for a senior. They may even be calling from a cell phone or add static to the call to sound distorted to the senior. If this does occur, it is best to check with another family member to ensure that this is indeed a family member in need and not a scam artist fishing for money.
Close to the health care scam is one that involves prescription drugs and anti-aging medicines. As prescription drugs can be very expensive seniors need to be suspect of on-line prescription drug sites. A few years ago buying prescription drugs from Canada was the rage, and now it seems many of these sites are selling counterfeit drugs. There is no need to say this but buying counterfeit drugs can be extremely dangerous health wise. The same goes for anti-aging drugs that are not what the seem to be and could be dangerous as well like fake Botox.

Some scam artists will go through the local newspapers and read the obituaries for their targets. In these instances, the scam artist will read that someone has just died and then pretend to have cash on delivery package for the deceased. They then try to get the remaining family member to pay the charge and leave a worthless package for them to open at a later time or date. It is best just to state you have no cash or even better yet ask for what the package is, when and how was the order placed, and state you wish to verify what the scam artist is saying.

Funerals are the last scam we will look at. Many funeral homes are legitimate, and most funeral directors are honest and will look out for the best interest of their customers. However, some are less than honest and will take advantage of anyone who is grieving in their most vulnerable moments. In these instances, many homes will try to sell a more or the most expensive casket to everyone, even if they will be cremated. They will try a line such as you would want to remember them this way. Ignore all of this and go to a funeral home with a list of questions you wish to have answered and if possible bring a second family member or friend with you.

If you wish to get more information, feel free to contact me with any questions or concerns.

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