Fraud and Scams
Anyone can fall victim to fraud and identity theft, but seniors are often inundated with investment offers, promises of instant wealth and requests for charitable contributions. Seniors are less likely to report fraud for many reasons: they don’t know how to report the scam, are ashamed of being scammed, or don’t know that they have been scammed. Also, seniors may not report the crime because they’re concerned that relatives may think they no longer have the capacity to manage their own finances. Unfortunately, lack of reporting contributes to keeping seniors at risk for fraud and identity theft. The alerts below will provide you with additional information on how to protect yourself from scams:
Consumer Scams
Scammers are always finding new ways to take advantage of consumers by stealing their financial information but seniors are especially at risk for financial exploitation. It is estimated that seniors lose $2.9 billion each year to financial frauds and
scams. Studies suggest that financial fraud against seniors goes widely unreported, often out of embarrassment or fear that they will lose independence if their loved ones find out they’ve been deceived. No one wants to feel incapable of handling
their personal finances. Scammers dupe seniors into believing scams such as: their grandchild has been arrested and money must be wired immediately so that they can be released from jail or following a disaster or devastating event, scammers will
prey on the trusting nature of seniors to seek a false contribution.
The best way to keep yourself safe from scams and fraud is information. Be aware of the ways scammers are targeting consumers so that you can spot a scam before becoming
a victim. Below are some of the top consumer scams that impact seniors to help you stay alert.