Shelley ECon artists see seniors as easy targets. Avoid being their next victim by becoming aware of these common scams.
1. Health Insurance Scams
Scammers love using Medicare as a front. They may pose as Medicare reps and ask you for personal information. In return, they’ll promise to send you free or cheap equipment in the mail. What do they do with the information you just gave them? Use it to submit insurance claims.
If you see someone at a mobile clinic near a shopping mall or retirement home posing as someone from Medicare, beware. They may offer you free services that are fake and then send Medicare the bill later on.
2. Obituary Fraud
Con artists seem to have no boundaries. If you want an example of this, look at obituary fraud where they look for recent deaths in the paper and contact loved ones.
If they can get ahold of the spouse, they may try to convince them to settle the deceased’s debt and steal their money or financial info in the process.
3. Investment Scams
If it’s too good to be true, it probably is. Don’t let letters from foreign countries or emails and calls from scammers get you caught up in an investment that offers a high return for little or no risk.
They’ll ask you to send fees to claim millions in lost cash. They can also dupe you into pyramid and Ponzi schemes.
4. Fake Tech Support
Cons know that many older people aren’t too tech-savvy. They’ll call out of the blue and tell you there’s a virus on the computer. To remove it, you’ll need to supply personal info so they can get remote access. Once they have it, you’ll get threats on your computer, actual viruses installed on it that can steal your information, or demands to pay and make it all go away.
5. Grandchild in Distress
If you ever get a random phone call saying it’s your grandchild and they’re in trouble, do not fall for it. Could it be a real call? Sure, but chances are, it’s a common scam that targets the elderly.
The caller will say they’re your grandchild. They may ask, “Do you know who this is?” After you say a familiar name, they’ll have you on the hook and ask you to wire them money to pay for an emergency, such as rent or a car repair. To keep the scam from being exposed, they’ll also ask you not to tell their parents.
6. IRS Scam
If you ever get a phone call from the “IRS” threatening you with arrest if you don’t pay up now, know that it’s a scam. They will contact you via mail, not by telephone.
7. Fake Prescriptions
You have to be really careful with this one. Only buy your prescriptions from reputable sources. Scammers will sometimes sell fake drugs on the Web to seniors seeking deep discounts. If you take them, you could get sick.
8. Reverse Mortgage Scams
Since reverse mortgages are popular with senior citizens, scammers may pose as legitimate companies and contact you out of thin air to steal your money or information.
9. Real Estate Scams
Some of the more popular real estate scams promise assistance with foreclosure or refinancing and real estate investment opportunities.
Offers for free homes should obviously be ignored, as should any property flipping promises where seniors will be used as straw buyers.
10. Lottery and Sweepstakes Scams
Don’t pay any money to cover fees or taxes associated with being a lottery or sweepstakes winner. Don’t cash a check you receive from a scammer in the mail as part of such a scam, either, as it will likely bounce.
11. Charity Scams
A con artist may try to take advantage of your good nature near the holidays or after a natural disaster. If they ask for money for a charity, do not send it. Instead, look it up online and find its official contact information if you’d like to donate after checking everything is legit.
Mark Luigi
