One of the most heartbreaking scenarios imaginable is when you or a loved one learns you were the victim of a senior citizen scam. These scams rob an individual of hard-earned retirement savings, destroy their peace of mind and can have a devastating impact on a senior’s sense of self-worth. This wholesale robbery of someone’s assets is generally met with anger, a sense of betrayal and the fear of becoming a liability to the family.
Seniors Helping Seniors is not only a platform where you can learn about scams; we are an informational resource that will help you learn how to spot the various cons, how and where to inquire about a business’s credentials and how to report cons and frauds to the appropriate authorities
The reason senior citizens are so attractive to con artists is not their age or perceived mental capacity; rather, it is the fact that most senior citizens own their home outright, have taken all the right steps to make certain that their credit is excellent, and have a “nest egg” for retirement or emergencies.
Even the most sophisticated among us can fall prey to fraudsters, criminals and con artists. The best way to avoid being a victim is to understand some of the most common scams targeted at senior citizens. It is important not ignore the situation and assume that it can’t happen to you, or someone you love. Many victims do not report these types of crimes because they are embarrassed at falling for a swindle, do not realize a fraud has occurred or are afraid that family members will believe they are incapable of handling their own affairs.
Scams come in all shapes and sizes. Some of the most popular, less expensive scams involve selling products to senior citizens that claim to improve their physical well-being, help combat the signs of aging, promise increased memory cognition or retention, or which claim to be alternative “miracle” remedies for age-related conditions and illnesses. Other seniors fall prey to more costly schemes such as a home repair scam, “get rich quick” schemes, unscrupulous non-profit organizations that sell household products at exorbitant prices, reverse mortgage schemes or internet scams that charge thousands of dollars to a credit card.
There are a few general rules to help you protect yourself against con-artists and their scams. Throw away any suspicious or unsolicited advertisements. If you do not understand a document, contract or agreement, do not sign it. Never sign blank forms. Do not give personal information, such as your social security number, bank account or credit card numbers or home address to a telephone solicitor. Do not accept delivery of “free” products you did not order. Always pay after a seller delivers a product or service, never before.
If you have information about a fraud or are the victim of a scam, report it to the appropriate authorities, such as state, local, or federal law enforcement agencies, watchdog organizations, and the Better Business Bureau. Also, let us know about it!