Test2 Elderly Scams Prevention: How to Keep Your Savings Safe
With the variety of ways we communicate today, fraud is a bigger threat to our financial safety than ever. It can strike anyone at any time if they’re not careful, though it poses an even greater risk to older adults. As we age, it can be more difficult to spot an imposter, which is why scammers are more likely to target seniors than any other age group. The only way to keep yourself and your loved ones protected against elder fraud is to stay informed.
What is Elder Fraud?
Elder fraud is a common problem faced by older adults all across the country. It involves a scammer posing as a legitimate business person or another official who tries to exploit their target financially. Such scams can happen to anybody, but older adults are the most common targets.
The most important feature of elder fraud is that it can take many forms. That means the best way to protect yourself or your loved ones against elder fraud is to stay informed on all of the most common elderly scams.
Common Scams to Stay Aware of
You might be surprised at just how many shapes and sizes elder scams can be found in. Take some time to familiarize yourself with these common scams so you can stay alert.
The Grandchild Scam
One of the most common ways elder fraud is experienced is by phone. There is no end to the variety of different scenarios you might encounter, but one of the most common is called the grandchild scam. In this case, the scammer calls the number of their target, pretending to be their grandchild. They claim that they are in trouble, often in jail in an unfamiliar place while on spring break. By the end of their story, they’ll ask their target to send them money as soon as possible.
It’s more effective than you might think, as the scammer is often equipped with the name of the grandchild. Luckily, it can be avoided entirely by checking up on their story. Simply call your family to see whether or not it’s true. Most of all, remember never to give financial information over the phone.
The Sweepstakes Scam
This one’s a little bit more straightforward, where the scammer contacts their victim, telling them that they have won sweepstakes and are entitled to claim their prize money. But to collect their winnings, they need to forward a sum of money to cover bank fees, insurance, or taxes. This can happen by phone but is also commonly seen via text or email.
Just like with the example above, this scam is best avoided by keeping your information to yourself. Don’t send money or financial information to people you don’t know.
The Sweetheart Scam
Older women or men can fall victim to this scam, though it looks a bit different than the two described above. It can happen over the phone or via email, though in many cases, it happens face to face. A con artist convinces their victim that they have romantic feelings for them. Then, over weeks or months, they find ways to get money from them. In the end, they disappear once the victim’s savings have been depleted.
What makes this scam so tricky is that it’s not always easy to tell whether a person’s feelings are genuine. Ultimately, the best way to protect yourself is to use common sense. Be realistic about the nature of the relationship, and take advice from family and friends. If you don’t know the person well, it’s probably not a good idea to be transferring money to them regularly.
