Scams targeting seniors are becoming increasingly prevalent, preying on their trust and vulnerability. As a family member of a senior, you need to stay up-to-date and aware of these threats to take proactive steps to protect your loved ones. Many scams can be avoided if you intervene and take control of the situation early on.
Helping a Senior Who Has Been Scammed
If a senior in your life has fallen victim to a scam, always handle the situation with care and compassion. Seniors may feel embarrassed, ashamed, or fearful after being scammed, and it’s important to provide emotional support without placing blame. Reassure them that scams can happen to anyone and focus on taking immediate steps to protect their finances and identity.
In severe cases, a senior may actively work against you. Many scammers claim that the senior will be in trouble if they involve the police or other people. In these situations, you may need to take direct control of the problem instead of simply guiding them on what to do. Contact their banks and financial institutions, inform them of the situation, and follow it closely.
While there are countless potential scams, some are more common than others. Here are some common scams that target seniors and how to protect against them.
Investment Fraud
What It Is: Investment fraud involves scammers offering high-return, low-risk investment opportunities that are often too good to be true. These scams can take the form of Ponzi schemes, fake bonds, or fraudulent real estate deals.
How to Recognize It: Promises of guaranteed returns, high-pressure sales tactics, and unsolicited offers are red flags. Scammers often use complex jargon to make their schemes seem legitimate.
How to Prevent It: Encourage seniors to talk to a trusted and reputable financial advisor before investing. Verify the credentials of anyone offering investment opportunities and thoroughly research the company or individual.
Phishing Scams
What It Is: Phishing scams involve fraudsters using phone calls, emails, or text messages to trick seniors into revealing personal and financial information. These scammers often pose as reputable organizations, such as banks or government agencies.
How to Recognize It: Look out for generic greetings, urgent language, and requests for personal information. Phishing emails nearly always contain suspicious links or attachments inviting readers to click.
How to Prevent It: Teach seniors to verify the authenticity of any communication before responding. This includes checking the email address, not clicking on links, and contacting the organization directly using a verified phone number or website.
Charity Scams
What It Is: Charity scams involve scammers posing as charitable organizations to solicit donations. They often take advantage of seniors’ generosity and compassion, especially after natural disasters or during the holiday season.
How to Recognize It: Be wary of unsolicited donation requests, especially those that pressure immediate action or request payment via wire transfer or gift cards. Fake charities may have names similar to legitimate ones.
How to Prevent It: Verify the legitimacy of a charity before donating. Use resources like Charity Navigator or the Better Business Bureau (BBB) to double-check credentials. Encourage seniors to donate through official channels and avoid giving personal information to unknown people over the phone.
Lottery and Sweepstakes Scams
What It Is: In lottery and sweepstakes scams, seniors are told they’ve won a prize with a small tax or fee required before they can collect. These scams often involve fake checks and convincing stories.
How to Recognize It: Legitimate lotteries and sweepstakes have no upfront fees. Be suspicious of unsolicited notifications, especially those that insist on secrecy or urgency.
How to Prevent It: Educate seniors that they cannot win a contest they did not enter. Advise them to ignore unsolicited prize notifications and never send money or provide personal information to claim a prize.
Medical and Prescription Scams
What It Is: Medical and prescription scams involve scammers offering fake medical services, treatments, or discounted medications. They prey on seniors’ health concerns and the need for affordable medical care.
How to Recognize It: Be cautious of unsolicited offers for medical services or medications, especially those that require upfront payment or claim to cure a wide range of ailments. These scams often promise unrealistic results.
How to Prevent It: Verify the legitimacy of any medical offer by consulting with a healthcare provider. Encourage seniors to purchase medications through reputable pharmacies and to be skeptical of miracle cures or treatments. It’s also important to check the credentials of any medical professional or company offering services.
We know it isn’t always possible for you to be at your senior family member’s side at all times of the day. If you have concerns about your family member’s health or cognition that may make them more susceptible to scams, assisted living might be the best option for them. Contact A Banyan Residence today to learn more about our facility and how we assist seniors in the later stages of life.
