Learning About Financial Fraud Risks for Seniors

Unfortunately, many people prey on the elderly as they unleash their financial fraud schemes. This is often because older individuals are typically home during the day and may have more time on their hands. Additionally, they may be glad to talk with someone on the phone because it provides company. In order to keep your elderly loved one safe, you’ll want to know about some of the most common ways that seniors get scammed. They include:

Through healthcare or insurance fraud

There are dozens of permutations of healthcare fraud that can happen to your senior. In many instances, a person will call and claim to be from an insurance company. They will state that they need to update your senior’s records, and will ask them for their social security information. They may even try to get credit card details.

Fake prescription drugs

Senior care professionals note that scammers will lure their victims in with promises of discounted prescription drugs. They will then steal the person’s financial information, and may even sell them pills that can cause serious bodily harm. 

Sweepstakes scams

Many seniors fall victim to fake sweepstakes scams, where a person calls them and tells them that they have won a significant prize or amount of money, regardless of whether they actually entered a contest or not. They then say that they need to collect some financial information in order to award the prize. 

Investment schemes

Scammers know that many seniors are concerned about retirement and their savings; therefore, they prey on this weakness. They offer phony investment schemes that claim to offer a big payout. In reality, they just collect the individual’s money and private financial data. 

Fraudulent anti-aging products

Seniors are often concerned about the signs of aging, and may quickly fall victim to scammers who promise “miracle” products that take two decades off of their face. Though it may sound impossible, to a person who is truly concerned about the signs of aging, this is just the opportunity they need to fork over serious amounts of cash or their credit card information.

To help your senior stay safe from these schemes, elder care professionals advise talking to them about the signs of a scam. Warn them that they should never give out financial information or other personal details over the phone, and remind them that if it seems too good to be true, it almost certainly is.