In a down economy, scams are even more prevalent. Scammers can be, unfortunately, very good at what they do, including preying on the vulnerable, including the elderly. On a yearly basis, the elderly lose $2.6 billion dollars to scammers.
Why the elderly are targeted
According to the Minnesota Attorney General, ”Seniors are targeted for fraud because that’s where the money is . . . .” The scary part is that many seniors are targeted by family, friends, and caregivers. Many elders may feel isolated and lonely, which can make them more susceptible.
Variety of scams
Some companies may promise to help eliminate credit card debt. Others might offer to sell cheap health insurance that does not actually exist. Scammers try and use the latest news is a way to trick seniors; one scam solicited donations for travelers stuck in Europe because of the volcanic ash cloud.
What to watch out for
Seniors can protect themselves in a variety of ways. Always be wary of phone offers. If it sounds legitimate, then ask to call back when a family member is present. Do some research on the company—online, the better business bureau, or even just ask around.
Another very simple tip is the old adage “if it’s too good to be true, it probably is.” A random phone call offering a great deal is probably not random at all—and it is highly unlikely it will result in saving you any money.
AARP trying to stop scammers from striking | The Star Tribune
(photo: Barack Obama)
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Randall Ryder is consumer rights attorney in Minnesota, where he suesabusive debt collectors and is a publisher of Elder Parent Help.