Senior citizen scams come in many shapes and forms. Typically, they take the form of offering a senior citizen something “too good to be true” or they make an offer confusing enough so that the senior thinks they’re getting a good deal, although they’re really being taken to the cleaners.
Senior Citizen Scams
The best way to protect yourself from falling prey to senior citizen scams is to know what types of offers to avoid and to understand when it is better to just hang up the phone or walk away from a “deal”. Knowing what some of the more common senior citizen scams are gives you a better idea of what to watch out for so hopefully you don’t fall victim to a costly fraud.
Common Senior Citizen Scams
Scams that target the elderly can take many shapes and forms, and most scam artists will target people, get as much out of them as they can quickly, and then disappear before they can get caught. That is why it is so important to be aware of the more common types of senior citizen scams so that a red flag goes up when you see the potential signs.
Investments
Be aware of investment opportunities that offer “guaranteed” returns or that require you to pay an up-front fee in order to obtain information or “get in on the action”. Very often investment scams are sneaky and are not uncovered until a senior’s nest egg has been depleted. It is best to stick with reputable companies that offer investment advice or products. Giving your hard-earned money to an unknown company or someone that calls you on the phone is never a good idea, no matter how enticing their offer may be.
Telemarketing Scams
If you receive a call that sounds “too good to be true”, it probably is. Telemarketing scams often offer the opportunity to receive exciting prizes, vacations, big discounts, or other “free” stuff. Then, they ask for personal information to verify your identity or “secure your prize”, such as social security numbers, credit card numbers or bank account information. Even if you’re not sure whether the offer is legitimate or a scam, know that reputable companies will never call you or mail you information requesting that you provide personal and sensitive information like that. If you’re unsure, ask for a number to call them back and then verify the company or the offer first before ever providing any type of personal information.
Health Insurance
These often come in the form of tests that are offered in public places, like malls, shopping centers or health clubs that then get billed to insurance, Medicare or Medicaid. Often the tests are either bogus or they’re just unnecessary and are simply used as a way to obtain money from the insurance companies. Seniors are their means of getting that money.
Promise of A Cure
Companies or individuals prey on the vulnerability of seniors by tapping into their fears about medical conditions, medical uncertainty, and failing health. Then they come up with products that may “promise cures” or “improve memory or health” in order for you to buy into their offer and give up your hard earned money. Unfortunately, many of these claims are unfounded and are intended to simply put money in their own pockets. It is best to refer to professional and trusted medical advice before spending money on “miracle cures”.
Prescription Drugs
We all know how difficult it is for many seniors to pay for the prescription drugs they need. This need for “cheaper” drugs makes seniors more vulnerable to senior citizen scams that offer these so-called drugs at bargain prices. In some cases, the medication that is sent is not really the medication at all, but simply a placebo. Not only do these scams milk you out of money, but they can be extremely dangerous if you think you are taking prescription medication that you are not really taking. Despite the difficulties in affording medication, it is best to ensure that you only obtain medication from reputable companies and distributors.
Selling Cemetery Plots
Planning for death and dying makes individuals extremely vulnerable, making it easier for people to be scammed. Companies can scam seniors by selling them plots that are not really available (and no one knows until that plot is actually needed) or convincing them that they need services that are not necessary. As with other types of senior citizen scams, it is usually best to look into any offers or “requirements” carefully before parting with your hard earned money.
Why Senior Citizen Scams Are More Likely
Everyone is vulnerable to being scammed, but seniors are a bit more vulnerable than most, which is probably why they fall victim to scams more often. Scams often prey on health related concerns or can be related to a difficult subject for the elderly to handle – death and dying. Senior citizen scams also often include the promise of money or prizes, such as high yield investments or contest winnings. The problem is that very often seniors don’t realize they’ve been scammed until the damage has been done. Even if they do uncover the scam, they may not speak up or report it because they are ashamed of being taken advantage of or “suckered”, thinking that others might think it’s a sign of their own mental incompetence.
How To Avoid Senior Citizen Scams
The best way to avoid being a victim of senior citizen scams is to be wary of any individual or company that offers you something that’s “too good to be true”, whether that comes in the form of a free prize, high investment returns or free or reduced price medical equipment or medication. If someone is calling you or contacting you and offering you some “incredible deal”, then you should step back and wonder why they are doing it. People don’t usually just call out of the goodness of their hearts and offer you free or cheap stuff, or a chance to earn a lot of money. And they certainly then don’t ask you to provide personal information over the phone, like your credit card number, bank information or social security number. It is best to stick with reputable companies for all of your dealings, and if you are considering buying, investing or accepting something from a company you are unsure of, do your research first. Do not let yourself be swayed into a “sweet deal” or pressured into signing or committing to anything that you don’t feel comfortable with. Trust your gut instincts. And if you do wind up falling victim to the many senior citizen scams out there, speak up and let others know – being scammed is not an indication of your own weakness or failing abilities. Scam artists are usually very good at what they do and it is very easy to fall prey to their offers. But if people are more aware and can uncover scams early, there is more chance that these people can be stopped from scamming others in the future.
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