Identifying Scams
How To Foil Scams Aimed At Senior Citizens
Senior citizens are special targets for con artists. In fact, according to some estimates, one-third of all victims of fraud schemes nationwide are seniors, despite the fact that they make up about only one-eighth of the population. Worse still, approximately 60 percent of all health care fraud victims are senior citizens.
Why Do Con Artists Pick on Seniors?
There are a number of reasons why the elderly are vulnerable to con artist's scams, among them:
- Seniors are trusting
- Many elderly people live alone, making it easier for
fraud artist to go one-on-one with his or her victim - Many seniors are lonely and are susceptible to the charm
and persuasive wiles of the con artist - Seniors often have ready cash or liquid assets available
What Are The Scams Seniors Should Look Out For And How Can They Be Prevented?
The U.S. government estimates that nationwide there are more than eight hundred active "bunco" or fraud scams, most of which can victimize the elderly as well as members of other age groups. Some of these con games, such as high pressure, deceptive sales pitches for living trusts, "low-risk, high-yield" investment scams and "miracle" arthritis remedies, are specifically aimed at senior citizens. However, seniors also fall prey in large numbers to scams involving advanced loan fees, home improvements, auto repairs and work-at-home schemes.
Here are a few quick tips you should observe to avoid being taken by any of these fraudulent schemes:
- Don't let greed overcome common sense. Look out for get-rich-quick schemes, "free" offers, or "you have won" solicitations. Remember, if it sounds too good to be true, it is
- Wait 24 hours before making a purchase; there is no need to rush. An offer from a reputable source will remain available from one day to the next
- Get a second opinion; consult with someone you trust before making important financial decisions
- Never reveal your "vital numbers" such as credit cards phone cards, date of birth and social security numbers or your personal identification numbers (PIN) for automated teller machine (ATM) transactions to verify a contest prize, low-cost vacation or other prize offer;
Be wary of...
- high pressure sales
- demands for cash only
- the need for quick decisions
- secret deals available only to specially selected people
- no-risk, high-yield investments
- delayed delivery or products or services (the con artist could be long gone before the promised delivery date)
- offers requiring that cashier's checks be sent immediately by private over-night carriers
If you think you have been victimized by a fraud scheme or you know of a con game that is targeting your friends or neighbors, call the Attorney General's Office or the fraud division or your local police department.
