Cons Targeted Towards Senior Citizens

Scams that target the elderly are nothing new, but they are becoming more and more common as technology advances. These cheats can devastate seniors, who may have limited financial resources and be more trusting than younger generations. Unfortunately, con artists seek new ways to exploit vulnerable people; older people are often their primary targets.

One common ploy that targets aging people is when someone poses as a grandchild or other family member needing money. The scammer will often call the older adult and pretend to be a relative who is in trouble, such as being stranded in a foreign country or needing bail money. They will then ask the victim to wire money or send gift cards to help them. This scheme is particularly effective because the target may be more likely to trust someone who claims to be kin.

Another method fraudsters use is high-pressure tactics. They may tell the elderly person that they must act quickly to avoid a financial disaster, such as losing their house or having their checking or savings account frozen. They may also threaten the senior with legal action if they don’t comply. These pressure tactics can be very effective at getting the older person to give in to the scammer’s demands. Legitimate organizations will not use these tactics to get you to give them money or personal information.

There are several red flags that older adults can look for to avoid falling victim to these cons. One of the most important is to be wary of unsolicited phone calls or emails asking for money or personal information. Scammers often use these methods to reach out to potential victims. If you receive a call or email like this, it’s essential to verify the identity of the person or organization before giving out any money.

It’s also important to be careful when giving out personal information. Scammers can use this to steal your identity or access your financial accounts. If someone asks for your social security number, credit union account details, or other sensitive information, be cautious and ensure you know who you are dealing with before telling them.

In conclusion, scams targeting older people are a serious problem with devastating consequences. It’s crucial for aging people to be aware of these scams and to take steps to avoid falling victim to them. A proactive approach to prevent fraudsters from successfully tricking your loved ones is to tell them in advance that you will not ever call and ask them for money. The Federal Trade Commission encourages the public to share information about these vicious shams. The truth is that sharing what you know can help protect someone you know from a scam.

As always, if you suspect fraud or someone you know has been a victim of fraud, reach out and report it. The FTC is investigating fraud cases every day, and your statement could help stop unnecessary elderly victimizations. Furthermore, sharing your story with friends and family could help them avoid becoming fraud victims.