According to the National Center on Elder Abuse, more than 2 million senior citizens are affected by financial abuse. It is the number one crime committed against people age 65 and older.
These scams fall generally into the category of financial elder abuse. Seniors lose nearly $3 billion to fraud annually, according to the Senate Special Committee on Aging.
NEW SCAMS, SAME TARGETS
It seems that every day a new type of scam pops up. Originally, seniors would fall prey to official looking letters in the daily mail. These letters would promise prize winnings, free trips or money, all of which are very tempting to a senior living on a fixed income. Many required “just a small deposit” to be returned in order to secure the winnings, which of course never materialized.
Then telephone calls became popular. Maybe your mother was sitting at home watching TV when the phone rang and a friendly voice was on the other end asking how her day was going. The person becomes a friend and then asks for a loan or offers services to Mom for a fee. The money disappears, and Mom is lonely once again.
Of course, there are the schemers preying on grandparents, pretending to be a grandchild stranded in India who needs money to get home. The money is wired to a faraway destination. The grandchild was never there to begin with.
Seniors increasingly are tech savvy and are online with family and friends. The same scams as noted above can work electronically as well. Be sure you and older family members have anti spy ware, antivirus and antiphishing software security on computers to help reduce scam emails. Additionally, a secure firewall on your computer and mobile devices is a must to prevent unwelcome intrusions.
MORE THREATS
Thieves now also have sophisticated equipment that can copy credit card information from an online site or in person when paying for gas or using an ATM machine. They clone your credit card and go on a spending spree. They can even copy Medicare or other health insurance cards and buy costly medical procedures for themselves. Sometimes, they sell the information to other crooks.
Watch your credit transactions daily to make sure no one has your Social Security or credit card numbers. Be careful who you give your private information to, and ask why the person needs that data. If someone calls with a request, always ask for his or her name and contact information; that often ends the conversation.
Never buy anything on the spur of the moment by mail, phone, TV or online. Ask for more information and more time. Only purchase items from a secure payment device that you trust, whether in person or online.
PROTECT YOURSELF AND LOVED ONES
Take advantage of services that can help you protect yourself and family members. You can annually request a free credit report for yourself to make sure no one has used your name, credit or Social Security number. Go online to annualcreditreport.com to obtain your report.
Opt out of telephone calls by calling 888-382-1222 or go online at donotcall.gov. Opt out of free credit card mailings that thieves steal by calling 888-567-8688 or go online at optoutprescreen.com.
Finally, if you are a victim, report it. The AARP has found that as many as 3/4 of people over 55 don’t report fraud. Don’t be embarrassed–it can happen to anyone. Call the Senate’s Special Committee on Aging toll free hot line at 1-855-303-9470 for information and to report scams.
