prevent elderly fraud scams

How To Prevent Elderly Fraud Scams

Fact: Elders are easy prey for scammers. And the reason for this is that their cognitive ability is already deteriorating due to aging that deceitful individuals and/or companies will take advantage of their condition to swindle money. And since elder persons are less suspicious about others, they are easily fooled by those who knock at their door under the guise of a kind-hearted gentleman.

So how can you prevent your senior loved ones from becoming a victim of scam artists? Read more as we are going to provide some tips on how to prevent elderly scam frauds in today’s entry.

Get To The Different Types of Senior-Targeted Scams And How To Deal With Them:

Telemarketing Fraud – This type of scam is often done to well-educated seniors who have above-average incomes. Telemarketing fraud can be easily identified since it usually involves sophisticated sales pitches to lure seniors to sign up. Aside from that, they also urge older people to join their illegitimate sweepstakes, donate in their fake charities, or take part in a bogus investment.g fraud prevent elderly fraud scams

How It Can Be Prevented:

  • Never send money upfront nor provide personal information such as birthdate, Social Security number, bank account, and credit card numbers to unknown persons or unfamiliar organizations.
  • If in doubt, don’t hesitate to ask for more information about the person and the company he’s in to establish legitimacy.
  • For senior widows, don’t give any idea that you are living alone.
  • Talk to a family member or a lawyer first before considering a large investment or purchase.
  • Hang up the phone IMMEDIATELY if a stranger is selling a product that you don’t really want or need.

Home Improvement Fraud – This type of fraud is characterized by high-pressure calls from an individual who claims to be a home improvement contractor and has the knack for convincing elders that their service is really needed. In fact, they will even go to the extent of sending flyers and making door-to-door sales just to stress out their purpose.

How It Can Be Prevented:

    • Contact a reputable contractor from your area and ask about the contracting company that is offering their home improvement services to establish legitimacy.
    • Don’t make quick decisions when they present their high-pressure offers.
    • Never give money first for the work should be done first and then the payment comes after.
    • If the company is legit, always make sure to check the details stipulated in the contract to know the kind of work that you are going to do.
    • Always ask assistance from a family member or lawyer before releasing large amounts of money to the contractor.

Door-To-Door Sales Scam – And finally, this type of scam is often done by a seemingly honest-looking man who knocks at the senior’s front door just to coax them from buying products or services that they don’t really need. Most seniors are often fooled by this type of scams as the individual appears to be very and willing to help. That’s why the elder person is convinced to make a purchase.

How It Can Be Prevented:

  • Never let a stranger into your house as you will be compelled to “listen” or give especially, if they are selling something.
  • Ask for credentials to establish legitimacy.
  • Never do impulse buying.
  • Never pay on the promise that they will deliver the product later.

 

Final Thoughts

Elderly fraud scams are continuously practiced by con artists. So we recommend that you take heed of these types of scams and follow the tips we have mentioned above in order to save yourself from being a victim of these MOs (modus operandi).

Moreover, we also recommend that you hire the services of a qualified senior financial advisor as they are trained to detect these scams before they even step at your door to ensure your money is well-spent at all times. You can also try out a bill paying service for seniors like SilverBills to prevent these risky transactions from happening.

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