While retirement sounds heavenly, it has its own risks. Senior financial scams are on top of this list due to high stakes from savings and easily trusting targets. Retirees are also more likely to suffer from cognitive decline and conditions like Alzheimer’s, making them easier targets to con.
With the new age of technology, it’s increasingly easier to dig up the property, phone, medical, and other records, making scammers’ jobs easier to identify the most vulnerable people. According to a 2015 study, older Americans are cheated out of an eye-watering $36.5 billion annually through various means. Awareness is the first step to protecting yourself. So here are the scams you can fall prey to, and how you can stay out of becoming a victim:
Medicare Scams
Stokkete/Shutterstock: People can scam you for your health insurance
Since Medicare is a government program, posing as a Medicare representative is a surefire way to get to unsuspecting older citizens. They could fish for private information and medical records through free medical fairs, even in churches. Once they have the info, identity theft is a piece of cake, and they could claim your Medicare money by submitting bills in your name.
Prescription Drug Scams
stevepb/Pixabay: Only use approved pharmacies to get your medication
It’s sick to prey on the sick, and yet these scammers are heartless enough to target an older person’s effort to find more affordable medicine online. Feds chase an alarming number of phony medicine vendors online, selling cheap medicine that will do nothing for your condition.
It’ll only rip you off and make your illness worsen at the same time. So, only get your prescription drugs from approved pharmacies, or seek your doctor’s help to find an affordable alternative.
Bereavement Scams
Exploiting grieving widows and widowers sounds like the lowest thing a person could do. But that doesn’t stop it from happening. From individuals posing as long lost relatives claiming to be heirs to disreputable funeral homes trying to rip-off elders by selling unnecessary services—this happens all over the country.
Always have someone able-minded and trustworthy with you during funeral arrangements, so you aren’t targeted while you’re mourning.
Grandparent Scams
Cherries/Shutterstock: People posing as grandkids can also take your hard-earned money away
It’s no secret that grandparents love spoiling their grandchildren. Some may actually use this pure love to con you into wiring/sending them money by posing as your grandchild. So if you get a call/email from someone that claims to be your grandkid, it’s best to re-check their need by calling or contacting them yourself.
Internet Scams
If you’re new to using the internet, it might be harder for you to spot phishing scams. These are emails that fraudsters send to obtain your personal information and credit details. Emails claiming you’ve won a lottery or asking to click on a link to update some account could be one of these.
They’re almost always using capital letters, show a sense of urgency, and ask for too much information. Beware of these cons and delete the suspected email without clicking any links.
Investment Scams
Elders often want to grow their retirement savings by investing it. Con artists smell this opportunity and find beguiling people to enroll in their pyramid schemes and other risky investment options.
They might lure you in with attractive interest rates and crazy benefits, but remember that you could risk losing it all. Only invest with trusted financial institutions, and you should be safe.
We’re hoping this list better prepares you to identify and not fall prey to any scammers. In case you experience fraud, report it right away so that law enforcement officials can mitigate your risk. Check this government-approved list to report scams accurately.