Seniors in America were scammed out of nearly $3 billion in 2023, and this number is expected to keep rising as the years go by. To prevent becoming a part of this unfortunate statistic, here are 18 popular scams to look out for, which are usually targeted at older adults.
Telemarketing Scams
In telemarketing scams, fraudsters use phone calls to try to sell seniors fake or nonexistent products. You can easily spot one of these when you notice high-pressure sales tactics, especially if the scammer requests immediate payment. What do you do in cases like this?
Just don’t provide your personal information to anyone over the phone.
Debt Collector Scams
It’s also common to see seniors targeted by fake debt collectors who make claims that they owe a nonextant, paid-off, or canceled debt. Before making any unknown payments, the CFPB says you should request the company’s name, address, and license number to verify whether it’s real or not.
Medicare Scams
Since seniors need to pay the most attention to their health, scammers have used this to their advantage. These people pretend to be Medicare representatives just to obtain personal information from you, and they do this through unsolicited calls or even visits. It’s always safer to verify names and numbers from official Medicare contacts before sharing any information.
Fake Prescription Drugs
Some also bait seniors with low prices on drugs just to sell them fake versions of them. This practice is most common with online sellers. You should understand that, with drugs, it’s always too good to be true if branded medication prices are lower than normal. It’s safest to always buy from reputable offline stores.
Funeral and Cemetery Scams
Firstly, funeral services take advantage of people grieving by overcharging for or selling unnecessary services. It gets even more diabolical when a scammer pretends to be from the funeral home and tells you to pay up an outstanding debt for his or her services. In both cases, you should request proper quotes for services before making payments.
Health Care Scams
It’s common for fraudsters to lie and say that they have the perfect healthcare plan for you. These offers include gifts and discounts to pressure you into making payments, or they may be free so that you provide them with personal information. The FDA explains that these types of scams waste seniors’ money and delay them from seeking actual treatment.
Internet and Email Scams
Scammers send unassuming messages to you that are laced with insecure links or viruses programmed to record your activities and steal your information. You’ll often receive these from unfamiliar senders or in the form of urgent messages that direct you to scam websites. Your best bet against this is to never open attachments and links from unfamiliar contacts.
Investment Scams
Seniors also receive messages or calls from fraudsters promising high returns on investments with little risk. This is another case of something being too good to be true, especially if there’s pressure from the counterparty. You have to consult with a certified financial advisor before making any investments whatsoever.
Grandparent Scams
We all love our children so much, and, of course, scammers use this to their advantage, too! For seniors, it’s common to see them pretend to be a grandchild in trouble just to solicit money, and it’s often an ‘urgent’ matter that needs settlement immediately. All you have to do is contact the family member directly before sending anything.
Reverse Mortgage Scams
Scammers will also try to convince you to take out a reverse mortgage on your home through them, and then they will steal the proceeds from it. In addition to pushy sales tactics and almost irresistible offers, CBS explains that unsolicited calls are red flags, too. Reputable service providers never provide information you don’t request.
Lottery Scams
Here, the scammer tells you that you just won the lottery and that you need to pay some fees to claim your winnings. You should know that legitimate lotteries don’t ask winners for upfront fees. And it’s an obvious scam if you don’t even have anything to do with the lottery in the first place.
Home Repair Scams
We also see cases where fraudsters (and even legitimate businesses) offer unsolicited or low-cost offers on home repairs, requesting partial or full payment for services upfront, and then disappear without providing these said services. You can avoid this type of scam by only hiring licensed and insured home repair contractors.
Romance Scams
Many scammers also build relationships with seniors just to keep asking for money from them. You’re more susceptible, the lonelier you are. According to the Washington Post, the older you are, the worse this becomes, as the median loss for adults above 70 is $9,000, compared to $2,400 for others.
Charity Scams
Riding on emotions, scammers also solicit money from seniors to fund a fake charity, often providing vague information about it and rushing their victims into donations. It’s best to verify the charity you intend to donate to through watchdogs like GuideStar and Charity Navigator.
Caregiver Scams
Another diabolic scam targeted at seniors involves caregivers coming into your home to steal private information. This information may give them access to your financial accounts or even allow them to create fake identities to aid further scams. The only thing you can do here is vet everyone before allowing them into your home.
Timeshare Scams
Some also pose as real estate agents who will help you sell or rent your timeshare properties for a fee, and they simply disappear without fulfilling these services. One indicator here is when you get promises of profits that aren’t backed up. A way to avoid getting scammed is to never pay upfront fees.
IRS Scams
Scammers may also pose as IRS agents, demanding payment for unpaid taxes. They may threaten grave action from the government through calls or emails if immediate payment isn’t made. In some cases, the IRS tells us that these scammers only seek to collect your SSN or ITIN so they can file fraudulent tax returns on your behalf.
Travel Scams
We’ve also seen time and time again where scammers pose as travel agents, offering seniors mouthwatering deals on vacation packages or rentals only to run away with the money after payments. You can avoid this scam by only going to reputable agencies and verifying offers through reviews.
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