Fraud and scams that target the elderly have sadly become the norm in the 21st century. Many of our seniors are on a fixed income and these crimes can devastate the victim’s finances and leave them in financial ruin. In this two-part series, we will identify the most common scams committed and follow-up with how you can protect yourself and loved ones.
Health Insurance Fraud
If you are a citizen of the United States or permanent resident and are over the age of 65 you qualify for Medicare. Criminals will pose as insurance providers in order to get your personal information and use it to steal your identity. They may also pose as mobile clinics, order unnecessary tests and bill Medicare exorbitant amounts for services not necessary or that were never performed. These scams may also include ordering unnecessary medical equipment approved by fraudulent doctors or items that are never received. Because some prescription drugs are expensive, some seniors go online to find a better price for necessary medication, only to find they receive a placebo or worse.
Funeral and Cemetery Fraud
Sadly, some scammers peruse the obituary columns and later attempt to get money from grieving spouses and relatives claiming the deceased owed them a debt.
There are disreputable funeral homes and directors that will charge exorbitant fees for services hoping family members’ are unaware of costs involved with a funeral.
Anti-Aging Products
In a society where everyone is supposed to look young, sometimes seniors fall prey to scammers essentially selling them the fountain of youth, offering fake Botox formulations, serums, treatments, etc. that may put their health in jeopardy.
Telemarketing
Scamming can be as easy as picking up the phone. The telemarketer sounds official and the unsuspecting victim falls into the trap. There are several types of telemarketing scams. The charity scam is when the criminal calls the victim, tells their tale of woe and elicits a donation from them. Another form is the pigeon drop, where the telemarketer calls telling the victim that they can “split” a large amount of money if they send them a “good faith” deposit. And finally, the disaster/emergency scam is when the telemarketer calls telling the victim about a family member in need of funds due to a tragedy such as an accident, arrest or money owed to the IRS.
Internet Fraud
As wonderful as the internet is, there is a dark side. Pop-up ads targeting the elderly, email and phishing scams run rampant. An example of a phishing scam would be an email sent that requires the recipient to update personal information or a “notification” from the IRS that they have a refund waiting if they provide their address and social security number.
Investment Schemes
Since many elderly are on a fixed income, any savings they have they’d love to see grow. The scammers know this and have all kinds of tricks up their sleeves to get them to write a check, promising abundant riches in the near future.
Home Owner/Reverse Mortgages
Many scammers know that older adults own their own homes and they’ve devised ways to steal the homes right out from under the owner.
Sweepstakes and Lottery Scams
By promising the victim riches, scammers inform them they’ve won a prize and send them a check with instructions for a payment to unlock their prize. By the time the check bounces, the victim’s check has been cashed and the thief long gone.
The Grandparent Scam
This is one of the most devious scams of all. The person calls the victim and poses as a grandchild, tells a story about a financial burden, hoping to be sent a check.
These are a few examples of the hundreds of scams perpetrated against the elderly daily. As fast as we can write down the scam, criminals have come up with new tactics.
If you think you’ve been a victim of a scam, speak to a friend, loved one, or an attorney. Or to obtain information for Adult Protective Services in your area, contact the Eldercare Locator, a government-sponsored national resource line, by calling: 1-800-677-1116, or visit their website at http://www.eldercare.gov/Eldercare.NET/Public/Index.aspx
Resources
https://www.fbi.gov