Senior fraud: The various types of elderly scams
Sadly, scam artists often target seniors. This is because they know that many older adults easily trust others and may have difficulty spotting a scam. These types of frauds can be very costly and cause a lot of emotional distress not only for the elderly but their families as well.
Daniel Klibanoff shares some of the common types of scams that target seniors:
Medicare and Health Insurance Scams
Scammers will call seniors claiming to be from Medicare or another health insurance provider. They may say that the senior is owed a refund or that they need to provide their personal information for billing purposes. They may also offer free medical equipment or services in exchange for the senior’s Medicare number. Once scammers have this information, they can use it to commit fraud or sell it to other criminals.
Financial Scams
Another common scam is the “grandparent scam,” where a scammer will call an older adult and pretend to be their kin, such as a grandchild in need of money. Other financial scams include investment schemes, telemarketing fraud, and lottery scams. These scams can often be very convincing, and seniors can lose a lot of money.
Fraudulent Home Repairs
Some scammers will offer to do home repairs for seniors but then do shoddy work or overcharge for their services. Others may say they need to enter the home to check for repairs but then steal valuables. Daniel Klibanoff notes that it’s important to be careful when hiring someone for home repairs and advises seniors to only use reputable companies.
Dating Scams
Some scams target seniors who are looking for companionship or love. These scammers will create fake profiles on dating websites and then start relationships with their victims. They may eventually ask for money, usually saying they need it for travel expenses or medical bills. This can be a very damaging scam, both emotionally and financially.
Sweepstakes and Lottery Scams
Another common scam entails telling seniors that they’ve won a contest or lottery, but these unsuspecting elderly need to pay taxes or fees first before collecting their winnings. Of course, there are no real winnings, and the senior ends up losing money. These scams can be very convincing, so it’s important to be aware of them.
If you believe or suspect that you or someone you know has been a victim of a scam, Daniel Klibanoff says that it’s important to file a report and warn other seniors about these scams so that they can avoid becoming a victim, too.
Read more of Daniel Klibanoff’s insights and thoughts on senior fraud by clicking on this link.
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