Financial scams that target seniors are costly and prevalent. Fraudsters bilk approximately $3 billion per year from unsuspecting retirement-age individuals. But why this age group? It is believed by scammers that more money is possessed by older adults. Naturally, those targeted extend beyond people 55 and above. The risk of financial abuse can even occur where low-income adults are concerned.
Sadly, the perpetrators of these crimes against older adults aren’t always strangers. Members of their own families reportedly abuse their elders. In fact, when it comes to elder abuse, family is involved in 90% of the cases or more.
To prosecute scams of a financial nature can be difficult and they often go unreported. Unfortunately, scams can leave many retirement age adults in a vulnerable position and devastate them financially.
Here are some of the scams running rampant today.
The Lottery and Sweepstakes Scams
For this scam, the person being scammed is told that they’ve won a sweepstake. But to get the prize, they’re going to have to send some type of fee for shipping, processing, etc.
This scam can also involve a check sent to the person who supposedly “won”, from which the fees are paid to the scammer. Unfortunately, after a few days, the bank realizes the check is bogus.
Scams Involving Computer Tech Support
Frequently these involve pop-ups on your computer screen. If you don’t know a lot about computers, it can seem tempting to click on them for help. They promise tech support and get personal information, including credit card numbers, for payment of technical services.
Health Insurance/Medicare Scams
Someone pretending to be a representative of Medicare will attempt to gather personal information. What’s more, at a makeshift mobile clinic, bogus services may even be provided for older adults, and then the imposters pocket the money after billing Medicare.
Here, someone pretends to be a loved one – usually a grandchild – of a grandparent. They say they are calling for help and need money right away. They may say they need bond money, help with car repairs, rent, and more. They request that the grandparents not tell anyone, because they are embarrassed or ashamed.
Scams Involving Government Imposters
Scammers pretend to be from Medicare, the Social Security Administration, the IRS, and more. They are impersonating government employees. They will make numerous threats, saying the individual has unpaid taxes that must be paid immediately. They may also say that unless you provide personal information, your benefits will be cut off.
More Scams and Fraud
Here are some other scams taking money from retirement age individuals:
- Charity Scams
- Elder Financial Abuse
- Email and Internet Fraud
- Romance Scams
- Phone/Robocall Scams
Enjoy a Safe Environment at Rittenhouse Village At Muhlenberg
Personal care services and respite care are the two types of senior living situations presented at Rittenhouse Village At Muhlenberg. So when you need assistance, be it short-term or long-term, we’re here for you. We provide a safe environment with numerous programs for the enjoyment of our residents. Watch a movie with a friend, enjoy a fine dining atmosphere with chef-prepared cuisine, take a trip into town, do some crafting, partake in an exercise class – it’s all up to you.
Our team of specially trained professionals will see to your medical requirements, and assist you – as needed – in daily activities. When you live in our retirement community, you will find yourself among friends who will soon feel like family.