There are many harsh realities when understanding why seniors and the elderly are targets for financial scams. One reason is that they are considered easy targets since many older adults are deemed less cognitively savvy than younger individuals. Also, older adults are less likely to report financial scams. They feel embarrassed and don’t want to share their misfortune with law enforcement, their friends, family members, etc.
Seniors are often targeted because there can be a misperception that the older you are, the more established you are – and the more money you have saved. As stated, this is often a misperception. Many older individuals live off of pensions, Social Security, and limited retirement plans. However, this does NOT leave them immune from financial scams. The unfortunate truth is that financial scams and crimes can be difficult to prosecute, and, as such, are considered to be “low-risk” crimes. Many times those committing the crimes are loved ones or close friends of the family.
So, what are the top ten financial scams against seniors? Let’s take a look:
1. Medicare and health insurance scams
2. Counterfeit prescription drugs
3. Funeral and cemetery scams
4. Fraudulent anti-aging products
5. Telemarketing and phone scams
6. Internet fraud
7. Investment schemes
8. Homeowner and reverse mortgage scams
9. Sweepstakes and lottery scams
10. The grandparent scam
If you would like more information check out our book, Senior Shakedown: The Unknown Dangers of Getting Old, and How to Protect Your Loved Ones by visiting the Free Resources page of the site.
If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.