Senior Scams to Watch Out For

Because seniors are the most likely to have a nest egg, own their own home and have excellent credit, they’re an attractive target for scam artists.  Knowing common senior-related scams can help you recognize when your client is a target. 

According to the National Association of Triads, the top six scams involving seniors are:

1.       Telemarketing fraud - when a senior sends money or provides personal or financial information to unknown solicitors over the phone, through email or on the internet.   

2.       Charity fraud - when someone misrepresents charitable causes – fictitious or real – to steal money from donors.   

3.       Sweepstakes fraud - when a senior is told she has won a major prize, but must pay taxes, shipping or other fees either before receiving the prize or after receiving and cashing a fake check. 

4.       Health care fraud - misuse of insurance or Medicare cards to bill seniors, their insurers or Medicare for equipment, supplies or services not provided or needed. 

5.       Identity theft - when someone assumes a senior’s identity to perform criminal acts such as taking out loans or opening credit accounts. 

6.       Financial fraud - predatory financial transactions such as mortgage scams, Ponzi schemes, or unrealistic long-term investments. 

If you suspect your client is the victim of fraud, contact your local franchise office immediately.