Senior Fraud Series: An Introduction To Senior Fraud

Grandparent Scam: In this scam, fraudsters pose as a grandchild or a person claiming to represent a grandchild who is in distress. They typically say they're in legal trouble, a car accident, or facing an emergency and urgently need money wired to them. The scammer relies on the senior's emotions and desire to help their grandchild, often without verifying the caller's identity.

Medicare or Health Insurance Scams: Scammers might call seniors, pretending to be from Medicare or another health insurance provider. They claim there's an issue with the senior's coverage and request personal information like Medicare numbers or financial details.

Tech Support Scams: Seniors may receive unsolicited phone calls or pop-up ads on their computer claiming to be from tech support. The scammer says there's a virus on their computer and requests remote access or payment for supposed services, often leaving the senior's computer compromised.

Lottery or Prize Scams: Seniors are informed they've won a lottery or sweepstakes and must pay fees or taxes to claim their prize. The prize doesn't exist, and the scammers keep collecting money.

Home Improvement Scams: Scammers may approach seniors in person, offering home improvement services like roof repairs, driveway paving, or tree trimming. They demand payment upfront, perform shoddy or no work, and disappear.

Investment and Financial Scams: Fraudulent investment opportunities are presented to seniors, promising high returns with little risk. These scams can lead to seniors losing their savings or investments.

Funeral and Cemetery Scams: Scammers target grieving seniors, offering fake funeral or cemetery services at discounted prices. They take payments but never deliver the services.

Telemarketing Scams: Seniors receive unsolicited calls offering products or services that seem too good to be true, such as miracle health products or exclusive vacation packages. The scammers pressure them into making immediate purchases.

Charity Scams: Fraudsters impersonate charitable organizations, especially after natural disasters or during holiday seasons, and request donations. Seniors may unknowingly donate to fake charities.

Romance Scams: Seniors may fall victim to online romance scams, where scammers build fake relationships over the internet, gain trust, and then request money for various reasons.

Reverse Mortgage Scams: Scammers target seniors with reverse mortgages, promising additional funds or better terms in exchange for fees or personal information.

To protect against senior fraud:

1. Be cautious of unsolicited phone calls, emails, or visitors.

2. Verify the identity of anyone requesting personal information or money.

3. Don't make hasty financial decisions; consult with family or a trusted financial advisor.

4. Educate yourself and stay informed about common scams targeting seniors.

5. Register for "Do Not Call" lists to reduce unwanted telemarketing calls.

6. Report any suspicious activity or scams to local authorities and consumer protection agencies.