Financial scams are on the rise across different sectors of the economy. However, it appears that one group of citizens is being targeted more often, senior citizens. Seniors can be targeted anywhere and by anyone, ranging from the staff of assisted living centers to home caregivers who wish to take advantage of their weaknesses to make a few extra cash. If you are in search of assisted living Somerset county, there are some things you should be aware of moving forward.
Financial scams targeted at seniors are on the rise and this is due to several reasons including- Increased chances that seniors are unable to give accurate testimonies in court due to bad memory.
- Seniors are more likely to have a home for themselves and excellent credit.
- Seniors are more open to trusting others and being polite thus increasing the chances of the con artist who wish to exploit these weaknesses.
- Seniors are less likely to detect or even report a scam due to the sense of overwhelming shame they feel in the aftermath of the scam.
Why the elderly are frequently targeted for financial scamsSeniors have grown to become more open-minded, trusting and generally interested in helping others achieve their goals. These and many more traits are considered by con artists as the perfect combination, spelling a naïve victim. In most cases, seniors are generally lonely and interested in forming new bonds to keep their lives interesting. In line with this, they are more receptive and this makes an avenue for them to be guided astray as part of a financial scam. Seniors are more open to listening and they question motives less, giving scam artists the perfect canvas to draw out whatsoever plan they need to exploit this class of the population.
What are the most common scams targeted at seniors?There are several elderly scams which have become more common in recent years. Below are some of the scams to watch out for.
Medicare scamsThese scams involve fraudsters who pose as representatives of Medicare aiming to fraudulently obtain sensitive information such as Medicare identification numbers from unsuspecting victims.
Counterfeit Prescription DrugsSeniors are constantly on the internet in search of cheaper alternatives to prescription drugs. This may create an avenue for them to be exploited as fraudsters may set up an online business offering counterfeit drugs for a lesser price aimed at baiting seniors into placing orders.Cemetery and FuneralsFraudsters may obtain obituary information and use this to find out information which may later be used to extort the family members of the deceased. In some cases, these con artists may claim the deceased owed some money to them, harassing the deceased family for a refund.
Anti-aging productsSociety has placed so much value on young looks, scammers may set up an internet business selling anti-aging products at expensive prices. This market has been designed to capture the interest of the senior population and promise a rejuvenated appearance.
Other common types of frauds against seniors include- Sweepstake and lottery scams
- Health insurance scams
- Homeowners and/or reverse mortgage scams
- Internet fraud
- Investment schemes
Monitoring Seniors and their financial healthCaring for seniors goes beyond their mental and physical health. It is recommended that loved ones take time to adequately assess the financial reports and credit reports of their elderly ones, making sure that all things are in the right frame.
It is also essential that credit reports from all three major agencies should be appropriately monitored. To learn more about caring for your loved ones financially, visit https://www.bshcare.com/