Unfortunately, the population that seems to be most at risk and most targeted by financial scams is older adults. In fact, an article in Reuters , citing the American Journal of Public Health, estimates that around 5.4 percent of older adults experience fraud or scams every year, meaning that millions of older adults are victims of scams.
Whether you’re an older adult yourself or the child or caretaker of an older person, here are some tips you need to know about protecting against scams–
1. Be Aware that Scams Exist
Perhaps the first step in protecting yourself or an older loved one against fraud is to be aware that scams exist. As such, you should be critical of deals, offers, and requests for money (even if you believe that they’re coming from someone you know). Being skeptical and apprehensive about any financial maneuvers may sound cynical, but it is one of the most important things that you can do to protect yourself.
2. Watch Out for Key Signs of Fraud
Not only should you question any requests or offers that involve money, you should also be on the lookout for some key signs of fraud. The AARP Foundation lists three major warning signs that serve as red flags for older adults:
- You are contacted randomly with an offer for free money or fast cash. Things like lottery winnings, fast cash to work at home offers, guaranteed returns on investments, and more are often scams. If you are contacted by a random person and they are promising fast cash or what amounts to “free” money, do not buy in !
- You are pressured to act quickly. Another sign of a scam to be on the lookout for is pressure from the seller to act quickly. If the offer contains the words “limited time offer!” or “act now” with a warning that if you don’t, you’ll miss out, be very skeptical .
- The offer seems too good to be true. Finally, if an offer seems too good to be true, it probably is not true! Real and legitimate offers almost never contain freebies and large giveaways, whereas scam artists are super skilled at making people–especially older adults–believe that they are making and getting a great deal.
3. Always Double-check
Finally, the third tip to remember is that you should always double-check and verify any offers or requests that involve your finances .
For example, one scam that has targeted older adults involves a scammer calling an older person, pretending to be their grandchild, and requesting money to help them get out of an unfortunate situation. If you get a call like this, be sure to double-check the situation before you help! You should call other members of the family to verify the grandchild’s story before giving money.
The same is true for any other online or over-the-phone offers. ALWAYS ask for the details in writing and then ask for a trusted loved one or friend to review it for you first. There is no harm in double-checking offers and requests, and doing so could protect you against fraud.
Call Patricia Bloom-McDonald, Attorney at Law for Elder Law Questions
If you have questions about elder law and related matters, including creating an estate plan, and want to make sure that what you’re doing is legitimate and protects your best interests, you should work with a qualified elder law lawyer. For a consultation with a Massachusetts elder law attorney , call Patricia Bloom-McDonald, Attorney at Law, directly today or send her a message at your convenience. She will work hard for you!