It is an unfortunate fact that the older you are the more likely you are to be targeted by scammers, and those in retirement age of sixty-five or above are targeted the most frequently. The older we get, the more vulnerable we feel and are, and regrettably, scammers use to their advantage. However, below we have outlined some common senior scams, and what they entail, so you know what to look out for.
Banking Scams
You will receive a call whereby the caller is claiming to be from your bank, and they will often say that you have been a victim of fraud. The caller will request your personal information, and more bank information. This is a very easy scam to fall for, people generally trust their bank, and everyone is worried about unauthorized bank transactions, so far too many people ten to hand over the information being requested. The caller now has all the information they need to empty your account, with little or no chance of you getting the money back.
Your bank will never ask for such personal information as they have no reason to need it. To put your mind at rest, you can call your bank back on a number you know to be genuine and explain the call you have received, they can then reassure you about your account. If possible, use a different phone to call your bank.
Counterfeit Medication
With the price of some medications and prescriptions being so high, it is not unusual for a person to go online in search of a cheaper alternative. However, websites are set up to either sell cheap medication where you do not receive what is labeled, therefore, your ailments are not made better (depending on what they send, it is possible that it can make your health worse), or the medication just never arrives.
Email Scams
If you don’t use emails, then, of course, this doesn’t apply to you, but nowadays more and more retirees are setting up email accounts in order to give them more independence and help them to stay in touch with various people. Often scammers will send out emails saying you owe the certain company money. Once you click on the link, a computer virus downloads which can hold your computer to ransom or download any personal information you have on there. If this happens, the scammer now has more than enough information about your life to steal money from any bank accounts or go online shopping in your name.
Investment Opportunities
Because everyone wants to be financially secure during their retirement, you might sometimes think about putting some or all the savings you have into investments, so you know you will have a better income and a more secure future. Well, don’t trust them. There are far too many bogus companies, and investments, where you hand over your cash expecting an annual return, but instead you never see your money or the company again.
Prize Winners
This is very common because so many people become victims of it. If someone comes to your home or phones you to tell you that you are the winner of a cash prize, a car, or a vacation, then don’t believe them. Too many people get caught up in the excitement of winning to stop and think logically about what they are being told. No one is giving these things away for free, it is a scam to draw you in to then get any personal information they need from you.
It can be hard to know what is true and what isn’t, especially when scams are seemingly becoming more and more sophisticated, but as long as you keep your wits about you, and never hand over your personal information, then you will be okay. If you need to, seek advice from a trusted friend or family member, don’t be embarrassed to tell them what is happening, an outsider’s ear can go a long way in stopping you from making the wrong choices.