Did you know that one-third of fraud victims nationwide are senior citizens? Even worse, 60% of all health care fraud victims are seniors. Why are seniors the special targets of scammers and what can you do to avoid being a scam victim?

Why Seniors are Special Targets for Scammers

1. Finances. Many seniors have a “nest egg,” own their own home, and have excellent credit. The fraudster will focus his efforts on those who are in the financial position to buy something.
2. Seniors are trusting. People raised in the 30s, 40s, and 50s were generally taught to be polite and trusting- two traits con-men will exploit.
3. Many seniors live alone. This means the con-man can easily go one-on-one with his intended victim. In some cases, the intended victim may also be lonely and more susceptible to the charm and persuasive wiles of the fraudster.
4. Older Americans are less likely to report fraud because they don’t know who to report it to, they are ashamed that they have been scammed, or don’t know they have been scammed.
5. When they do report the crime, sometimes an older victim makes a poor witness. Often, it is not until months later that they realize they were conned; this extended time frame will test the memory of almost anyone. Many times the victim is unable to supply pertinent details of the con-man and the scheme to result in an arrest.
6. Senior citizens are concerned with health issues and this is why they make up 60% of health care fraud victims. In this day and age of tremendous medical advancements, con-men are making false promises about their products or services and many seniors are falling victim to their deceptive practices.

The U.S. government estimates that nationwide there are more than eight hundred active “bunco” or fraud scams, most of which can victimize the elderly as well as members of other age groups. Some of these con games, such as high pressure, deceptive sales pitches for living trusts, “low-risk, high-yield” investment scams and “miracle” arthritis remedies, are specifically aimed at senior citizens. However, seniors also fall prey in large numbers to scams involving advanced loan fees, home improvements, auto repairs and work-at-home schemes.

Here are a few quick tips you should observe to avoid being taken by any of these fraudulent schemes:

· Don’t let greed overcome common sense. Look out for get-rich-quick schemes, “free” offers, or “you have won” solicitations. Remember, if it sounds too good to be true, it is.

· Wait 24 hours before making a purchase; there is no need to rush. An offer from a reputable source will remain available from one day to the next.

· Get a second opinion; consult with someone you trust before making important financial decisions.

· Never reveal your “vital numbers” such as credit cards phone cards, date of birth and social security numbers or your personal identification numbers (PIN) for automated teller machine (ATM) transactions to verify a contest prize, low-cost vacation or other prize offer;

Be wary of…

· high pressure sales

· demands for cash only

· the need for quick decisions

· secret deals available only to specially selected people

· no-risk, high-yield investments

· delayed delivery or products or services (the con artist could be long gone before the promised delivery date)

· offers requiring that cashier’s checks be sent immediately by private over-night carriers

If you think you have been victimized by a fraud scheme or you know of a con game that is targeting your friends or neighbors, call the Attorney General’s Office or the fraud division or your local police department.

You can read more about scam targeted at seniors at this FBI website.

This entry was posted on Monday, August 6th, 2007 at 6:44 pm and is filed under Retirement Information, Retirement Living. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.