Unfortunately, the elderly are frequently targeted in fraudulent schemes because the individuals carrying out these scams believe these individuals are more vulnerable and are more likely to have accumulated wealth. What follows are seven of the most recent and common scams targeting elderly individuals.
IRS Phone Scam
Recently seniors received phone calls threatening arrest and driver’s license suspension for nonpayment of back taxes. The fraud earned the scammers more than $5 million.
Health Care Scam
Seniors in this fraud scheme are asked to provide personal information in order to receive help with health insurance. That information can be used for identity theft.
Great Grandchild Claims
Sometimes, elderly individuals will receive communication from an alleged great grandchild asking for money. They are advised to verify the identity before sending any funds.
Unethical Financial Advice
Some individuals will claim to be professional financial advisors, making investments on a senior’s behalf. Individuals should always be carefully vetted before being used for financial management or advice.
In this situation, individuals will call the family of a recently-deceased relative and claim that money is owed or that a package needs to be delivered. The “package” is then sent to the family cash-on-delivery, but it’s usually empty or worthless.
Prescription Drug Ruse
With prescription costs being a primary concern for elderly individuals, many turn to the Internet for cheaper prices. Sometimes, this can mean that money is taken without the delivery of any drugs. Make sure you fully investigate a site or service before signing up.
Funeral Plot/Service Scams
Unfortunately, some funeral homes might encourage seniors to purchase a casket or burial plot when they intend to use cremation. Read the fine print and make sure a family member knows your wishes.
Sadly, these scams are all too common. One of the best ways to combat scams is to ensure your estate planning and elder planning have considered many options. Get advice from an experienced attorney today at firstname.lastname@example.org.