Financial scams are a growing concern, impacting millions of individuals and leading to billions of dollars in annual losses. These crimes often go unreported as it can be challenging to track down and prosecute scammers. Unfortunately, older adults are particularly vulnerable to these scams, leaving many unable to recover from the financial losses.
Here are some of the most common types of scams targeting older adults:
Impersonation Scams: Scammers pose as trusted figures or professionals to steal the victim’s financial and medical information. For example, they might pose as doctors or health providers and file false claims, deducting money from victims’ Medicaid payments.
Robocalls and Phone Scams: One of the most frequent phone scams involves a scammer asking, “Can you hear me?” When the victim responds “yes,” the scammer records the voice and uses it to authorize charges or claim services. Another frequent scam involves spoof calls about expiring warranties or fake medical treatments, making it difficult to trace the scammers.
Lottery and Sweepstakes Scams: Scammers will inform the victim that they’ve won a significant prize or vacation but require personal information, such as social security or bank details, or ask for a fee to claim the reward. Victims never receive the prize, and the scammer disappears with their information or money.
How to Prevent Financial Scams:
If you or a loved one becomes a victim of a financial scam, it’s crucial to act quickly:
- Contact your bank immediately to check for any unauthorized activity or theft.
- If identity theft has occurred, request a free freeze on banking information to prevent further misuse.
- Report the scam to family members and authorities right away.
- Most importantly, when in doubt, just hang up the phone to avoid falling into the scam trap.
Financial scams can be devastating, especially for older adults. Awareness and prompt action are key to preventing further losses.
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By: Tien Nguyen
Senior Care Advising Intern at WellPath Partners
Health Care Administration Student, California State University, Long Beach
