Your parents are aging and you are concerned about them. Many unsavory types ( ie. Crooks) are
targeting elderly aging parents with scams; at their door, on-line or over the phone.
Scams Targeting Elderly
We want our parents to maintain their independence as long as possible, but we need to be aware, and
help them to be aware, to guard against the various types of fraud and scams targeting their age group.
According to the National Council On Aging there are 10 tops scams we and they need to be aware of:
- Telemarketing – #1 scam out there
- The Grandparent Scam
- Internet Fraud – including Credit Card Fraud
- Investment Schemes
- Health Care/Medicare/Health Insurance Fraud
- Counterfeit Prescription Drugs
- Funeral & Cemetery Scams
- Homeowner/Reverse Mortgage Scams
- Sweepstakes & Lottery Scams
- Fraudulent Anti-Aging Products
So, what do you do?
Sit down and have a frank conversation with your parent/s.
All 10 things may not apply to your aging parents, but the first 4 apply to everyone.
Telemarketing/Phone Scams
The simple rule to follow on this is; IF YOU ARE CALLED, Never buy
anything over the phone or provide personal or financial information to a caller. Just hang up!
The Grandparent/Child Scam
This is one of the most devious scams out there. Your parent receives a
call from someone who either tells them their child/grandchild is in trouble and they need to wire
money immediately to help them. Another variation is that they will call and say, ‘Hi Grandma, do you
know who this is?’ Once your parent guesses they will use that name and tell them they need money. A
variety of reasons may be given as to why the money is needed. Teach them not to panic, but tell the
caller they want a number to call back and they are going to call the grandchild/child to verify the need.
Internet fraud
Internet fraud of our aging or elderly parents is one of the most dangerous in in this age of technology.
Our parents are on-line. We want them to be independent and to be technologically savvy, but we want
them to be safe, so what do we have them look for and be aware of?
Email/phishing scams
(this is not just a target of our aging parent) Phishing is an e-mail fraud
method in which a person sends out what looks like a legitimate-looking email asking them to update or
verify their personal information. Paypal, Ebay and banks are most often used by phishers to gather
information for their financial gains. NEVER open a link in an email, NEVER give personal or financial
information and NEVER give a password or pin to anyone on-line. If you are uncertain, call the
institution or company to see if they are looking for that information and learn how to set security on-
line emails and teach your parents. You can find help on-line if you aren’t sure.
Non delivery of merchandise
Before ordering anything on-line, make sure they are a reputable
company. There should be a phone number and address provided. If not sure, call and double check,
look them up on-line to see if anyone else has been scammed.
Credit Card Fraud
Always be sure the site is secure before providing credit card information on-
line. DO NOT order anything from a Company you are not familiar with.
Investment Fraud
Never judge a book by its cover or a website by the way it looks. Many
fraudulent Investment Companies look good on the internet. Always do some research before investing
Teach your aging parent how to set internet safety settings on their computers/tablets/phones to
protect them.
Aging Parent Financial Fraud
Aging Parent Financial Fraud comes in many forms.
- Teach your parents to be aware of anyone who tries to sell them something, on the phone, at their front door or over the internet.
- Along with those we mentioned above, advise aging parents to discuss anything financial with you or a financial advisor they already work with before making any decisions regarding their money.
- They should not accept an offer of lunch or dinner, a fancy title or even the recommendation of a friend on financial matters without first talking it over.
Be proactive with your aging parents. It can save a lot of heartache.