Those over the age of 65 are more likely to have lost money due to a financial scam than someone in their 40s. To help the elderly avoid becoming victims of fraud scams, it is important to understand why they are targets, what schemes and tactics are commonly used against them and how these schemes affect them.
Top 10 Financial Scams Targeting Seniors. Because seniors are thought to have a significant amount of money sitting in their accounts. Financial scams also often go unreported or can be difficult to prosecute, so they’re considered a "low-risk" crime. However, they’re devastating to many older adults and can leave them in a very vulnerable position with little time to recoup their losses.
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According to the National Council on Aging (NCOA), the top 10 scams targeting seniors include the following: Medicare – Fraudsters pose as Medicare representatives to deceive seniors into providing their personal information, such as their medicare identification number.
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Brandy Bauer is Associate Director of NCOA’s Center for Benefits Access, where she educates both aging network professionals and consumers about Medicare and opportunities to improve seniors’ economic outlook, including through public benefits, community service employment, financial education, and using their home equity wisely.
Feb. 22, 2016 – The top ten frauds against senior citizens in the United States have been identified by the U.S. Senate Aging Committee, which has published a guide to inform and help protect seniors from some of the most pervasive and malicious scams and frauds.
Top Scams Targeting Seniors – And How to Avoid Them. The United States Senate Special Committee on Aging recently issued its 2017 ranking of the top 10 scams targeting senior citizens, based on data collected through its Fraud Hotline from January 1, 2016 through December 31, 2016..
So in response and to raise awareness, we have identified the top 10 scams that plague senior citizens in retirement, along with examples for each. Top 10 scams targeting seniors scam #1: Ponzi/Pyramid Schemes. In Birmingham, Alabama, a gentleman offered free tax work to a church whose members were largely 60 years and older.
Nationwide, scammers were convincing enough to steal $42 million from their grandparents over a recent 15-month period, according to a report to the Senate Special Committee on Aging, which is looking.