How to Avoid Financial Scams

Seniors are often targeted by scammers since they believe they can easily be manipulated. As a result, seniors should be especially aware of financial scams. Scammers have become increasingly creative in recent years, developing innovative methods for tricking unsuspecting victims. It is crucial that seniors understand the dangers of financial scams, and how to avoid them. The aim of this article is to discuss the different tactics scammers use, as well as how you can identify when you are being scammed.

Tech Support

Tech Support Fraud is one of the most common scams targeting seniors. It is exactly what it sounds like, a scam in which a scammer claims to offer legitimate tech support. Scammers often use fake pop-up ads to lure their victims in. Scammers claim to be knowledgeable technical support specialists to get compensation.

Their aim is to confuse the victim by using many technical terms. The scammers may gain access to sensitive computer data if they convince seniors that they are legitimate. Scammers will be able to obtain sensitive information about the victim, which in turn can lead to virtual robbery or even identity theft. Make sure seniors are aware not to click on pop-ups that look like the one pictured below:

Healthcare Fraud

Another common scam targeting seniors is healthcare fraud. Seniors are often targeted for these scams because they are seen as rich, polite, and forgetful. The scammers will call the elderly and attempt to persuade them to enroll in their healthcare plans. Healthcare fraud can be detected by evidence of insufficient care, duplicate billing, or incorrect medication prescriptions. 

The threat of healthcare fraud is very real because these fraudulent doctors can prescribe counterfeit medicines to seniors, causing them to suffer or even die. Furthermore, this type of fraud causes seniors to spend money on unnecessary medical equipment that could possibly be faulty. Elderly loved ones should be made aware of these scams and double-check the company before signing up.

Credit Card Interest Reduction

According to the Federal Trade Commission, interest rate reduction scammers promise a lot of things to get their victims to comply. They promise things such as:

• They will attempt to convince victims that they have special relationships with credit card issuers, which will allow them to lower interest rates.
• Customers can save thousands of dollars in interest.
• Getting interest rates lowered will allow customers to pay off their credit card debt more quickly.
• Rates are only available for a limited time, so sign up now.

Your senior loved ones should be aware of these false promises, so they know what to look out for. 

These are just a few ways scammers may try to steal money from seniors. Scammers are usually very convincing and sound very educated, so they are easy to believe. At Visiting Angels Hurst, Texas, we aim to keep our clients safe. We will keep a watchful eye on your elderly loved one to try to prevent them from being targeted by a scammer. If your loved one is need of home care services, please reach out to us for a complimentary care assessment.