Top Ten Senior Financial Scams

The unfortunate truth is that seniors and the elderly are often easy targets when it comes to financial scams. The reason for this is because financial scams against the elderly go unreported for a number of reasons, not the least of which is simple embarrassment. In fact, financial scams are so prevalent among the elderly for the simple reason that seniors and the elderly are often thought to have a large sum of money in their bank account. Oftentimes, financial scams and crimes can be difficult to prosecute, and, as such, are considered to be “low-risk” crimes. However, this is simply not the case, as financial scams can leave anyone (but especially the elderly) incredibly vulnerable with not much (if any) time to get back all the money they lost.

While you may think that a majority of targeted seniors are wealthy, this too is a misconception. Those older adults with lower incomes can also become targets for scams, and the surprising truth is that, oftentimes, it isn’t a complete stranger perpetrating the crime. More than 90% of elder abuse–including financial scams–are committed by someone close to the elder, even family members.

So, what are the top ten financial scams against seniors? Let’s take a look:

1. Medicare and health insurance scams

2. Counterfeit prescription drugs

3. Funeral and cemetery scams

4. Fraudulent anti-aging products

5. Telemarketing and phone scams

6. Internet fraud

7. Investment schemes

8. Homeowner and reverse mortgage scams

9. Sweepstakes and lottery scams

10. The grandparent scam

We’ll be covering many of these a bit more in-depth over the course of several individual articles, but this was just a simple overview to show just how prevalent financial scams against the elderly can be and are. If you would like more information on this subject right now, you can check out our book, Senior Shakedown: The Unknown Dangers of Getting Old, and How to Protect Your Loved Ones by visiting the Free Resources page of the site.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

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