Common Financial Scammers Targeting Elderly Individuals

Common Financial Scammers Targeting Elderly Individuals

Crime against senior citizens continues to rise. If you are a senior citizen, then you should be more careful not to be the next victim of criminals who are mainly targeting seniors. In this post, we have highlighted some of the most common financial scams that usually target senior citizens. Knowing these scams is the first step towards protecting yourself against them. Here are some of them.

  1. Lottery & sweepstakes scams
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This is where a scammer calls you and tells you that you have just won a sweepstakes or a lottery of some kind, and for the money to be processed, you are required to pay some money. They may also tell you to provide them with your sensitive information about your bank account so that you can claim the winning. To protect your personal finance from these scammers, avoid tolerating phone conversations that try to tell you that you have won a price while you have never even participated in any lottery. You can only win a lottery if you usually participate. Furthermore, you can never be asked for money for your winnings to be processed.

  • Internet fraud

This is a common type of financial scam whereby someone calls you and pretends to be a computer security engineers and tries to convince you that your computer is at risk for an unknown security threat. The caller could pretend to offer you a security check for free over the phone with an aim of tricking you to give them the remote access to your office or home computers for supposed professional diagnosis. After getting remote access to your computer, they will go ahead and download some software that will enable them still your money from your own computer.

  • The grandparent scam

Typically, senior citizens are always supportive of their adult children and grandchildren. Unfortunately, financial scammers usually take advantage of this goodness. Grandparent scammers can call you and impersonate your adult grandchild with an aim of hitting you up for money. Typically, these crooks will call you and start speaking to you in a very low tone. They will call you grandpa or grandpa and they know that you will respond by asking whether that is so and so depending on the name of whom you think is calling you. They will then tell you that they are in trouble and they need you to send them some money to bail them out.

  • Phone scams

Phone scams have become very common these days. Phone scammers usually use a number of phone scams types to prey on older adults. Phone scammers may give you a missed call so that you can call them back. They may also pretend to be your bank manager calling you to discuss some financial issues. To be safe, you should never call back any unknown number. You should also avoid giving your personal information on phones.