Mary Alexander: Hi! I am Mary Alexander from Home Instead Senior Care. Today I am talking about the eight most common financial scams against seniors.
First is health care or health insurance fraud. These schemes tend to focus around offers for free and unnecessary medial equipment and test that the seniors or health insurers are later charged for, but are never delivered.
Second is being offered and sold counterfeit prescription drugs. Third is funeral and cemetery fraud where funds are taken in advance for services by funeral homes and cemeteries that don't exist.
Fourth are offers for fraudulent anti-aging products. Fifth is telemarketing fraud that especially targets older women who live alone. In general these telephone scams involve offers of free prices, sweep stakes, low cost vitamins and health care products and inexpensive vacations that require immediate response and some form of prepayment of shipping and or handling cost.
Telemarketing fraud also includes donation requests for fake charities. Sixth is internet fraud which usually includes non-delivery of items ordered online and credit and debit card scams.
Seventh are financial exploitations that include investment schemes such as advanced fees and prime bank notes, as well as pyramid, ponzi, and Nigerian letter fraud schemes.
Financial schemes also include reverse mortgage scams where seniors are offered free homes, investment opportunities and foreclosure or refinance assistance.
Eighth is identity theft. This is when a senior gets a call, letter or email asking for account verification information including account and social security numbers. The scammers then use this information to open credit cards, loans and lines of credit in order to purchase goods and services that are billed to the senior.
Knowing about these common schemes can help you help your senior loved one look out and avoid falling for a scam.