Becoming very prevalent as of late, financial scams are so common they are thought of as one of the most popular 21st-century crimes. Those targeting retirement age individuals are running rampant, but why is that? For one thing, the bank accounts of older adults are thought to be significant. This is, of course, not always the case.
It can be hard to prosecute financial scams because, frequently, they go unreported. Sadly, with little time to make up lost finances, older people can be left in an extremely vulnerable position, once the victim of fraud or a scam.
So you know what to watch out for, here are some of the most popular frauds and scams today.
To prey on older individuals, fake telemarketing calls have become one of the most common schemes. Here are some of the most popular telemarketing scams:
By a certain age, most people wish they could look younger. The market is full of creams, lotions, potions, pills, and more that all promise to "make you look younger", “wash the years away”, "make wrinkles disappear", and more. In addition to simple products, they may even offer services such as – just one example – fake Botox treatments.
Disreputable cemeteries/funeral homes may try to sell the grieving widow, widower, etc. overpriced items, plots, services, etc. – taking advantage of their grief.
Another tactic is to call the surviving relative of a deceased person (these scammers tend to watch the obituaries) and tell them the deceased has an outstanding debt that must be paid.
Becoming more and more popular, this scam involves the Internet. In search of less expensive medications, retirement age individuals are tempted to buy their much-needed prescription meds online. These drugs the scammers are selling, however, will not help improve the buyer’s medical condition and, in fact, may even be harmful.
To get the personal information of an older person, the scammer will pose as a Medicare representative. They may also set up makeshift mobile clinics and provide bogus services.
Here are a few more of the most common scams currently taking place. Information about them is easily obtained on the Internet:
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