By Dr. Au-Co Nguyen,
Contributing writer
In 2021, more than 92,000 seniors fell victim to fraud, with reported losses surpassing $1.7 billion, according to the FBI.
Seniors are the most targeted age group for scammers because of the assumption that they have accumulated wealth through retirement funds, pension checks, good credit and other investments.
Those who commit elderly fraud can be a stranger, friend or family member. Falling victim to a scam not only leads to financial loss, but also negative physical and mental implications.
Most common senior scams
With modern technology, scammers keep finding creative ways to take advantage of seniors. It is important to be aware of the most common types.
The most prevalent are:
- Health insurance or Medicare scams.
- Counterfeit prescription drug scams.
- Government impersonation scams.
- Funeral scams.
- Fake credit card scams.
- Grandparent scams.
Scammers attempt to gain access to your Social Security Number, bank account, Medicare information and other personal information to spend your money or open accounts in your name. Some scammers act as imposters for brands you may know and trust, such as your phone or cable providers, and will call asking for your SSN or other personal identifying information.
Never give out your personal information to anyone on the phone or through a text message you may receive.
Other ways scammers may…
