A recent survey from Consumer Reports finds that one in 20 seniors have been the target of scam artists.
Interviews and investigations into fraud against seniors reveal that many are falling for IRS impostors claiming they owe money, bogus promises of big prizes or sweepstakes wins, while many others are targeted by unscrupulous financial advisers.
“The elderly are vulnerable to financial abuse for several reasons," said Tobie Stanger of Consumer Reports. "One, they have the money in retirement savings. Two, they may be lonely or isolated. And in some cases, there’s cognitive decline.”
There are several precautions that can be taken to protect against fraud. Elderly people are advised to use caller ID and never answer calls from unrecognizable numbers. They can also opt out of commercial mail solicitations for five years using the website, DMAChoice.org.
They should also always reference the Better Business Bureau and local licensing agencies before agreeing to any contract work.
Anyone who has been the victim of fraud, or knows someone who has, is advised to contact the government’s Financial Fraud Enforcement Task Force website, or call the toll-free Senate Special Committee on Aging fraud hotline at (855) 303-9470.
