If there are two things seniors need to remember when dealing with a potential financial fraud, they are 1. There is too much talk and 2. It’s getting quite confusing. Bear in mind that nowadays money doesn’t come easily and truth be told, it’s harder than ever to earn! Now, if someone approaches you today telling you that they will double your money, cut the conversation and walk away – don’t even give them the opportunity to talk anymore – just walk away, never mind your manners, they won’t take offense anyway.
A scammer is most likely to approach seniors since they tend to believe that old people have money stashed away somewhere and since seniors are most likely to die anytime soon, they won’t need the money anyway. Sad but unfortunately true.
Below are some of the most popular financial fraud tactics to target seniors:
· Ghost investment. In this fraud tactic, a senior will be promised with an investment in some far flung, remote country which basically makes it really impossible for the said senior to confirm. It could be a newly discovered oil well in the heart of the Amazon rainforest, if such exist we don’t know for sure. The idea is to convince a senior looking for something to put their money on as an investment, that they are indeed the right person to trust.
· Name dropping. We seniors tend to listen when we hear words associated with someone we respect or who has our highest regard. Scammers know this and they will play on it.
· Deals and steals. By telling you that you are going to get the biggest benefit of all, a freebie or a discount, and that you might owe them someday by believing them now, a senior may feel the urge to give it a shot since they are getting an unbelievable deal from this kind fellow.
WHAT YOU CAN DO:
While being vigilant means being on your toes 24/7 and suspecting every Jane and Joe that comes your way running off with your money in tow, it won’t hurt you to think first before you actually commit into something, let alone release any money to anyone, reputable sounding and otherwise. Also, be forewarned that there were reported cases wherein the scammer is someone who knows the senior personally – it can be the caregiver, or their own sons and daughters, or a close friend. Learn to say “no” the moment you realize there is money involve and that money happens to be yours. If a certain deal catches your attention and it sounds legitimate enough then take a rain check and do a little research. There are organizations that can help you confirm if a deal is existing or not and most of the time, they are just a phone call away.