3 Financial Scams for the Elderly to Watch out for in 2023
Scammers always coming up with new tactics to scam people, many of which target older adults. Seniors are often targets of financial scams because they are less likely to report the crime. Scammers often on seniors to be an easy target and to have more resources than other targets.
Alliance Senior Care In-Home Care Services can help address safety with these types of issues by having a separate set of eyes on everyday information with a healthcare professional there to assist with medical and home care needs.
Call us today to get an assessment for Specialty care Services today at (248) 274-2170.
While there is often more victims who are younger, older adults report losing much more per incident with older adults between the ages of 70 and 80 losing between $500-800 and elderly over the age of 80 reporting losing nearly $1500 per incident. This is according to the Federal Trade Commission (FTC) Consumer Sentinel Network Data Book for 2021.
Scams involving impersonations take in many different types of themes. Some of the newest ones involve technology as well as a new twist on an old theme.
Tax Impersonation & Tax Collection Scams
Fraudsters are impersonating state, county and municipal law enforcement officials and tax collection agencies to get you to share sensitive personal information under the guise of ‘settling your tax debt’ As a part of this scam they will often call you and level accusations of debt and then demand immediate payment.
Some contact you under the pretense of offering tax relief. There can be threats of revoking a Driver’s License or passport. They will often demand payment with something like an Apple gift card, cryptocurrency or via a Peer-to-Peer payment app.
Ways to stay safe:
Ignore these calls, letters and emails. Alliance Senior Care can help your elderly loved one with keeping an eye out for suspicious communications.
Real tax agencies, from the Internal Revenue Service and other state tax agencies do business by mail and won’t ask you for passwords or bank account or credit card info.
The IRS and state tax agencies won’t threaten to call the police, ask for banking or payment details, or threaten to revoke a Driver’s License.
Google Voice Scams
If you have listed anything for sale or used your phone number on any listing online you may receive a call from someone who is pretending to be interested. In this scam they will say they want to ‘verify that you are not a scammer’.
With this scam, they will ask you for a verification code that they will send to you via your cell phone (which was obtained from the listing they called you from). What IS happening is they are setting up a Google Voice Number in your name. This will allow they to impersonate you and perpetuate multiple frauds using your name. This could allow the scammers to access personal information through multiple frauds.
Ways to stay Safe
DO NOT provide any verification code or details to anyone asking for a verification code. If you have fallen for this then you can reclaim and then close down your Google Voice Account at the Google Voice Help Center.
Home Repair Scams
Older and elderly adults may be more likely to own homes and are more likely to be home throughout the day. Scammers will knock on doors or make calls to offer home repair services. Or, the scammer might be selling home improvements, such as energy-efficient upgrades or solar panels that could save you money over time.
With Home Repair Scams, scammers may call on homes where older adults are in person or call. If your region of the country has been hit with a natural disaster there may be scammers looking to take advantage of damage to homes.
After accepting an initial deposit, the scammer may disappear or do subpar work that could lead to more trouble than help. Some scammers even try to get victims to apply for financing to cover the cost of the job.
Ways to Stay Safe
When it comes to unsolicited offers for home repairs always get contact information and verify them with Better Business Bureau or even your home insurance company.
Home Care Services are an excellent resource for family caregivers and seniors alike.
Alliance Senior Care Home Care services offer a wide range of services providing healthcare, daily living assistance, transportation to and from Doctor’s appointments and tailored care services for additional circumstances.