Seniors, A Favorite Target for Scammers

By: Mark Mabaquiao

 

Afew months ago, my dad approached me about helping him find an email message he lost. Once I located it I found out the message was from a stranger on the other side of the world claiming huge financial rewards if he provided some assistance in helping him get out of a “jam.”

I was shocked – mostly because my dad is a highly educated individual and I couldn’t believe he could fall for an obvious scam. He discontinued his pursuit, of course, after I explained what was going on, but so many seniors are not so lucky.

It’s been reported by TrueLink, a company that provides account-monitoring software for elders and their families, that financial elder abuse costs families more than $36 billion a year. This includes criminal fraud, abuse by caregivers, misleading financial advice, quack products, and work-fromhome schemes.

So be careful out there. You are a favorite target for scammers. Just follow the old adage, “if it’s too good to be true, then don’t believe it.” Ask a trusted advisor or family member for help.

If you’ve been victimized, visit stopfraud.gov, from the Department of Justice. Another great resource is by the Better Business Bureau – bbb.org/scamtracker – which tracks the latest scams in realtime and provides information to warn others. ##