The Top 10 Financial Scams Targeting Seniors and How to Avoid Them

The top 10 financial scams targeting seniors are: Medicare/health insurance fraud, counterfeit prescription drugs, funeral and cemetery scams, investment schemes, home repair scams, grandparent scams, sweepstakes and lottery scams, charity scams, identity theft, and reverse mortgage scams.

Medicare/health insurance fraud is when someone pretends to be a Medicare representative or healthcare provider and tricks seniors into giving them their personal information, such as their Medicare number. The scammer then uses this information to bill Medicare for services that were never provided, resulting in financial loss for the senior.

Counterfeit prescription drugs are medications that are sold as authentic but are actually fake. These drugs can be dangerous as they may not contain the correct ingredients or may have harmful substances. Seniors may be targeted with these scams through phone calls, emails, or online advertisements.

Funeral and cemetery scams involve scammers preying on the emotions of grieving seniors by offering unnecessary or overpriced funeral or cemetery services. Seniors may be targeted through mailings, phone calls, or even in person.

Investment schemes involve scammers promising high returns on investments but in reality, the investment either does not exist or is not legitimate. Seniors may be targeted with these scams through phone calls, emails, or in-person meetings.

Home repair scams involve scammers offering unnecessary or overpriced home repair services, often targeting seniors who may have limited mobility or the inability to perform the repairs themselves. Seniors may be targeted through door-to-door solicitations or phone calls.

Grandparent scams involve scammers pretending to be a grandchild in distress, such as being arrested or in a car accident, and asking the grandparent for money to help them. Seniors may be targeted through phone calls or emails.

Sweepstakes and lottery scams involve scammers telling seniors that they have won a prize but need to pay a fee to claim it. Seniors may be targeted through phone calls or mailings.

Charity scams involve scammers pretending to be from a legitimate charity and asking for donations. The money may not actually go to the charity, resulting in financial loss for the senior. Seniors may be targeted through phone calls, mailings, or in-person solicitations.

Identity theft is when someone steals a senior’s personal information, such as their Social Security number, and uses it for financial gain. Seniors may be targeted with these scams through phone calls, emails, or online scams.

Reverse mortgage scams involve scammers targeting seniors who may be considering a reverse mortgage. The scammer may offer unnecessary or overpriced services related to the mortgage or may try to steal the senior’s personal information. Seniors may be targeted through phone calls, mailings, or in-person solicitations.

Seniors can avoid financial scams by being cautious of unsolicited phone calls, emails, or mailings. They should never give out personal information, such as their Social Security number or Medicare number, to anyone they do not know and trust. Seniors should also research any investment or service before agreeing to it, and should always seek a second opinion.