There are some common scams fraudsters and criminals like to attempt — and they often try to prey on the elderly. Sometimes older people and senior citizens are seen as fragile, so scammers target them more often.
But you can help by learning about these common fraudulent attempts and how to avoid them, then educating your senior clients and their families. It is an ongoing battle since criminals are constantly updating their scams to follow current trends, like taking advantage of the pandemic fears to defraud innocent people.
Read on to learn more about some common scams your elderly clients should avoid and how you can help them better understand these crimes. Then contact us at Key Retirement Solutions to learn more.
Common Scams Your Elderly Clients Need To Avoid
While it can seem like criminals are always one step ahead of the law, there are some common schemes and scams to watch out for. Warn your elderly clients and their family members of these scams so they avoid becoming the next victim:
COVID-19 vaccine scam
Some people have been targeted by a scam purporting to offer a prize for people who have received the COVID-19 vaccine. This scam preys on people’s fear and desire to protect themselves and others by getting vaccinated. The scammers send fake texts or emails with survey links asking people to fill out a survey about the vaccine. The scam promises the possibility of a prize for those filling out the survey – but no prize ever comes. The survey also asks for private and protected health information. Once the victim provides their information, they are at risk of identity theft.
Gift card payment scam
In this ruse, the criminals contact the victim and tell them they have won a prize but need to pay a fee to collect their prize. The scammer asks for the fee in the form of a store gift card. The victim sometimes falls for the scam because they are excited to win a prize — but in the end, the scammer walks away with the gift card and never delivers any winnings to the victim. AARP estimates 1 in 3 adults have been the victim of a gift card payment scam.
Zero-value gift card scam
Similar to the gift card payment scam, the zero dollar or zero-value gift card scam involves victims receiving or giving gift cards with no value. The balance has already been stolen by the fraudsters before the victim even has the card in their hand.
Cryptocurrency scams
Cryptocurrency is hot right now — and everyone wants to make a quick buck. But when something is popular, it often is targeted by fraudulent people. Some scams convince people to pay fees or purchase cryptocurrency from an ATM. But once the cryptocurrency is transferred to the thief’s wallet, it cannot be recovered. Scams could also target people wanting to invest in various crypto investments or to purchase NFTs.
How To Help Your Elderly Clients
Talk often with your clients and their families about these scams and other types of fraud. Criminals are always coming up with new ways to target the elderly, but as their agent, you can help them by educating them about common scams. The fraudsters are always on the lookout for their next victim – do not let it be one of your clients!
How Do I Learn More?
To learn more about educating your elderly clients about common scams, contact us at Key Retirement Solutions. Our affiliated experts will be happy to answer any questions you have.
