During the holidays with extra money being spent, scam artists attempt to commit financial fraud and senior are especially at risk. Understanding what to look for can help seniors be on the lookout and protect themselves. Here are some practical tips.
Remember the red flags of a fraud. Some of the classic warning signs include:
- An unsolicited phone call, e-mail or other request that you pay a large amount of money before receiving the goods or services
- An unexpected e-mail or call requesting your bank account number, perhaps one asking you for the information printed at the bottom of one of your checks
- An offer that seems too good to be true, like an investment “guaranteeing” a return that’s way above the competition
- Someone expressing a new or unusual interest in your finances
- Pressure to send funds quickly by wire transfer
Caregivers can help protect seniors from holiday fraud by talking with them about the risks of scam artist. Installing a caller ID to identify scam phone calls can help protect seniors.