Scamming the Elderly: Watch Out!

Scamming the Elderly: Watch Out!

As people age, they can become more susceptible to scams. This is because many older adults have more money saved up, and may not be as tech-savvy as younger generations. Here are some of the most common scams that target the elderly:

1) The Grandparent Scam: In this scam, the scammer will pose as a grandchild in need of money. They may claim to be stranded in a foreign country, or have gotten into trouble and need quick cash. The grandparent falls for the story and ends up wiring money to the scammer.

2) The Medical Emergency Scam: In this scam, the scammer will call an elderly person and say that their loved one has been in a car accident and is in the hospital. They will ask for money to help pay for medical expenses. Often, the victim will not be able to reach their loved one to verify the story and ends up sending money to the scammer.

3) The Inheritance Scam: In this scam, the scammer will contact an elderly person and tell them that they have inherited a large sum of money. However, they need to pay taxes or fees on the inheritance before they can receive it. The victim sends money to the scammer, but never receives any inheritance in return.

4) The Fraudulent Home Repair Scheme: In this scam, the scammer will offer home repairs at a discount price. Once work begins, they will demand more payment than originally agreed upon. If the victim doesn’t pay, the scammer may do shoddy work or damage their property.

5) The Sweepstakes Scam: In this scam, the scammer will tell the victim that they have won a large sum of money in a foreign lottery. They will ask for personal information so that they can collect the prize. Once they have this information, they may use it to commit identity theft or other crimes.

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