Why Elderly Parents Get Scammed – Episode 164
March 4, 2019
Ted Carr will be my co-host for this podcast. The last time he was here, he gave us a great insight on the 6 Stages of Retirement.
In this episode of our show, we will talk about why elderly parents are getting scammed. We have an aging population and it's usually common for them to be targets of scams.
Scammers target the elderly, as they are willing to listen, maybe lonely, and are more trusting than younger individuals.
Scamming is a Problem
Scamming is considered the crime of the 21st century. It's hard for us to know which is legit or not. Scams target people of all backgrounds, ages and income levels across continents.
All of us may be victimized at some point in time. There's no one group of people who are more likely to be scammed.
Why Are Elderly Parents Being Scammed?
Seniors are being scammed because they have a significant amount of money sitting in their accounts. They also are difficult to prosecute and often go unreported, especially when there are no relatives around, so they are not considered high-risk crimes. However, they’re disastrous to many older adults and can leave them in a very risky position with little time to recoup their losses.
These Fraudsters Come in Different Forms
Nowadays, getting scammed doesn't just happen on phone calls, they are also presently using Facebook when it comes to scamming people. My mom was victimized by a fraudster. Even my husband Les gets phone calls from scammers every day.
Scammers even use throw away phone numbers or spoof the number. I get calls where it looks like they're calling from in town but actually, they're not. So, if you see something suspicious just hang up or let it roll to voicemail.
Lottery, Passion, and Personality
Lottery scams are one that many are familiar with, and it capitalizes on the notion that “there’s no such thing as a free lunch.”
Also, many elderly always fall for scammers of passion. There was this article from the New York Times about an 84-year-old man marrying a 38-year-old woman which ended up with her scamming him of millions.
And if you are a type A personality makes you susceptible to these scammers, coupled with a loss of house, retirement or change in housing makes you more vulnerable.
Scammed? It's a Job
Scammers don't care on who they are scamming, they tend to be cold-hearted calculating individuals.
There are documentaries that show that they make scamming somewhat of a job.
They go to work, work for 8 hours, and are given a list on who to scam. It's like a call center for scammers.
One of the best ways to protect your loved ones against fraud is to talk to them openly about some of the most popular scams, so they’re aware of what’s out there.
Sometimes you become the villain when rationalizing but try reasoning out to them and explain that what those scammers are saying is not real.
Below are also some measures you can do to prevent someone from scamming you love ones:
* Set up daily contact with your loved ones when you can check them every day.
* Streamline social media that they have.
* Ensure that the fraud detection technologies are enabled.
* Shred important documents.
* Contact marketing associates to opt-out.
* Check their credit reports.
But when you are in the crisis. Try these methods:
* Try to change their phone number.
* Contact the police if they know where you live. Get the police involve.
* Talk to an elder law attorney. Set out a trust.
* Figure out how to replace what the scammer is providing.