Seniors unfortunately make an easy target for scammers to prey on. However, you can protect your elderly family members by keeping an eye out for these fraud schemes.Learn to Recognize These 3 Scams Targeting Seniors Click To Tweet
What are some common scams targeting seniors?
Prevent your senior loved ones from financial exploitation by knowing the signs of one of these common investment schemes:
- Health Insurance Scams
- Fraudulent Anti-Aging Products
- Counterfeit Prescription Drugs
1) Health Insurance Scams
In these types of scams, perpetrators may pose as a Medicare representative to get older people to give them their personal information, or they will provide counterfeit services for elderly people at makeshift mobile clinics, then use the personal information they provide to bill Medicare and pocket the money.
2) Fraudulent Anti-Aging Products
Many older adults feel the need to find treatments or products that claim to help them conceal their age. Con artists advertise anti-aging products that are either worthless or harmful. Some products might contain materials that can be harmful, yet promoted by scammers as being as effective as a brand name product, such as Botox. Scammers might also advertise products as being effective and natural, but in reality, the product has no anti-aging effects.
3) Counterfeit Prescription Drugs
As prices for prescription drugs increase, seniors look at the internet to find cheaper prices for their medications. Unfortunately, scammers are aware of this and set up websites that advertise cheap prescription drugs which are usually counterfeit. Seniors who unknowingly purchase these counterfeit drugs soon realize they have been duped when the drugs do not provide any relief from their medical condition or even cause additional health problems.
Pro Tip: In assisted living, residents are protected from the threat of scams over the phone and the internet.
Helping Seniors to Recognize Scams
These scams targeting seniors can be stressful for everyone, but your loved ones should know they can get help if they think they’ve fallen for one. Make sure you have the right resources and phone numbers available in case a scam does occur.
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