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Some reports have shown a third or more of
scam victims are elderly. And authorities including the FBI say many senior
citizens fail to report fraud and scams due to embarrassment and fear of losing
independence. This indicates seniors may be an even greater target than the
reports show. Seniors are prime targets for several reasons. In general,
they tend to have some combination of the following: a nest egg, ownership of a
home with substantial equity and very good credit. The values of being polite
and trusting are often associated with the baby boomer generation. Also, studies
have shown an increased likelihood of cognitive decline in some
older adults.
Common scams targeting seniors include
romance schemes primarily aimed at women, fake charity scams, the grandparent
scam to “rescue” an injured or kidnapped grandchild, home repair scams
demanding upfront payment, investment fraud, and health care scams involving
free or miracle drugs or Medicare coverage. These scams can arrive in several
different ways: from telemarketers, door-to-door interactions, mailers, and in
person at churches, senior centers, grocery stores or anywhere seniors
regularly visit.
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