Financial Scams Against Seniors: 5 Common Types of Fraud

financial scams against seniors

Financial scams against seniors are too common

Reverse mortgage scams and other investment scams targeting seniors are all too common.

Older adults are targeted because they’re thought to have plenty of money in their bank accounts, own their home, and have excellent credit. They were also raised in an era when they were taught to be polite and trusting so they’re less likely to say no or just hang up the phone.

 

Find out about popular financial scams against seniors

Our friends at True Link discuss 5 popular types of financial fraud you need to know about and the steps you can take to protect your senior’s hard-earned money.

Find out how to spot and prevent:

  • Reverse Mortgage Scams
  • Advance Fee Scams
  • Ponzi Schemes
  • Pyramid Scams
  • Investment and Real Estate Seminar Scams

 

Bottom line

Talk about these common financial scams with your older adult so they’re aware that they’re being targeted and know about the tricks fraudsters use. Remind them that any investment is a risk, so anyone who says they can deliver safe, stable, and consistently high returns is an automatic liar.

 

Next Step  Find out about 5 financial scams against seniors and how to prevent them on the True Link blog

 

You might also like:
5 Ways to Prevent Elder Fraud
Get Rid of Junk Mail to Prevent Elder Fraud
Scams Targeting Seniors Rely on Indebtedness, Flattery, and Misplaced Trust

 

True Link is a financial services company committed to protecting vulnerable individuals, including seniors and adults with special needs, from becoming victims of fraud, scams, and exploitation. The company provides tools that can be self-directed or managed by family members, caregivers, or guardians. With True Link, you can detect suspicious account activity and block unwanted transactions, all while preserving an individual’s independence and protecting their assets.

 

By DailyCaring Editorial Staff
Image: U.S. News & World Report

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