Home / Interpretation top 5 Financial Scams Targeting Seniors

Interpretation top 5 Financial Scams Targeting Seniors

Source: admin Release Time: 05:49:03 2019-03-04

1. Medicare/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 bogus services for elderly people at makeshift mobile clinics, then use the personal information they provide to bill Medicare and pocket the money.

2. Counterfeit prescription drugs since 2000, the FDA has investigated an average of 20 such cases per year, up from five a year in the 1990s.

3. Funeral & cemetery scams The FBI warns about two types of funeral and cemetery fraud perpetrated on seniors.

4. Fraudulent anti-aging products Whether it’s fake Botox like the one in Arizona that netted its distributors (who were convicted and jailed in 2006) $1.5 million in barely a year, or completely bogus homeopathic remedies that do absolutely nothing, there is money in the anti-aging business.

5. Telemarketing/phone scams Woman on phonePerhaps the most common scheme is when scammers use fake telemarketing calls to prey on older people, who as a group make twice as many purchases over the phone than the national average. While the image of the lonely senior citizen with nobody to talk to may have something to do with this, it is far more likely that older people are more familiar with shopping over the phone, and therefore might not be fully aware of the risk.

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