REGIONAL- Financial scams targeting seniors have become so prevalent that they’re now considered “the crime of the 21st century,” according to the National Council on Aging (NCOA).
Why? Because seniors are thought to have a significant amount of money sitting in their accounts.
Delores Hujanen, of Cook, considers herself lucky after almost falling for a very convincing scam a few weeks ago. She got a call from her television provider telling her they needed to update her equipment. They needed her to turn on her television and press some buttons on the remote.
“When I didn’t see anything, they had me unplug my television and do some other things,” she said. The caller sounded professional and gave Hujanen a name and phone number with an extension, if a call-back was needed.
“They sounded really legitimate,” she said. But then, things got a little suspicious.
“They really wanted my credit card number,” she said, “and they also wanted to know how much my monthly bill was.”
Hujanen started to think that her provider, DirectTV, would have her billing information, and would know her monthly charges.
“Then, they asked me for a one-time up-front $120 fee,” she said, “while offering me a $10/month discount on my bill for the next 12 months. And they were still pressing for my credit card information.”
This was not going to be a good deal, she realized, even if it were legitimate. At that point, Hujanen told them she would call her provider and talk to them, which she did.
“They told me they never call customers like that,” Hujanen said.
Hujanen said she is sharing her story so that other seniors will not be taken advantage of. Her husband, who has passed away, had dementia, and he once gave out the couple’s bank account information over the phone.
Sunday Young, branch manager at the Embarrass-Vermillion Federal Credit Union in Tower says they see all kinds of scams, especially those targeting seniors. Local financial institutions are a good resource for getting information on possible scams, as well as finding out if there is a possible solution if someone has fallen for a scam.
NCOA said that financial scams often go unreported or can be difficult to prosecute, so they’re considered a “low-risk” crime. However, they’re devastating to many older adults and can leave them in a very vulnerable position with little time to recoup their losses.
The top scams targeting seniors include Medicare/health insurance scams, counterfeit prescription drugs, telemarketing and phone scams, internet fraud, investment schemes, reverse mortgage, lottery scams, and the classic grandparent scam.
If you suspect you’ve been the victim of a scam, don’t be afraid or embarrassed to talk about it with someone you trust. You are not alone, and there are people who can help. Doing nothing could only make it worse. Keep handy the phone numbers and resources you can turn to, including the local police and your bank (if money has been taken from your accounts).
NCOA’s top tips to protect yourself from financial scams:
1. Be aware that you are at risk from strangers—and from those closest to you.
Over 90 percent of all reported elder abuse is committed by the older person’s own family members, most often their adult children, followed by grandchildren, nieces and nephews, and others. Common tactics include depleting a joint checking account, promising but not delivering care in exchange for money or property, outright theft, and other forms of abuse, including physical abuse, threats, intimidation, and neglect of basic care needs.
2. Don’t isolate yourself—stay involved.
Isolation is a huge risk factor for elder abuse. Most family violence only occurs behind closed doors, and elder abuse is no exception. Some older people self-isolate by withdrawing from the larger community. Others are isolated because they lose the ability to drive, see, or walk about on their own.
3. Always tell solicitors: “I never buy from (or give to) anyone who calls or visits me unannounced. Send me something in writing.”
Don’t buy from an unfamiliar company and always ask for and wait until you receive written material about any offer or charity. Neighborhood children you know who are selling Girl Scout cookies or school fundraising items may be an exception, but a good rule of thumb is to never donate if it requires you to write your credit card information on any forms.
It’s also good practice to obtain a salesperson’s name, business identity, telephone number, street address, mailing address, and business license number before you transact business. And always take your time in making a decision.
4. Shred all receipts with your credit card number.
Identity theft is a huge business. To protect yourself, invest in—and use—a paper shredder. Monitor your bank and credit card statements and never give out personal information over the phone to someone who initiates the contact with you.
5. Sign up for the “Do Not Call” list and take yourself off multiple mailing lists.
Visit Do Not Call (https://www.donotcall.gov/) to stop telemarketers from contacting you.
6. Be careful with your mail.
Do not let incoming mail sit in your mailbox for a long time. When sending out sensitive mail, consider dropping it off at a secure collection box or directly at the post office. You also can regularly monitor your credit ratings and check on any unusual or incorrect information at www.AnnualCreditReport.com.
7. Use direct deposit for benefit checks to prevent checks from being stolen from the mailbox.
Using direct deposit ensures that checks go right into your accounts and are protected. Clever scammers or even unscrupulous loved ones have been known to steal benefit checks right out of mailboxes or from seniors’ homes if they are laying around.
8. Never give your credit card, banking, Social Security, Medicare, or other personal information over the phone unless you initiated the call.
Misuse of Medicare dollars is one of the largest scams involving seniors. Common schemes include billing for services never delivered and selling unneeded devices or services to beneficiaries. Protect your Medicare number as you do your credit card, banking, and Social Security numbers and do not allow anyone else to use it. Be wary of salespeople trying to sell you something they claim will be paid for by Medicare.
Review your Medicare statements to be sure you have in fact received the services billed, and report suspicious activities to 1-800-MEDICARE.
9. Be skeptical of all unsolicited offers and thoroughly do your research.
Be an informed consumer. Take the time to call and shop around before making a purchase. Take a friend with you who may offer some perspective to help you make difficult decisions.
Also, carefully read all contracts and purchasing agreements before signing and make certain that all of your requirements have been put in writing. Understand all contract cancellation and refund terms. As a general rule governing all of your interactions as a consumer, do not allow yourself to be pressured into making purchases, signing contracts, or committing funds. These decisions are yours and yours alone.