In our business, we are blessed to work with Seniors and helping them in downsizing their living situation. We have seen first-hand how unscrupulous contractors try to take advantage of our Elder clients. On more than one occasion, our clients have called contractors who they’ve trusted in the past, to come in for home repairs and were taken advantage of with outrageous quotes for the repairs. Fortunately, we were working with our clients and encouraged them to get second opinions from trusted contractors who we recommended. In one case, our client was given an estimate of over $20,000 to take care of a bathroom leak repair. Our recommended contractor ended up being able to fix the problem for just a few hundred dollars. Because we’ve seen these problems first hand, we decided to share some common scams perpetrated on senior citizens.
According to the most recent Elder Fraud Survey, the 10 common scams that target senior citizens are:
Health Care/Insurance Fraud
Scammers pose as Medicare representative to get seniors to give them their personal or financial information. Scammers are known to set up makeshift clinics
Products may never be delivered or repairs never done
Scammers attend funerals and aggressively demand payment for debs they claim the deceased owed them
Counterfeit Prescription Drugs
Unauthorized sites with the best prices may send ineffective or harmful drugs
Offers for free prizes, health care products, low-cost vitamins. Once deal is made, the buyers information is shared with similar schemers
Fraudulent Anti-Aging Products
Scammer distributors offer bogus homeopathic remedies that do nothing or can possibly have health consequences
Pop-up browser windows will fool victims into downloading fake anit-virus software that could download a virus that could steal personal and financial information
Scammers will contact the senior citizen and pose as their grandchild or relative saying they are trapped in a foreign country and request cash.
From pyramid schemes to real estate investments, scammers target seniors who are looking to safeguard their cash for their later years.
Reverse Mortgage Scams
Scammers will send fraudulent letters offering to arrange a reassessment of the seniors property for a fee.
Please feel free to contact us if we can help you avoid potential fraud and provide you with resources for a second opinion.