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Rise In Scams Targeting Senior Americans

Rise In Scams Targeting Senior Americans

seniors are targets for scammersThe latest news says that older American citizens are under a serious financial pressure now. The victims of the scam artists who benefit from the needs of seniors to boost income have lost sufficient portions of their savings.

CFP Board of Standards has recently held a survey that showed seniors lost an average of $140,500 being the victims of financial scam. Besides, over a half of victims lost $50,000 or more. In addition, a growing number of senior Americans have been abused by the bad advice related to financial issues. Nearly 2,650 financial planners were surveyed by the agency and more than a half of them said that they had worked with at least one customer hurt by deceptive, unfair or abusive practices.

The Way It Typically Happens

Retirees are actually very attractive targets for the scam artists as they usually have larger amounts of savings unlike younger potential victims. Exploitation typically comes in various ways and often includes:

  • Cold-calling remains a very popular way to lure senior citizens to give up control of their personal finances.
  • Invitations to free seminars which solicit payment for investment strategies are one of the most common tactics.
  • Scams regarding pension buyouts, reserve mortgages, aid for veterans, contests providing cash prize are specialized schemes looking sophisticated enough for the potential winners to believe they are genuine.
  • Income-producing investments became really popular with so many senior Americans suffering from financial difficulties which sometimes force them to apply to loan providers.

How To Stay Protected

Many scam victims just don't report abuses while seniors are often scammed by people they actually know ' the holders of attorney power, guardians and existing investment consultants can be among the potential scam artists. Thus, consumers need to be on guard with their finances all the time. Prior to trusting anyone with your money, do a simple research, check references or take any other measures to ensure that you will not become a scam victim.