Senior Living News

1. Monitor Your Money Closely

Watch your bank accounts regularly to look for unusual activity. You might notice a few small charges at first that you don't recognize. Those could turn into larger fraudulent charges. By catching fraud early, you can alert your financial institution and avoid getting scammed out of more money.

2. Keep Accurate Records

Accurate recordkeeping gives you documentation of your transactions and helps you spot suspicious activities. Keep copies of medical bills, write down the medical appointments and procedures you have, save receipts and document conversations with contractors and other companies you work with. If you're the victim of a scam, you can refer to your documentation as evidence. For instance, if you hire a contractor to do work and you save the estimate and agreement for the project, you can refer to that if the contractor takes your money but doesn't complete the work.

3. Know the Common Scams

Scams come in all forms, but certain schemes are often directed toward older adults. Some common scams used on seniors include:

• Grandparent scam. In this scheme, the scammer calls you pretending to be your grandchild. They'll make it sound like an urgent, desperate situation and ask you to wire them money immediately to get them out of the dilemma. Many older adults want to help their grandchildren, so they'll send the money. Reach out to family members to check on their well-being before sending any money.
• Charity scam. Another way scammers pull at the heartstrings of seniors is by pretending to collect money for a charity. It's tough to say no to a good cause. When a charity contacts you, do your research and contact them directly if you want to donate.
• Medicare scam. Because Medicare is a program for older adults, seniors are the prime target for this scam. The perpetrator calls you pretending to be from Medicare and asks for your personal information. They might tell you they need to send you a new card but need your personal info first. From there, they can use your personal info to steal your identity.
• Romance scam. Older adults who are lonely might fall for romance scams where the scammer pretends to have a romantic interest in them. After getting the person to trust them and have feelings for them, they'll convince them to give them money or buy them things.
• Tech support scam. Seniors aren't always comfortable with technology, so they might fall victim to a tech support scam. The scammer pretends to be tech support and tells the senior they have a virus or another problem. They offer to fix it for a fee. This scam might also come in the form of pop-ups or ads on your computer.
• Lottery and prize scams. These types of scams make you think you've won a lottery drawing or prize. They typically ask you to wire money as a fee for the prize or ask for personal information, such as your Social Security number. Don't fall for the lure of a prize if you didn't enter a sweepstakes.

4. Be Suspicious

A healthy dose of suspicion could protect you from a scam. Many scammers pretend to be financial institutions, charities or other organizations. They contact you under that guise, and they're often very convincing. Scammers can even make the number that shows up on your caller ID match a real number for the organization they claim to represent. Always hang up and call the company back directly so you know you're talking to the real organization.

5. Take Your Time

Another common tactic is urgency and pressure. They make you feel like you have to act immediately. That sense of urgency can affect your judgment and cause you to overlook red flags. If you're feeling rushed or pressured to make a decision, step back and look for other red flags. Holding off on taking action and researching the situation could help you spot a scam. Verify that you're talking to the actual organization. If it's a charity you've never heard of, make sure it's legitimate.

6. Protect Your Accounts

You can also reduce your risk of getting scammed by keeping your accounts secure. Use difficult passwords that aren't easy to guess. Password generators automatically create strong passwords for your accounts. Never share your password with anyone, even someone who calls and says they're from the company. It's also important to never grant remote access to someone who calls and claims to be from a reputable business. Don't give any personal details over the phone to someone who calls you, including contact information, account numbers or authentication codes sent to your phone or email.

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