Boomers & Seniors: What a Scam!

By: aG  | Spunky Seniors Club® | April 2015

SCAMDid you know seniors in the US get scammed up to $2.9 billion every year? Yes, one out of five Americans over the age of 65 fall prey to financial frauds.  It’s one of the reasons why the 50+ Generation is targeted because they typically have large sums of money in their savings; it’s also generally easier for scammers to confuse the seniors with modern technology which is the whole idea of scamming them.

According to an estimate, almost 55% of financial abuse in the country are done by family and friends. It’s so important to know that this is the reported figure – the actual numbers might be higher.  In the next 16 years, almost 10,000 Americans will turn 65, and nearly 2,000 of them will be an unwitting part of a scam.

One recent case is of Treasury Secretary Jack Lew, aged 59, who said that he almost fell for a scam.  A man called him posing as an IRS agent and asked him to call back on a certain number.  Lew got suspicious and Googled the number – he found that it was a well-known scam, and there had been more than 290,000 recorded instances of people falling prey to this particular scam.

The question is, what are the authorities doing to prevent these scams? The Securities Industry & Financial Markets Association (SIFMA) is working very hard with lawmakers to develop a pathway for companies that’ll make it easier for seniors to stop transactions that look suspicious.  Also, companies are working hard to strengthen their policies so that they can work towards safeguarding the rights and assets of senior citizens.  We’ve learned that active research is also being carried out to study how aging affects one’s decision-making skills — causing seniors to make bad decisions.

As a YouthGenarian, you should be aware of the common scams that older people face:

1. Funeral And Cemetery Plot Scams
2. Great Grandchild Scam
3. Health Care Scam
4. Prescription And Drug Scams
5. The Obituary Scam
6. Unscrupulous Financial Advisers

Learn more about these scams by clicking here.   And remember, don’t let a racketeer put a target on your back!

My little scam in April ’85 went like this: Give me $50,000; here’s some names of some people we’ve recruited.

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