Elder Fraud – What is it?

Elder Fraud – What is it?

Elder fraud refers to any fraudulent activity or scam that targets older adults or senior citizens, with the intent of deceiving or exploiting them for financial gain. Elder fraud can take many forms, including telemarketing scams, investment fraud, identity theft, healthcare fraud, and more.

Some common types of elder fraud include:

The Grandparent Scam.
The scammer pretends to be the victim’s child or grandchild, claiming to be in trouble and in urgent need of money.

Sweepstakes and Lottery Scam.
The scammer informs the victim that they have won a large sum of money in a sweepstakes or lottery, but must pay a fee or taxes before they can claim their prize.

Investment Scam.
The scammer offers the victim a fake investment opportunity with promises of high returns.

Medicare Fraud.
The scammer pretends to be a Medicare representative, offering free medical services or equipment in exchange for personal information or Medicare numbers.

Elder fraud can have devastating consequences for victims, causing financial ruin and emotional distress. To protect against elder fraud, it is important for seniors and their loved ones to be aware of the warning signs and to take steps to protect their personal information and finances. This can include staying vigilant about unsolicited phone calls, emails, or mail, and avoiding any offers that seem too good to be true. Additionally, seniors should consider enlisting the help of a trusted family member or financial advisor to help them manage their finances and make informed decisions.

If you think you may have fallen victim to a scam, it is important to inform your bank so they can monitor your account.

We can assist with computer security if required. Call us on 1800 234 124 to arrange a computer checkup.