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5 Scams That Target the Elderly

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With the bustle of the holidays, people, especially the elderly, may be more prone to letting their guard down and opening their checkbooks to those who hustle. AARP estimates that older adults lose billions of dollars each year to scammers, who are especially active during the holidays. Advisors should be proactive in warning their clients to be wary of certain scams that can lead to a drained bank account or cyber fraud.

There are several ways clients can protect themselves, according to Melissa Negrin-Wiener of Genser Cona Elder Law in New York. Advisors should warn clients to think before they act; to never give out personal information online, over the phone or over text; never wire money to someone they don’t know; check credit card statements for errors; verify any information a caller may provide; ask callers for their supervisor’s name; don’t believe promises of prizes; and always use an online directory such as GuideStar or Charity Navigator to verify a charity’s authenticity before donating.

With these tips in mind, the above gallery highlights some of the biggest scams out there that all clients, especially the elderly, need to be wary of.

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