Top 8 Ways to Protect Yourself from Scams
Millions of older adults fall prey
to financial scams every year. Use these tips from NCOA and the Women's Institute for a Secure Retirement to
protect yourself or an older adult you know.
1.
Be aware that you are at risk from strangers—and from those closest to you.
Over 90% of all reported elder abuse
is committed by the older person’s own family members, most often their adult
children, followed by grandchildren, nieces and nephews, and others.
Common tactics include depleting a
joint checking account, promising but not delivering care in exchange for money
or property, outright theft, and other forms of abuse, including physical
abuse, threats, intimidation, and neglect of basic care needs.
Everyone is at risk of financial
abuse, even people without high incomes or assets..
2.
Don't isolate yourself—stay involved!
Isolation is a huge risk factor for
elder abuse. Most family violence only occurs behind closed doors, and elder
abuse is no exception.
Some older people self-isolate by
withdrawing from the larger community. Others are isolated because they lose
the ability to drive, see, or walk about on their own. Some seniors fear being
victimized by purse snatchings and muggings if they venture out.
3.
Always tell solicitors: “I never buy from (or give to) anyone who calls or
visits me unannounced. Send me something in writing.”
Don't buy from an unfamiliar company
and always ask for and wait until you receive written material about any offer
or charity.
Neighborhood children you know who
are selling Girl Scout cookies or school fundraising items may be an exception,
but a good rule of thumb is to never donate if it requires you to write your
credit card information on any forms.
It's also good practice to obtain a
salesperson's name, business identity, telephone number, street address,
mailing address, and business license number before you transact business.
And always take your time in making
a decision.
4.
Shred all receipts with your credit card number.
Identity theft is a huge business.
To protect yourself, invest in—and use—a paper shredder.
Monitor your bank and credit card
statements and never give out personal information over the phone to someone
who initiates the contact with you.
5.
Sign up for the “Do Not Call” list and take yourself off multiple mailing
lists.
Be careful with your mail. Do
not let incoming mail sit in your mailbox for a long time. When sending out
sensitive mail, consider dropping it off at a secure collection box or directly
at the post office.
You also can regularly monitor your
credit ratings and check on any unusual or incorrect information at www.AnnualCreditReport.com.
6.
Use direct deposit for benefit checks to prevent checks from being stolen from
the mailbox.
Using direct deposit ensures that
checks go right into your accounts and are protected. Clever scammers or even
scrupulous loved ones have been known to steal benefits checks right out of
mailboxes or from seniors’ homes if they are laying around.
7.
Never give your credit card, banking, Social Security, Medicare, or other
personal information over the phone unless you initiated the call.
Misuse of Medicare dollars is one of
the largest scams involving seniors. Common schemes include billing for
services never delivered and selling unneeded devices or services to
beneficiaries.
Protect your Medicare number as you
do your credit card, banking, and Social Security numbers and do not allow
anyone else to use it. Be wary of salespeople trying to sell you something they
claim will be paid for by Medicare.
Review your Medicare statements to
be sure you have in fact received the services billed, and report suspicious
activities to 1-800-MEDICARE.
8.
Be skeptical of all unsolicited offers and thoroughly do your research.
Be an informed consumer. Take the
time to call and shop around before making a purchase. Take a friend with you
who may offer some perspective to help you make difficult decisions.
Also, carefully read all contracts
and purchasing agreements before signing and make certain that all of your requirements
have been put in writing. Understand all contract cancellation and refund
terms.
As a general rule governing all of
your interactions as a consumer, do not allow yourself to be pressured into
making purchases, signing contracts, or committing funds. These decisions are
yours and yours alone.
Protect
Your Loved Ones: Signs to Look For
If you know or care for an older
adult, here are some additional warning signs that may indicate they
are the victim of financial abuse:
- There are unusual recent changes in the person’s accounts, including atypical withdrawals, new person(s) added, or sudden use of a senior’s ATM or credit card.
- The senior suddenly appears confused, unkempt, and afraid.
- Utility, rent, mortgage, medical, or other essential bills are unpaid despite adequate income.
- A caregiver will not allow others access to the senior.
- There are piled up sweepstakes mailings, magazine subscriptions, or “free gifts,” which means they may be on “sucker lists.”
Every state operates an Adult Protective Services (APS) program, which
is responsible for receiving and investigating reports of elder abuse, neglect,
and exploitation, and in most states, the abuse of younger adults with severe
disabilities.
APS is the “911” for elder abuse.
Anyone who suspects elder abuse, neglect, or exploitation should make a report.
The reporter’s identity is protected. APS services are confidential, so the
reporter may not be able to learn the outcome of the case.
APS respects the right of older
persons to make their own decisions and to live their lives on their own terms.
In cases of cognitive impairment, however, APS will take steps to protect the
older person to the degree possible.
Steps
to Take if You're a Victim
If you think you've been scammed,
don’t be afraid or embarrassed to talk about it—waiting could only make it
worse. Immediately:
- Call your bank and/or credit card company.
- Cancel any debit or credit cards linked to the stolen account.
- Reset your personal identification number(s).
