intended for the elderly aren’t anything new, with an astounding $36 billion lost each year to financial abuse. And the most recent phone scams circulating that are targeting seniors are difficult for many seniors to recognize until it’s too late. Center for Elder Law and Justice attorney Nicole K. Parshall explains, “There is always a new variation of a phone scam. Scammers are very good at developing new tactics in order to engage with specific types of individuals.”
The latest company to be on the lookout for is Utility Savings Expert, which pledges to cut seniors’ utility, phone, cable, as well as other monthly bills in two. Seniors are requested to simply share account information from the bill they would like to reduce. The organization then actually pays off the balance in full, with the arrangement that the older adult will reimburse 50% of the bill by wire transfer only – no checks or bank cards accepted.
After the older adult’s funds have been received, the organization reverses the charge to the phone or utility company, leaving the senior liable once again for the full amount – and the additional 50% they have paid to the scammers.
The elderly are typical targets of scammers, for a number of reasons: expected vulnerability, accrued wealth over a very long time, and a feeling of politeness and manners which could limit their willingness to seem rude to a caller, merely to name a few. Additionally, recent research from Boston College’s Center for Retirement Research revealed a decline of up to one percent per year after age 60 in decision-making abilities, further adding to the risk of falling for phone scams and fraud.
So how are you able to protect your older family members from falling victim to quite sophisticated, and often believable scams such as these? The Federal Trade Commission advises people to never participate in business with an unfamiliar company. Another warning sign appears when an organization requests a wire transfer as payment. Screening telephone calls and only answering those from known and trustworthy sources – and hanging up immediately on anyone who calls requesting personal or financial information – is also advised.
The fact is, many older adults fall victim to scams mainly because they’re lonely and enjoy the opportunity to interact with someone on the telephone. Independence-4-Seniors Home Care, expert Hinsdale IL in-home caregivers, can ease senior loneliness and lower the possibility of a senior scam with the help of our professional in-home care companionship and caregiving assistance. Give us a call at (630) 323-4665 to learn more about how exactly we can keep your senior loved ones secure and safe.