NCPW: Don’t Mess With Grandma

Helpful tips to fight scamming

March 2010

Senior citizens can be soft targets for scammers.

They often have savings and, thanks to Social Security checks, regular sources of income. Many are of a generation that is more trusting of strangers.

Indeed, though people age 60 and older only make up 15 percent of the U.S. population, they account for 30 percent of fraud victims, according to the education and advocacy group Consumer Action. The National Center on Elder Abuse estimates that as many as 5 million elderly a year are victims of financial fraud. The real number may be even higher, however, since fraud tends to be underreported.

An interest in meeting new people plus a lack of awareness on how to avoid scams, can, unfortunately, make seniors ripe for exploitation. Seniors who are dependent on caregivers or trusted advisors who don’t have their best interests in mind may find themselves more vulnerable to financial fraud. And experts say seniors may be reluctant to report problems, out of fears of losing their independence – being moved into assisted living centers by relatives, for example.

Older adults can follow these scamming-defense rules that apply to everyone:

• Politely decline when a stranger calls on the phone or comes to your door with an unsolicited financial offer.
• Don’t carry anything containing your Social Security number—a Medicare card, for example—in your wallet. Likewise, don’t carry a checkbook around with you, but rather just the checks you’ll need.
• Never make a spur-of-the-moment financial decision, and talk about any financial offer with someone you trust.

Be skeptical of offers that sound too good to be true. They almost certainly are. Consider enrolling in the National National Do Not Call Registry . After enrollment goes into effect, in 31 days, consumers can report telemarketers in violation to the FTC.

Friends and families who want to help can become more involved in seniors’ lives. Small things can make a difference, like reviewing investment and banking records for unusual spending or signs of fraudulent activity.

There are many more tips for seniors to consider when it comes to identity theft and fraud; for seniors, standard identity theft protection safeguards still obviously hold true – shredding sensitive data, not sharing banking or credit card information from those requesting it online, and more.

IdentityTheft911.org joins a group of federal, state, and local government agencies and national consumer organizations to launch the 12th annual National Consumer Protection Week (NCPW), March 7-13, 2010.

NCPW 2010 — Dollars and Sense: Rated A for All Ages — highlights the importance of using good consumer sense at every stage of life – from grade school to retirement. The purpose of NCPW is to promote free resources to help people protect their privacy, manage money and debt, avoid identity theft, understand credit and mortgages, and steer clear of frauds and scams. 

IdentityTheft911.org will publish an article every day this week dedicated to heightening consumer awareness surrounding the more pressing identity theft issues at various life stages.

Visit Identity Theft 911’s resource center and www.consumer.gov/ncpw for more consumer tips.