> >

Weak economy makes seniors easier targets

1/31/2012 8:30:02 AM by Administrator Account

On Alert by Frank Murga

The recession is helping some people prosper during these tough economic times. Who are the people that are managing to thrive while others continue to struggle? They are called swindlers. They prey on people looking for ways to earn honest money.

The “scammers” go after those of us hit hard by the economy, those of us looking for ways to supplement our income or learn new skills. Unfortunately, swindlers know that all too well and, according to complaints given to the National Consumers Fraud Center, swindlers
target vulnerable seniors with fake business opportunities.
There is a link between age and vulnerability to fraud. Seniors age 56 and older make up a large portion of fraud complaints. It is urgent that relatives and caregivers pay close attention to older family members who may start showing signs of having fallen victim to an impostor.

There are many schemes that “scammers” use. One is the fake check scam, when fraudsters lure in their victims with phony mystery shopper jobs or sweepstakes winnings. Victims are instructed to cash realistic looking checks and wire a portion of their proceeds back to the chiseler. In a typical business scam, the victim is promised guaranteed profits in return for an upfront investment in a business such as a vending machine company. In that case, the profits never exist, the victim looses his or her initial fee and the swindler disappears.
Signs that someone may have been scammed include an inability to pay monthly bills, a heavy volume of junk mail and reluctance to discuss repeated large payments to a friend.
Until next time: Be alert and prepared.
Information for this article was found on American Companion Care’s blog -- Amy Criger.

Frank Murga is president of the Retired Senior Volunteer Program board and serves as its emergency preparedness coordinator. Contact him by e-mailing fmurga@cranstonri.org.

Archive by Years