Five Ways Seasoned Citizens Can Protect Themselves from Fraud!

Millions of older adults fall prey to financial scams every year. The growing incidence of fraud is putting many older adults in harm’s way, threatening to strip them of their assets, their independence and their trust. If you are a seasoned citizen, you can avoid this kind of victimization by following five self-defense tips:

1. Don’t be a courtesy victim

Older generations were taught to be courteous at all times, whether guests visit them in person or contact them by phone. Con artists often take advantage of these overly accommodating older adults, exploiting their good manners to get their money. Remember, strangers who call and ask for your money should be regarded with the utmost caution. The best response is to hang up the phone.

1. Check out strangers touting odd deals

Trusting strangers is a mistake that many older adults make when it comes to their personal finances. Don’t feel pressured by someone who asks you to make an immediate decision, giving you no chance to check out the salesperson, firm, and the investment opportunity itself. Instead, get written information about the investment, review it carefully, and make sure that you understand all the risks involved before you part with your hard-earned money.

1. Never judge a person’s integrity by how they sound

Seasoned citizens who fall prey to a con artist often explain that the swindler sounded like such a nice person. Successful con artists sound professional and are able to make even the flimsiest investment deals sound as safe as putting money in the bank. They combine these sales pitches with extremely polite manners, knowing that many older people may equate good manners with personal integrity.

The sound of a voice, particularly on the other end of your telephone, has no bearing on the soundness of an investment opportunity.

1. Watch out for salespeople who prey on your fears

Con artists prey on older people’s concern that they will either outlive their savings or see all of their financial resources vanish overnight as the result of a catastrophic event, such as a costly hospitalization. Preying on these fears of running out of money, swindlers often pitch schemes as a way for the elderly to build up their life savings to allay fears of running out of money.

Remember, though, that fear, like greed, can cloud good judgment, and can leave victims of fraud mired in a terrible financial position.

         5. Don’t let embarrassment or fear keep you from reporting fraud or                    abuse

Some older adults fail to report that they have been victimized for fear that they will be judged incapable of handling their own affairs. Other older adults believe that their victimization will be viewed as grounds for forced institutionalization in a nursing home or other facility.

Con artists count on these sensitivities to prevent or delay the elderly from reporting the scam to authorities. While money lost to investment fraud is rarely recovered, there are also many cases in which older people discover that they have been misled about an investment in time to recover some or all of their funds.

Do you want to protect your seasoned loved ones from Identity Theft? Give the Premier Group Services Team a call today at (301) 577-6444 to schedule a FREE 30 minute consultation. Here at Premier Group we “Make Dollars, Make Sense.”