Here are 12 of the most common financial scams that target seniors. 1 1. Social Security Scams. In December 2018, the Social Security Administration (SSA) warned of an upsurge in calls from con artists posing as SSA ... 2 2. Medicare Scams. 3 3. Counterfeit Prescription Drugs. 4 4. Fake Anti-Aging Products. 5 5. Funeral Fraud. More itemsHow do elderly Americans fall victim to financial frauds?
Each year, millions of elderly Americans fall victim to some type of financial fraud or confidence scheme, including romance, lottery, and sweepstakes scams, to name a few. Criminals will gain their targets’ trust and may communicate with them directly via computer, phone, and the mail; or indirectly through the TV and radio.Why do scammers target the elderly?
Scammers target elders that they perceive to be vulnerable -- those that are isolated, lonely, physically or mentally disabled, unfamiliar with handling their own finances, or have recently lost a spouse. The scam artists often pose as trustworthy helpers.How big a problem is elder fraud?
With the elderly population growing and seniors racking up more than $3 billion in losses annually, elder fraud is likely to be a growing problem. Former FBI Director William Webster and his wife were the targets of a Jamaican lottery scam in 2014.