Senior Scams and How to Stop Them

Senior citizens make a good target for scammers; not because they are old and feeble, but because they have accumulated a lifetime's savings and have money to steal. In addition, the seniors of today came of age in a less complicated world where a handshake was your bond and shopping was done in person. Scammers target seniors for these reasons, but armed with the right knowledge and resources, these predators can be stopped in their tracks.

One of the more common scams targeting senior citizens are phony Medicare discount cards. These cards supposedly are issued by the U.S. Government and offer prescription drugs at discount rates. In fact, the government does not issue prescription drug cards. Private companies are authorized by the government and charge either nothing or a nominal fee. Always research any company offering such a plan through the Better Business Bureau and any card claiming to be issued by the government is definitely a scam.

Another scam targeting seniors is the charity scam. Never give money to any organization that you have not thoroughly investigated. Never give money to someone who just shows up at your door unless you are thoroughly familiar with the charity they represent and they can document their connection to the charity. Charitable giving should be as carefully considered as any other financial investment. Don't let your generosity be your undoing.

Whatever our age, we are all vulnerable to telemarketers. Many telemarketing companies are legitimate, but it sure is hard to separate them over the phone. Never purchase anything over the phone; if the company will not send you sales material in writing do not do business with them. To eliminate many sales calls, go online to add your number to the National Do Not Call Registry. Do not give your personal information over the phone to anyone. Most importantly, never purchase anything that you do not want or need simply because you are pressured to do so.