Financial scams are so common among the elderly that they’ve been labeled the “crime of the 21st century.” Older individuals are believed to have large amounts of money in various bank accounts, however low-income as well as wealthy seniors are targeted. These scams are considered “low-risk” because they’re challenging to prosecute and often go unreported.

It is also unfortunate to note that many seniors are at risk of financial abuse from family members. Over 90 percent of such abuse is through family, such as adult children, grandchildren, nieces and nephews, etc.

The senior care experts at Visiting Angels of Tom’s River, NJ continually spread awareness about this important issue, including what seniors can do to protect themselves. Let’s review some of the top financial scams affecting the elderly and how to avoid them:

• Health Insurance Fraud: Perpetrators frequently pose as Medicare representatives to lure seniors into relinquishing personal information. They use such information to bill Medicare and keep the money for themselves.
• Counterfeit Prescription Drugs: Selling counterfeit prescription drugs over the internet is something that has gone on since the 1990's, and puts seniors at risk of bodily harm in addition to financial trouble.

• Funeral Scams: Scammers look through newspaper obituaries in order to take advantage of grieving spouses. They claim the deceased owes them money, which the spouse must settle.
• Email Scams: Scam artists appear as legitimate companies in this scheme. The scammer asks the senior to “update their information” in order to receive a tax refund or something similar.
• Lottery Schemes: “Winning” sweepstakes and lotteries is yet another way perpetrators extort money from the elderly. They tell seniors they must make certain payments to “unlock” their prizes.

These are merely some of the many financial scams affecting older people. Help the seniors in your life avoid these and similar scams by encouraging them to talk openly about suspicious emails and phone calls. Emphasize that there’s nothing to be embarrassed about, and to keep local police and Adult Protective Services numbers by the phone. Alert your loved one’s Visiting Angels caregiver as well!

For more on home care, companionship, and other services available through Visiting Angels of Tom’s River, NJ, please call (732) 240-1050 or visit their website today.