Email and telephone financial scams are unfortunately prevalent today, leaving many people vulnerable to unsuspected attacks, and a lot of them are aimed at seniors. A retirement community is a frequent target because scammers assume seniors have sizable bank accounts and lack the mental capacity to detect fraud. This particular crime can be detrimental to elderly relatives who have few ways to recoup their losses. To help you and your loved ones recognize a potential scam and how to avoid them, consult the guide below.

3 Common Scams Targeting Retirement Community Residents

1. Funeral & Cemetery Scams

There are several ways a person may take advantage of a grieving elder. One tactic is to locate the widow or widower of a stranger by either attending the funeral or by reading the obituary. The scammer then poses as a debt collector for the deceased to extort money from the surviving relative. Another way to commit fraud is through dishonest funeral homes. These facilities may take advantage of their client’s vulnerability by adding unnecessary charges to the funeral bill. Allowing a calm, trustworthy relative to act on behalf of the grieving senior will significantly reduce their chance of losing money through either scam.

2. Grandparent Scam

In this situation, someone will pose as the grandchild of someone living at a retirement community. Once they reach the senior by telephone, they’ll ask them for financial help. To avoid sending money to a stranger, tell whoever is on the line that you will call them back and hang up the phone. Afterward, follow up with relatives to determine if the call was from a scammer or a loved one in need. It is not unusual for scammers to collect bits of information like family names from social media websites, so always verify the information they provide.

3. Email Scams

Email fraud can target anyone with a valid email address, but unfortunately, seniors often fall for them. These scams usually require the targeted person to make a financial investment with hopes of a high return. Older victims end up using money transfer services to send hundreds or thousands of dollars to strangers who have no intention of delivering on their promises of a big payout. To prevent falling for this type of fraud, never trust unsolicited emails, and never divulge personal information of any kind without verifying the person or organization seeking it. 

If you’re interested in a safe, inviting retirement community that’s perfect for thriving independent seniors, look no further than Cathedral Towers in Atlanta, GA. This trusted senior apartment complex comes with spacious living areas, supportive on-site staff, and plenty of local amenities and activities, including a beautiful garden environment, shopping, and entertainment. To learn more about this complex, call (404) 231-3020 and speak with a friendly staff member. Visit their website to learn more about the community.