There are many financial scams circulating both the internet and even extending as far as our own personal phone lines. With an increased capability in technology there has also come an increased opportunity for scammers to gather more information on their targets as well as reach them in a more seamlessly fashion. With these scams ranging from email links, fraudulent websites, or even personalized calls and texts. A main target for these scammers are senior individuals or those pertaining to the 65 and up age range, as they tend to have a significant amount of money sitting in their accounts. It is important to proceed with caution when disclosing any personal information on the internet or via a phone call, in order to best combat this fraud. Listed below are the five most common financial scams targeted towards seniors, to help you identify a potential fraud and stay protected.

1.Medicare health insurance scam

In these type of occurrences, you will usually receive a call from a person posing as your Medicare representative who will then ask you to disclose much of your personal information. Similar situations involve a scammer offering fraudulent medical services in hopes of  later billing the service to Medicare and keeping the money.

2. Posing as a relative

This type of call involves the scammer posing as a grandchild and requesting an “urgent” money wire transfer. The caller will usually address you “hey grandma its me” at which point you are more likely to start naming off your grandchild.

3. Counterfeit medications

This type of fraud usually occurs online and involves the advertisement of prescription drugs at a discounted price. Senior will believe they are purchasing these drugs at a good deal and instead disclose credit card information and payment while never receiving the product.

4. Phone product scam

This type of scam is very common and involves a call prompting you to purchase a fake product/ service. After the scammer has obtained your card information they simply empty your funds and pocket them. A similar occurrence can take place when the scammer calls asking for donations for a non existent charity.

5. Lottery scam

This type of scam involves a call informing you that have won the lottery and need to disclose a one time payment in order to access you winnings. You have in fact not one the lottery and are instead robbed of your earnings.

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