Skip to main content

Each Year Thousands of Elderly Seniors Fall Prey to Financial Scams


Each year thousands of elderly seniors fall prey to ruthless schemes that rob them of their money and identity. The sad part is that it is often a result of a senior’s trusting nature or feelings of isolation and loneliness; or in some cases, a senior may have cognitive issues that impair their judgement and decision-making skills.

Experts explain there are several reasons why seniors are more susceptible to fraudulent schemes starting with the fact they tend to be very trusting. Our elderly population was typically raised to be polite and agreeable to others, which in turn can make them more susceptible to fraud. Lonely seniors can easily be preyed upon as they are willing to stay on the phone and engage in conversation with a stranger.

NCOA updates the public to current scams targeting seniors so if you have a parent or other elderly loved ones who may be at risk, look at the information and discuss the various schemes used with them. One scam frequently used is for a thief to call unsuspecting victims and pretend to be from the Internal Revenue Service (IRS), Social Security Administration, or Medicare. They have many angles such as saying the individual has unpaid taxes or their Social Security or Medicare benefits are in danger of being cut off. They then demand payment (in the case of unpaid taxes) or ask for personal identifying information, which is then used to commit fraud. These impersonators often “spoof” the actual phone numbers of the government agency, or call from the same area code for Washington, DC, tricking the victim into believing the call is legitimate.

The NCOA says there are ways to avoid getting scammed such as never giving out your personal information to anyone but a trusted family member, friend or your professional financial advisor. In addition, never make big financial decisions without consulting with one of those trusted people. Also, do not give out personal PIN numbers, or Medicare and other financial information over the phone unless you initiated the call or know the person.

Other commonsense advice includes being wary of high-pressure salespersons, never signing a contract until you understand it entirely, and to be suspicious of unexpected announcements of winning money, trips, or other prizes. Experts say it is most likely a hoax. Always take your time when making financial decisions and do not give blanket approval to a vendor for medical equipment and other purchases.

MorningStar at River Oak’s mission statement of “to honor, to serve, to invest” sets us apart from other senior living communities. We have built a foundation on honoring God, valuing our seniors and selecting staff with a felt calling to serve. Set in a warm, loving atmosphere with beautiful surroundings and resort-style amenities, we provide the finest memory care and assisted living Houston has to offer.

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

How Many Steps Per Day for Better Health?

  We have all heard about the value of walking 10,000 steps a day but recent studies show it may not actually be the magic number. One study published by JAMA found walking 7,000 steps or more a day may decrease the risk for mortality and offer better overall health. In the cohort study of 2110 adults with a mean follow-up of 10.8 years, participants who walked at least 7000 steps a day, compared with those taking fewer than 7000 steps, had a 50% to 70% lower risk of mortality. Researchers also noted, “There was no association of step intensity with mortality regardless of adjustment for step volume.” A 2020 study found a decreased risk for mortality in participants who took 8,000 steps a day than those who only took 4,000 steps a day. In the same year, another study found more steps taken each day were linked to lower rates of diabetes. Researchers say the bottom line is evidence points to the importance of increased physical activity. Before you begin walking, talk to your health...
Post a Comment
Read more

Find Happiness by Living With Less

Known as the “Minimalists,” Ryan Nicodemus and Joshua Fields Millburn spend their time helping people to learn to live with less. They say a typical house contains as many as 300,000 items; and their advice is to rid yourself of items that do not add value to your life. While obviously easier said than done, if you are an older adult who is trying to downsize for a move to senior housing , the following tips may help. One suggestion is to start by decluttering; not only does it give you more space in your new home but living around clutter has been linked to anxiety and stress. When you throw away or donate stuff cluttering up your home, it gives room for the things you really like. Less stuff lightens your load and helps you get into the habit of not buying things you don’t need. Not only does this mindset save money, but Fields Millburn explains, "Understanding the why behind simplifying gives us the leverage we need to begin to let go and helps us understand what is excess.” Th...
Post a Comment
Read more

Be an Active Partner in Your Medical Care

Experts suggest that a good way to reduce medical errors regarding your care or that of a loved one is to be an active partner in the process whether in a hospital setting, doctors’ office or the pharmacy. In fact, a study showed 7% of hospitalized patients experienced an event that was considered preventable which negatively affected their health. Furthermore, harmful errors in primary and outpatient health care settings are typically related to diagnoses, prescriptions and use of medicines. Mistakes associated with misdiagnosis result in delayed treatment for the real problem and having the wrong medications prescribed or supplied can cause serious complications. However, it is important to keep in mind that some medical errors are a result of patients failing to disclose all the medications they take including prescription and over-the-counter drugs. Another problem is the failure to reveal pertinent details regarding a person’s prior medical history as well as lifestyle habits s...
Post a Comment
Read more