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Scams a growing concern for senior citizens

07/28/11

According to a 2010 survey by Investor Protection Trust, roughly one out of every five seniors over the age of 65 are the victims of financial scams. A recent article published on FOX Business highlights the growing risks seniors face.

Emma Dickison, president of an organization that helps senior citizens maintain their independence called Home Helpers, gives a number of tips for the elderly to help them avoid being victims of scams.

Home improvement scams are one of the most common swindling techniques used against seniors. Dickison recommends that seniors insist on checking references of contractors and always ensure that they have a contract before any money is exchanged.

Senior citizens are also commonly among those who fall for internet and email scams, such as the infamous African prince who is willing to freely give millions of dollars and all he needs is some private information.

When asked why seniors are so often targeted by swindlers, Dickison said "Senior citizens are attractive to con artists because they tend to own their home and have excellent credit, it becomes a natural draw. Seniors have grown up in a generation where it is normal for them to trust a stranger as an adult and they tend to be unsure on how to report fraud."

By avoiding scams such as these, senior citizens can ensure that they're able to continue making payments on their term life insurance rates and have enough left over to spoil their grandkids. 

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