Protecting Our Seniors From Scams

As I travel around from island to island to help people with their finances… There is one thing that gets my blood boiling more than anything…

And that is when I hear stories of our senior citizens getting scammed. That just drives me crazy!

For the next couple weeks I will cover some of the most common financial scams that our seniors experience.

So you get the big picture about these scams now, here are the most notorious scams, according the FBI:

– The Nigerian Letter or “419” Fraud

– Advance Fee Schemes

– Letter of Credit Fraud

– Ponzi Schemes

– Prime Bank Note Fraud

– Identity Theft

– Reverse Mortgage Scams

– And “Pump and Dump” Schemes

These sleazy criminals know most seniors have a nest egg, and most likely own their own home and have good credit.

Con artists also know that people who grew up in the 1930’s, 1940’s and 1950’s were generally raised to be polite and trusting, which con artists take advantage of.

So as a general rule of thumb, never jump into an investment or give your credit card or bank account information over the phone or online without doing research first.

You can check with your local Better Business Bureau as well before committing money to something.

And for seniors in your family, it’s always a good idea to talk to them, to see if they’re planning on making a big purchase or making an investment.

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Please share your comments and questions