Wednesday, April 4, 2012

Senior Scams

The IRS has issued an alert warning seniors that they are the target of yet another scam.

With April 15th looming, the con artist tells seniors they are entitled to a tax refund or stimulus payment but - as many scams go - in order to get the money they need to pay an upfront fee. Of course, the tax refund or stimulus payment never arrives and the upfront payment is never seen again.

This is a new spin on a list of scams that still work so they bear repeating. One scam that has stood the test of time involves the trickster who claims to be a "grandson" (or "granddaughter"), and who calls grandpa (or grandma) frantically explaining that they've been in an accident, arrested, and need money sent quickly to get out of jail. The phone is handed to the kid's "lawyer," who directs the grandparent to send thousands of dollars via Western Union.

This scam only works when worried elders are so rattled that they suppress their legitimate doubts. Don't fall for it!

Here is a list of the Federal Trade Commission's 10 tips to avoid fraud:
  • Remember, once you wire money, you can't get it back.
  • Don't send money to anyone you don't know.
  • Don't respond to any message - phone call, text or otherwise - that asks for personal of financial information.
  • Don't play foreign lotteries.
  • Don't deposit checks from someone you don't know and then wire money back, no matter how convincing the story.
  • Read monthly bills and statements carefully.
  • After a crisis or disaster, give to established charities.
  • Talk to your doctor before buying health products or signing up for treatments.
  • Know where an offer comes from and who you're dealing with.

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