Scam artists are targeting older people more than ever and making off with huge amounts of money. A recent survey found that one in 20 seniors report being exploited.
They and their families have lost billions.
"I was shocked, completely shocked. And he said they needed the money right then and there," said Marjorie DeGrace
DeGrace is one of those victims. Last June, a man drove up and offered to pave her driveway for a third of what he said he normally charges. The bill was $9,000.
Intimidated, DeGrace paid up but later, a licensed contractor told her it should have cost no more than $2,400.
"The elderly are vulnerable to financial abuse for several reasons. One, they have the money in retirement savings. Two, they may be lonely or isolated. And in some cases, there's cognitive decline," Tobie Stanger of Consumer Reports said.
According to Consumer Reports, seniors are falling victim to a variety of financial fraud schemes.
Some are IRS impostors claiming the seniors owe money.
Others are fooled by bogus promises of big prizes or a mail notification of a huge sweepstakes win. And then there are those who are defrauded by crooked financial advisers.
But there are ways to protect yourself.
Always use caller ID and don't answer calls with numbers you don't know. It can be robocallers with phony offers.
You can opt out of commercial mail solicitations. And always check out contractors by using the Better Business Bureau and local licensing agencies.
"One of the main things that families can do is to make sure the senior is out there in the community and isn't isolated. Isolation is a major reason that people get victimized," Stanger said.
If you or someone you know has been defrauded, contact the government's Financial Fraud Enforcement Task Force. You can report the scam and get resources for seniors and family members.
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