Financial Freedom: Top three scams targeting elderly


As a financial advisor, I work with retirees and the elderly. I have seen an increase in scamming activity primarily targeting this senior generation. I thought I would share the research I have done and bring awareness to the top three scams we need to be on the watch for.

Sweepstakes Scams — Criminals contact victims and tell them they’ve won the lottery and need to pay a fee to collect their winnings. Please don’t fall for it, they would be sending you a check if you won.

Robocalls and Unsolicited Phone Calls — Americans are inundated with robocalls, and technology allows scammers to make it seem that their call originates in the consumer’s state or local area code. I get these calls, too, so be aware.

IRS Impersonation — Scammers claim an individual owes back taxes and penalties and threatens arrest or home foreclosure unless the person pays immediately. Yikes, I have seen some scared clients calling me about this. It’s a scam for sure. The IRS will not call you.

Be on watch for these and others.

Do you have a financial question you want answered? Submit it to [email protected] or call us at 541-574-6464.

 

The content in this column is for general information only and not intended to provide specific tax or legal advice for any individual. The financial professionals of Financial Freedom Wealth Management Group, LLC are registered representatives with Securities and Advisory services offered through LPL Financial, a registered investment advisor, Member FINRA & SIPC.

 

Source: Senate Committee on Aging

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