Scams that every senior must know about: insights by one of the leading senior citizen housing communities

One of the biggest problems seniors faces today is financial fraud. Scamsters use sympathetic, sophisticated, and convincing conversations that sound legitimate to prey upon seniors. Often scammers target seniors who are vulnerable. Seniors who are lonely, who do not have the knowledge of technology, or who are physically disabled are less likely to see through the nefarious scheme of scamsters. It is, therefore, necessary that the seniors are aware of possible scams and protect themselves from scammers.  As one of the leading senior citizen housing communities, we share some useful insights on scams that seniors must know about: 

Ponzi scams: After having worked hard for decades, many senior citizens often live on interest on life savings. Therefore, earning better interest rates can be quite tempting. It is here that scammers take advantage of seniors by promising them a substantial high rate of return. In many cases senior citizens lose their life’s savings being lured by such schemes. In such schemes, fraudsters often use money from new investors to pay existing investors. This way they can get existing investors to shell out more money.
Property theft: There have been instances where seniors have been duped of their own house. This kind of fraud can be committed both online and offline. When it comes to property theft crimes, often seniors are duped into signing blank papers or property transfer papers. In many cases, seniors are victims of identity theft – where the scamsters steal the senior’s identity and transfer the property to somebody else’s name without the knowledge of the senior. In many cases, close family members or friends are involved in such crimes.
False charities: Many seniors like to donate to charities. However, there have been cases where seniors have been duped by false charities through telephone calls or emails. Though fake charities approach seniors all year round, they often become active after disasters such as floods, cyclones, or earthquakes.
Phishing and smishing scams: Seniors often get unsolicited emails (phishing) or texts (smishing) asking them to verify personal or financial information by clicking on a link. Seniors might be asked to provide their credit card number, passwords, or OTPs. The link directs the seniors to a website that resembles the real website of a genuine organisation – it even copies the messages, the tone, and logo of the organisation. As a result, seniors trust the website and provide their personal details and financial information. Once the scammers get the information, it is easy for them to steal the identity of the seniors. 

As one of the leading senior living communities in India, we urge seniors to be wary of such scams. If you want to know more about our senior living communities, the average cost of retirement home per month, and the services we provide, call us at +918884555554.