This is only one example of the numerous frauds that prey on the vulnerable elderly. An annual study from the Securities and Exchange Commission (SEC) of the United States predicts that around 5 million older adults fall victim to fraud or financial abuse. According to a True Link Financial research from 2015, seniors lose $12.48 billion every year as a result of frauds.
Senior folks are turning to the internet to get lower-cost prescription medications as the prices of some medications continue to rise. However, because these pharmaceuticals may be counterfeited, this fraud is exceedingly hazardous. Alternatively, in a different variation of the prescription medicine scam, the scammers just take the money without providing the medications.
When looking for a scammer’s phone number, using a reverse phone number lookup website is the most effective method of doing so. These websites have access to public information and often provide a free report, allowing you to search for a phone number instantly after visiting the site.
A confidence game or sleight-of-hand fraud in which cash is collected from the victim as collateral for a fictitious part in a big quantity of found money, dishonest gains, or gambling wins that are, in reality, nonexistent is defined as
Inform your financial institution of the situation as soon as possible and inquire as to whether you are eligible for a refund. If you’ve sent money to someone as a result of a fraud, most banks will repay you for your losses.
Fraudsters just need your name, date of birth, and address to steal your identity and use it to access your bank accounts, take out loans, and purchase mobile phones in your name.
The most telling symptom that someone is using your phone number to make faked calls is if you begin to get several calls or SMS messages in response to communications that you did not initiate yourself. You may receive messages from individuals who want to know who you are, or phone calls from folks who want you to stop bothering them.
The IRS scam, for example, is a current fraud that has targeted people in the 202 area code in particular. The IRS appears on the victim’s phone as a result of the caller ID spoofing used in the scam. The strategy is to contact a victim and pretend that he or she owes money to the Internal Revenue Service, threatening arrest if the debt is not paid soon.
It is generally an older person who is targeted by scammers acting as bank examiners or police officers. The scammer claims that assistance is required to apprehend a dishonest teller and that the victim must cooperate.
The pigeon drop technique is employed in the violin game. A couple of con guys work together, with one walking into a fancy restaurant in shabby clothing, eating, and then claiming to have forgotten his wallet at home, which is just a short distance away. As a kind of security, the con artist surrenders his single worldly property, a violin that serves as his source of income.
Scammers use auto-dialers and counterfeit area numbers to get consumers to pick up the phone and give them their personal information.From there, it’s just a game of numbers.The fraudsters are attempting to obtain as much personal information as they can from the call receiver through phone calls.
It is critical that you alert your financial institution(s) right once if you have given a fraudster your banking information or if they have been successful in stealing cash from your account.
It is recommended that if you have been scammed that you contact your local law enforcement agency and your state consumer protection authority to see if they can take any action against the perpetrator(s). Scams can also be reported to the Federal Trade Commission (FTC). File a complaint with the Federal Trade Commission online or by phone at (877) 382-4357.