Falling prey to a financial scam can be devastating, especially for retirees. Fraud schemes have often taken the form of charity donations, phishing emails, and credit fraud, but a struggling economy and a global pandemic have created the perfect opportunity for those looking to exploit seniors.
Here are three common COVID scams to look out for and tips on how to handle them.
- Beware of False Cures
Several companies, like Pfizer and Moderna, have already produced a highly effective vaccine for COVID-19, but the rollout of these shots is far from perfect. It is not uncommon for fraudsters to call claiming that you can buy a dose of the vaccine directly from them, but this likely isn’t true.Remember, it is best to check with your doctor or pharmacist directly to see if you are eligible to receive a dose of the vaccine. Chances are, your insurance will cover the cost too! - Steer Clear of Fraudulent Stimulus ProvidersIn the past year, the federal government has passed two legislation pieces that have provided stimulus payments to directly qualifying families from the United States Treasury. This has also opened up a huge doorway for scammers to attempt to get your credit information.If anyone calls asking for credit card or bank account information, don’t give it to them! Not only is this a good general practice when receiving unknown calls, but it is even more important to do now.It is best to conduct your own research or ask a loved one to determine if you are eligible for these stimulus checks. Once you know your status, you can check with the IRS and Treasury Department to determine the best way to receive your check!
- Avoid Healthcare Misinformation and Phishing ScamsAccording to the Treasury Department’s Financial Crimes Enforcement Network, the pandemic has allowed for “significant increases in broad-based and targeted phishing campaigns.” In fact, the Department of Justice has taken down hundreds of fraudulent COVID-19 related websites since January. These websites are set up to spread misinformation or to give a sense of legitimacy to an organization sending out phishing emails.When you interact with faulty websites, you are more likely to receive phishing emails claiming to be from government agencies and real businesses in your area. Please do not engage with these emails! The links and attachments sent through these sources often plant malware on your device to get your personal information.When it comes to the truth about the virus, it is best to go to genuine scientific sources such as the CDC and WHO.
Tips to Protect Seniors from Financial Fraud
To better protect seniors from elder financial fraud, consider these helpful tips to keep them safe:
Prioritize Security
Help your loved ones keep their financial assets and history safe by designating a safe place to put important documents, checks, and credit cards. Ask if they are reviewing their credit reports, account statements, and bills for unusual activity or charges.
Automate Payments
Scammers prey on those who might be the most up-to-date about their payment history. To ensure that your older loved one has peace of mind and is financially safe, seniors should consider signing up for direct deposit, automatic bill pay, and have alerts set up for large transactions.
Ask a Friend to Confirm a Scam
A common tactic of financial scammers is calling a lot of people, usually in the same area.
When an opportunity arises that seems too good to be true: it usually is. That is why it is best to ask for help! Often, a quick check with friends and family will help confirm a call as a scam and will keep you away from undue stress!
Need a Helping Hand to Prevent Suspicious Activity?
Our team at Westchester Family Care understands that protecting your older loved one can be challenging. Staying on top of potential scams, emails, and telemarketer calls can be difficult while also providing care. If you’re feeling overwhelmed, you’re not alone!
We provide in-home care services that help seniors remain independent in their homes. Find out how our services can provide you with peace of mind and your loved one with trustworthy companionship. To get started, contact us today.