5 Tips to Avoiding Senior Scams

There are many different senior scams out there that try to take advantage of older people. With all of these scams, it can be difficult to stay away from them. Here are a few tips to keep in mind to avoid senior scams.

1. Avoid Telemarketers

One of the most important things that you can do is avoid telemarketers. Anytime that you receive an unsolicited call, you are usually going to be talking to someone that wants your money in one way or another. Most of the scams that involve seniors start out with someone calling them on the phone. Instead of listening to their latest scam, simply hang up the phone and move on. You will be able to avoid a large portion of senior scams by taking the simple step.

2. Ignoring Direct Mail Ads

Many scam artists utilize direct-mail campaigns to gain access to seniors. They will buy large databases of names and addresses in order to target senior citizens. If you receive some type of an offer through direct-mail that looks suspicious, you should ignore the offer. Throw all of the junk mail in the trash and forget about it.

3. Medicare Drug Discount Card Scams

Many scam artists come up with offers to get people to purchase Medicare drug discount cards. These organizations claim that you will be able to buy the drugs that you need at a deep discount by purchasing the discount card. This is a great concept in theory. However, when it comes down to reality, most of these programs are illegitimate. You are going to be paying a certain amount for the card and it is not going to actually give you any type of discount on your drugs.

4. Assigning Power of Attorney

Many senior scams involve assigning power of attorney to someone else. Regardless of how they phrase the scenario that has you signing over power of attorney, you need to forget about it. If anyone ever asks you to sign over power of attorney to them, you should ask them to leave or hang up the phone on them. Signing over power of attorney gives someone else the power to make financial decisions for you. This means that they could gain access to your personal resources and use them how they see fit. Avoid assigning power of attorney at all costs.

5. Promissory Notes

Many scam artists try to target senior citizens when selling phony promissory notes. Promissory notes are a type of security that certain businesses offer as a way to raise money. They are very similar to corporate bonds. Many scam artists will try to tell senior citizens that they can purchase a promissory note from them and make a guaranteed rate of return. If anyone comes to you asking you to buy a promissory note, you can rest assured that it is a scam. Those that invest in promissory notes have to seek out the investment opportunities. They do not come to them asking for investments.

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