FREE SPEECH ZONE | Better Business Bureau warns against five scams targeting senior citizens
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Fraud targeting senior citizens is a growing concern. According to a June 2010 survey by Investor Protection Trust, more than 7.3 million senior citizens—roughly 20 percent of Americans aged 65 or older– have “been taken advantage of financially in terms of an inappropriate investment, unreasonably high fees for financial services, or outright fraud.” The Better Business Bureau of Minnesota and North Dakota (BBB) encourages families to keep the lines of communication open with their elders regarding finances and to recognize some common cons targeting senior citizens.Free Speech ZoneThe Free Speech Zone offers a space for contributions from readers, without editing by the TC Daily Planet. This is an open forum for articles that otherwise might not find a place for publication, including news articles, opinion columns, announcements and even a few press releases.“Having a serious conversation with your elderly parents about how they are managing their money is not easy, but it is extremely important in order to help protect them from unscrupulous crooks,” said Dana Badgerow, president and CEO of the BBB. “It’s important to keep in contact so that you can identify suspicious spending habits, as well as educate your elder family members on recognizing the red flags of common cons.” The BBB warns against the following five scams that commonly target senior citizens: Sweepstakes and Lottery Scams –Typically, the victim receives a letter in the mail stating they have won a lottery or sweepstakes; it might even claim to be from Publisher’s Clearing House or Reader’s Digest. The letter instructs the victim to deposit an enclosed check and then wire a portion back to the company to cover taxes or administration fees. Continue Reading