How To Stay Protected From Scams and Fraud in Your Retirement Years: Awareness, Prevention, and Action
As you enter retirement, you’re looking forward to having the time of your life. Plenty of activities to do, making new friends in your new senior retirement community, and even spending more time with family. However, you may run into certain problems that can take quite a bit of that time to repair, namely when you fall victim to scams and fraudulent activities. Did you know that older Americans have lost up to $82 billion in the previous year due to financial fraud according to the Federal Trade Commission?
As daunting of a fact as it may be, protecting yourself is key. Which is why you’ll be armed with the best practices to make sure you spend less time worrying about falling victim to scams and more time enjoying your retirement while being prepared for such activities that may target you.
Why Seniors Are Often Targets Of Scams and Fraud?
Scammers normally target seniors for a few reasons. One is due to the common assumption that they have stable income sources, solid credit, or savings. However, this may be a bit farther than the truth as seniors since nearly 40 percent of seniors depend on their fixed income as their primary source. Older adults may also be less familiar with the latest technology as well as come off as more trusting.
Nonetheless, scammers may claim to be from the government, tech support for your home office devices, or even send fraudulent emails that demand immediate payment. That’s why being aware of these scams and knowing which actions to take will be important.
What Are The Common Red Flags?
Knowing the warning signs of scams can save you time, money, and stress. The one common red flag to look out for includes urgency, meaning scammers will often pressure you into acting quickly without giving you enough time to think about what to do. In addition, they may push you to provide personal information that will usually be tied to your identity (name, address, phone number, social security number, etc.).
Scammers will often ask for unusual payment methods such as gift cards. They may also utilize messaging tactics that claim dire consequences if no such action is taken. Please note that legitimate organizations rarely, if not, ever communicate in such a manner.
Ensure That Your Personal and Financial Information Is Protected
You will need to take the necessary precautions so that your personal and financial information are both protected. Avoid sharing your Social Security numbers, bank information, or passwords over the phone or via email unless you are certain of the identity of the requesting recipient. If you are using devices, consider using strong and unique passwords.
Keep your financial documents in a safe place to ensure there is less of a theft risk. Pause and verify should also be something to know about if you are in doubt. It’s better to be safe than sorry if you’re in doubt and decide that it isn’t necessary to give such information over the phone or email.
What Should You Do If You Suspect A Scam?
If you feel that something doesn’t seem right, it is important to trust your instincts. Stop communication immediately and do not continue with any tasks like sending money or personal information. After you have ended contact with the suspicious individual who may be scamming you, it is important to inform a trusted family member, financial institute, or the proper authorities to help prevent further harm done to you.
Your senior living community may also have staff members who can assist you if and when necessary. Security may also be available as well to ensure that no suspicious individuals can be able to scam or solicit individuals on-site. If you have any questions or concerns about possible scams or fraudulent activities, do not hesitate to notify the proper staff members if you wish.
Live Safely And With Peace of Mind At Asher Point Independent Living of Lincoln
If you are looking to live in a retirement community that prioritizes safety and security, Asher Point Independent Living may be your best option. We do our best to make sure each of our residents including yourself are safe and secure every single day. Our goal is to make sure you live the best retirement life possible and spend the best time doing the things you love. Don’t let scams and fraudulent activities (and their destructive aftermath) get the best of it. Contact us today for more information or to set up a tour.
