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Senior Scams: Investment Scams | The Aging Suite
  • Senior Scams: Investment Scams

    Posted on March 18, 2013 by in Featured

    Seniors are often the targets of frauds and scams.  One scam that cons often use to prey upon seniors is the Investment Scam. Seniors tend to own their own homes, be good at saving their money and have excellent credit.  Unfortunately, this makes them targets for scammers.

    Investment scams promise a high return rate on money with little risk.  The cons often state false statistics and guarantee their investments.    One type of investment scheme is the Ponzi scheme.  Bernie Madoff made these schemes a household name.  His scheme went on for years and in the end he duped thousands of customers out of their hard earned money.  It’s estimated that he lost $50 billion dollars of his investor’s money.  These schemes occur when new investor funds are used to pay dividends to initial investors

    So what can seniors do to avoid being scammed?

    • Don’t trust investments that sound too good to be true
    • Don’t feel pressure to make a deal.  If the company is too pushy or rushes you, walk away.  A legitimate company will know that it takes time to make an informed decision.
    • Research unfamiliar companies.  Look them up on the Better Business Bureau, State Attorney General Office, and the National Fraud Information Center
    • Before you do businesses with an investor, check them out first: Obtain their name, telephone number, mailing address and business license number
    • Discuss your financial decisions with a financial advisor
    • Don’t pay for anything in advance
    • Don’t click on links in your email directing you to a particular financial or investment site.

     

    Reference:

    FBI.gov

    The National Coalition on Aging

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