When cleaning out my Grandfather’s home after he passed away, my mother found stacks and stacks of unopened Time Life videos and Golden Oldies cassettes tapes. It was clear he had agreed, at some point, to let these be sent to him. The problem is, he did not have a VCR or a tape player.
Every year thousands of elderly consumers lose money through scams and un-requested financial requests, like my Grandfather did in this case. According to the American Association of Retired Persons, people over 50 years of age are especially vulnerable and account for about 56% of all victims. This is why the Federal Trade Commission encourages seniors to be skeptical when they receive an unsolicited phone call from a person they do not know.
Unlike most other crimes, telephone fraud requires the victim to participate. This means you can choose not to participate. This is not always easy, however. Well-trained scammers are experts in coaxing, promising, pressuring, cajoling, laying guilt or doing whatever it takes to make you part with your personal information or money.
If you receive an unsolicited phone call from an unknown caller requesting information or money from you, do not let yourself be pressured to make an immediate decision. Remember, you can always call them back later. Most of all, never, never, never give your credit card number, checking account number, or social security number to an unknown caller.
Some scams are not quickly identifiable. Scammers have learned to use your emotions against you…to keep you from thinking clearly. With masterfully-acted stories, these scheming callers trick you into being afraid or worrying so much that your judgment becomes clouded. These clever scammers are inclined to prey on senior citizens, who tend to be more trusting and are most likely home during the day.
A caller, for example, may claim to be a local court official, questioning why you failed to show for jury duty and warning that a bench warrant has been issued for your arrest. When you stress you did not receive a jury summons, the court official apologizes and kindly responds he or she will look to see if a mistake was made, “Let me have your social security number and birth date so I can check my files.” Imagining the police at your door dragging you to the county jail, you quickly recite your numbers…Gotcha!
These scams and others like them are difficult to spot. There are a few good rules to follow, however, that will lesson your chances of being victimized: (1) Unless you have initiated the contact, never, never, never reveal your ‘vital numbers’ such as credit cards, phone cards, date of birth, and social security number. (2) Always get a second opinion. Consult with a person you know and trust before sending money or making an important financial decision. (3) Slow down. 24 hours will not change a reputable, legitimate source or situation.
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