Senior citizens can fall victim to the aggressive tactics of telemarketers and financial scams. In particular, individuals who are lonely for someone to talk to or who have memory impairment are prime targets for the skilled consumer fraud artist.

Seniors need to be aware that responding to what appear to be benign solicitations in the mail from “Sweepstakes” entries can result in their name and contact information being included in databases and phone call lists that are apparently for sale to both legitimate vendors as well as criminal entities. The unsuspecting senior can then be targeted by a telemarketer on a fraudulent scheme.

A New York Times article showcased the relative ease in which determined telemarketers access personal information which is then used to open doors to a senior’s life savings. Two such schemes reported by The Times involved thieves posing as government workers or pharmacy employees. They would contend that the Social Security Administration’s computers had crashed or that prescription records were incomplete. Payments and pills would be delayed, they warned, unless the older Americans provided their banking information over the phone right then. Hundreds of seniors gave the callers the information they asked for!

Through greater awareness we will all be better prepared to defend against such unscrupulous practices.

The New York Times article “Bilking the Elderly, with a Corporate Assist” appeared in the Sunday, May 20, 2007 edition. Please click here for a complete copy of the article!

To view PDF You must have Adobe Acrobat® Reader installed on your computer. If you do not, click the icon to install it for free.