Senior Citizens: Scam Target Central



Senior Citizens: Scam Target Central

By: Edward Johnson

BBB President & CEO

Date: 2000-04-01

Did you know that the number of people who are sixty-five years of age and up are expected to double by the year 2030? This makes senior citizens one of the fastest-growing sectors of the population base. Reports also indicate that as the “baby-boomer” generation starts to enter into the senior citizen category they will be, on average, in better financial health than generations of the past. In addition, with advances in medicine, the average life expectancy is being pushed to higher norms. This is favorable news for those who are in or entering the senior citizen segment of the population.

Armed with these facts, corporate America is gearing up its services, products and marketing machine in order to capitalize on the changing demographics. However, the seedy underbelly of the marketplace is also aware of these facts. Currently, nearly thirty percent (30%) of all fraud victims in the United States are senior citizens. This number can be expected to increase as the number of people in the senior citizen segment continues to grow. In BBB circles, senior citizens have long been known as a potential target group for fraud.

Perhaps you yourself are entering the age of retirement. Or perhaps you have an elderly parent or relative. Maybe one of your friends or a neighbor is a senior citizen. You certainly would not knowingly do anything to put their wellbeing into jeopardy. But missing the warning signs of senior citizen scams can do just that.

Many scam artists who get caught stealing from seniors credit their success with their ability to gain the trust of lonely older Americans. If the only voice a senior hears for days at a time is that of a telemarketer, the telemarketer is liable to find an eager ear. If the senior lives alone, the scam artist’s job is made easier. Con people learn to build relationships with their victims and, given time and persuasion, can develop as close a relationship as that of a blood relative. Once that relationship is firm, con people have been known to drain bank accounts. The phone is not the only tool scams use to locate and draw out their senior victims. The mail is also a well-worn trail. It is not uncommon for relatives to learn that a senior has invested thousands of dollars in pursuit of a “major cash award” or another great “prize” associated with a lottery or sweepstakes. According to a national recycling group, Americans receive about 4 million tons of direct mail annually. However, only forty percent (40%) of it is actually opened. That number jumps to almost seventy percent (70%) for seniors.

The bottom line is that scam artists know all the right strings to pull to get an unsuspecting senior to become a victim. Once the scammers have the senior lured into their maze, it is difficult to get out unscathed. Helping an older friend or relative avoid the scams is one of the kindest things you can do for them.



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