New scams continue to increase, as well as old scams.
Among the most common scams aimed at the elderly, involve their grandchildren or the IRS, according to the Minneapolis Star Tribune in “As senior population grows, so do scams targeting their money.”
A common one is for an unknown person to call a grandparent and tell him or her that a grandchild is in trouble and needs cash wired immediately. The trouble normally consists of a problem with the police, where bail money is needed.
Another is for a voice message to be left on an elderly person’s phone claiming to be from the IRS. The elderly person is instructed to call a number right away, for their last chance to settle a problem with the IRS by sending money.
Those schemes might seem like obvious scams to most people, but they continue to work on many of the elderly. The scammers seek to take advantage of the elderly person’s diminished capacity and by demanding the money right away, the victim does not have the time to think through the request or ask anyone else about.
These and other scams against the elderly are unfortunately increasing. It is important to make your loved ones aware of such scams so they do not fall victim to them.
For more information on elder law and estate planning, please visit my estate planning website.
