Senior citizens are often susceptible to financial fraud. Keep an eye out for these common scams.
Everyone is at risk for financial fraud. Unfortunately, senior citizens are often more susceptible to con artist schemes because of their good credit, mental state and overall trusting attitude. These unethical individuals know that older adults are more likely to have a “nest egg” after years of hard work and saving. There are different kinds of fraud that senior citizens are especially at risk for. Milledgeville Bank wants to inform you about these frauds and how they can be avoided.
How to protect yourself and your elderly loved ones from:
Health Care Fraud
- Never sign blank insurance claim forms.
- Keep accurate records of all health care appointments.
- Don’t do business with door-to-door or telephone salespeople who tell you that they have free medical services and equipment.
Counterfeit Prescription Drugs
- Be wary of product promotions or “special deals” that may be associated with counterfeit product promotion.
- Don’t buy medications from unlicensed online distributors. Look for a seal of approval called the Verified Internet Pharmacy Practice Site (VIPPS) to make sure that it is a legitimate online pharmacy.
Funeral and Cemetery Fraud
- Take time to shop around before making any funeral, casket, cremation or embalming service purchases.
- Understand the difference between basic funeral home fees and additional fees.
- Be sure that you understand the entire contract before signing. This includes purchasing agreements, contract cancellation and refund terms and your portability options for transferring your contract to other funeral homes.
Telemarketing Fraud
- Always ask for and wait to receive written material about any offers or charity donations.
- Don’t pay in advance for services. Wait until they are delivered or performed.
- Don’t buy from unfamiliar companies. If a business is legitimate, they will understand that you want more information and will be happy to comply with your requests.
If you or a loved one is a victim of fraud, report it to the authorities. If any offer seems too good to be true, it probably is. When you are suspicious about a salesperson, do your research or talk to another person who can offer some perspective. Milledgeville Bank is always a resource for our customers who feel like they might be getting scammed. Contact us for more tips about how you can protect your family from fraud.
