Protecting Seniors Against Fraud
The recent Equifax breach served as a reminder that our most personal information can be taken from us in a matter of seconds. The high-profile nature of this incident set off an internal alarm for people of all ages. But for seniors, privacy threats like this are common -- even if on a smaller scale.
According to the National Council on Aging, scamming and fraud cost older adults $36.5 billion per year, but this figure is likely much higher. Many incidents go unreported as seniors often:
-Are unable to recognize that they've become victim to fraud
-Lack the correct information to find help after an incident occurs
Scams that target seniors don't always involve online transactions, which can make them even harder to track and identify. Thieves try to capitalize on everything from tax season to shady home repair contracts. What should you do if you think you're the victim of a scam, or want to remain vigilant and protect yourself? We've compiled some information to help you identify fraud and get help.
Prevention and Protection
Fraud prevention begins with understanding common scams and how to navigate them. Let's take a popular senior scam for example: home improvement fraud.
Home repairs and remodeling can cost a fortune with a reputable contractor. Scammers know this and will target seniors with deals offering to complete projects at a much lower cost, or with many caveats. Unfortunately, if it sounds too good to be true, it usually is.
Situations like these are more common than you may think. An estimated 20,000 to 100,000 criminals attempt home improvement scams each year, with seniors being the primary target. Scammers seek out seniors with older homes that may need more frequent repairs, and rely on the fact that seniors are unlikely to report the crime after the fact. Criminals are especially active following floods and other natural disasters, and will solicit personal information from their targets and disappear after money has been exchanged.
This is just one example of fraud affecting seniors. You can familiarize yourself with other common scams by reviewing the Illinois Attorney General's Office's "Top 10" list of consumer complaints. The majority of recent reports involve cases where a victim is exploited for money. You can also avoid scams by using resources like the Better Business Bureau to validate the claims of whoever you are seeking to do business with. If your research shows anything to give you pause, don't exchange any personal information and report suspected incidents of fraud to the Illinois Attorney General's office.
Resolution
Protecting yourself against common scams will limit your chances of falling victim to fraud, but sometimes the situation can be out of your control. To catch more clandestine identity theft early on, monitor your financial accounts and regularly request credit reports. If you think you have been targeted by scammers or identity thieves, you can get in touch with the Illinois Attorney General Office directly by dialing the Senior Citizens Consumer Fraud hotline (1-800-243-5377 or 1-800-964-3013).
The key to protecting your privacy is being proactive rather than reactive. If you're interested in learning how you can prevent identity theft and fraud, attend the annual free Boomers and Beyond Conference, hosted by the Mainstreet Organization of REALTORS®. This year, events will be held on May 23 in Downers Grove, June 23 in Matteson and July 28 in Grayslake, each featuring a special seminar on senior fraud protection and prevention. Learn more about the conference and register to save your spot at: www.MOReBoomersandBeyond.com