Why are people over age 50 often are the targets of fraud? Christopher Cox, chairman of the Securities and Exchange Commission, gives this answer, "That's where the money is!" America's 79 million baby boomers have about $8.5 trillion in assets.
The scams and pitches are constantly evolving. Today, they have a frightening level of sophistication. Some of the come-ons include:
* Free lunch seminars. The invitation says a financial expert will show you how to protect your nest egg. What he wants is a way to steal it.
* Community group fraud. Scammers join your church or club and say you both have the same interests, so why not invest money together.
* Fake contests. A caller says you have won a huge amount of money. All you have to do to collect is pay the high legal fee, taxes in advance, and other costs. There is no such contest.
Words of warning that indicate this could be a scam: "Your profit is guaranteed;" "it has an amazingly high rate of return;" "there is no risk;" "you can get in on the ground floor;" "you would be a fool to pass this by;" "the offer is only available today;" or "just make the check out to me."
Allyson Good curates senior living, health, and family content. She is formerly the Managing Editor of Active Life, a print newspaper published in 2016-2017 for seniors, choosing practical articles on health, money, safety, and everyday living for older readers. She is also an avid gardener and offers up Garden Hints and Tips on a regular basis.
