How to avoid becoming a victim of financial fraud?
More than 5 million elderly people in the United States are victims of financial fraud each year. US is also a rapidly aging society as a large number of baby boomers approach their retirement age. So why do crooks target these people more? Simply because it is easy to deceive them. Many of them are unaware of the sophisticated operations that they run and can fall into their traps.
National consumer advocacy group Consumer Action and financial services provider Capital One have developed a free new guide, Just Say No to Senior Scams. Here are a few other ways that seniors can protect themselves from such crooks:
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Never assume strangers who claim to represent a deserving organization will put your money towards a good purpose. Therefore, if you do decide to donate money, call a reputed organization (e.g. Red Cross) directly rather than respond to a telephone call of letter in the mail.
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Never sign contracts that have blank lines in them; someone may later add clauses that could harm you or your assets. If in doubt, ask for time to decide and then seek the help of a friend/family member/professional.
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Don’t give in to high-pressure sales tactics. Only crooks are in a hurry to close a sale.
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Never be afraid to ask questions about where your money is going and how it will be used.
Recommended article: How to prevent credit card fraud?
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