EKG Capital Management

Anyone can be a victim of fraud nowadays. But scammers specifically target seniors because of cognitive issues that can affect their judgment. Isolation and loneliness can also makes them dangerously trusting.

You must stay alert and advise your older loved ones about the latest scams provided by Esset Koyal Group Capital Management and how to avoid them.

Phone scam

The scammers are going to make a call to an older person and they will claim to be his or her grandchild and asking for financial help. Scammers will usually ask for the money to be sent in Western Union. Some seniors are fully-aware and realize that it was an obvious impostor. But not all seniors are so lucky, some of them still fall victims to this strategy.

If you get this type of call, ask a couple of personal questions to the person on the other end of the line that only your real grandchildren or relatives can answer. Don't hesitate to hang up at once if you have worries about the call. Furthermore, do not transfer money immediately after getting a demand to do so by phone. Talk to your family members first. Don't be deceived, and notice that these scammers can get information about you and your relatives on social media sites such as Facebook.

Investment schemes

Seniors are ideal targets for this type of scam because many of them find themselves planning for retirement and managing their savings as soon as they finish working. Lots of investment schemes were targeted at seniors looking to protect their funds for their future years.

Always keep in mind to be careful on deals that seems to be too good to be true. Be suspicious of someone who guarantees massive returns on an investment and be sure to only deal with trustworthy and legitimate organizations.

Don't be reluctant to ask questions before investing your money. Before you part with your savings, get written information about the investment opportunity, examine it very carefully and make sure that you understand all of the issues involved.

Email scams

Most of the scams spread through email. Email scams are usually variations on the investment or lottery scam. For example, some emails claims to be from a wealthy or well-connected individual and promise that they will give you a part in their fortune if you will just provide a little support to them.

Other email scams include phishing, wherein scammers send emails that appear to come from legitimate institutions to steal your personal information. For example, the email state that your information needs to be updated or validated and ask that you enter your username and password, after clicking a link included in the email. Some emails will ask that you enter even more information, such as your full name, address, phone number, social security number, and credit card number.

Always remember that if you have any doubt over the email you received, be smart and don't give your personal or financial information. You can call the institution directly if you believed that the email is legitimate.

Lottery scams

A victim is informed that they have won a sweepstakes or lottery through an unexpected email notification, phone call, text message, or mailing which sometimes contains a large check. But the victim needs to pay "processing fees" or "transfer charges" first before he or she can get the money. This scheme is old and almost everyone is aware of it. However there are still rare cases where others fall for this scam.

Bear in mind to be cautious again on things that seems to be too good to be true. If you have won in sweepstakes or lottery, you shouldn't be requested to pay suspicious fees within a day or two for the award.

Medicare and Medicaid Card ID theft scam

Scammers will make a call and claims to be a representative from some government agencies or organizations telling a senior that his or her Medicare/Medicaid cards must be changed. This is simply a trick to get the senior's personal information for the purpose of identity theft.

Do not give your personal and financial information including your Social Security number. Be wary of calls from suspicious people that demand your private information.

Charity scams

This type of scam happens in the aftermath of major disasters. Callers claim to represent a charity seeking money to help pay for disaster recovery or aid for the victims. The money definitely goes nowhere but into the scammer's bank accounts. Some scammers will send emails requesting for donations.

But if you really wish to donate to a charity after a disaster, look for the charity yourself. Legitimate charities are authorized at the state or territory level — check with your local consumer protection agency to see if they are a genuine charity.

Bogus Prescription Medicines

Many seniors switch to online pharmacies, usually outside America, to pay for their medications because prescription drug costs so high in the United States. Unfortunately, a big portion of medications coming from outside US are counterfeit.

Avoid drugs from online pharmacies. The risk is too great that they may be fake or have expired. If you have already received them, dispose of them because they may be harmful to your health.