The media is full of reports of various scams that are especially directed to elders.
THE GERIATICIAN’S POINT OF VIEW
The media is full of reports of various scams that are especially directed to elders. Presumably the assumption is that generation is generally trusting and may be living alone and may not have the mental capacity to recognize a scamster. Those who specialize in scams learn what it takes to convince a trusting person to listen to their opening lines before they have a chance to shut the door or hang up the phone.
There are warnings from the various police agencies about what scams often look like. One website listed Twelve Common Senior Citizen Scams To Know About: the grandparent scam, government imposter scams, elder financial abuse, false investment schemes, tech support scams, robocalls and phishing messages, sweepstakes and lottery scams, elder romance scams, funeral scams, reverse mortgage scams, online shopping scams, and charity scams.
One of the more common scams is the home water and house heating scam. According to the Ontario Bar association website: “This questionable business model targets vulnerable homeowners, such as the elderly or newcomers to Canada, with deceptive and high-pressure sales tactics. The scam works this way: rental companies use high-pressure sales tactics to dupe homeowners into renting HVAC, plumbing, or electrical equipment at massively inflated prices. They then assign the rental contract (a lien) to an associated financing company who registers a notice of security interest against the house, without telling the homeowner. When the homeowner goes to sell or refinance their house, they are shocked when their lawyer tells them about the lien. They are even more shocked when the finance company sends the payout statement, demanding payment of $10,000 or more, to “buy out” a rental contract for an air conditioner or water softener, the retail value of which is likely no more than $2,500. Often, the homeowner has already paid thousands of dollars in rental fees before “buying out” the contract- with an inflated profit.
Authorities recommend that the person hang up on a dubious caller and if possible, report the call to a special fraud department. The other important instruction is to lock the doors, front and back (if there is one), even if someone is at home as break-ins can occur even when the home is obviously occupied.
Children of aging parents can help prevent such scams by being alert to the new scams and have discussions about these undertakings with their parents. Use automatic deductions on recurring charges so that cheque-writing is not necessary and keep an eye on deductions from your parent’s bank accounts and credit cards, if possible. Police council not to engage with phone sales: to just hang up without even speaking. This may sound rude, but any information that a scamster can obtain can be used to an elder’s detriment.
One rule appears to have stood the test of time, “if it sounds too good to be true, it probably is not true.” Drop it like a hot potato!