Mom: Guess what??! I won a sweepstakes for $1,000,000!!! All I had to do was pay the taxes on it, and they are sending me the check! How great is that??
Daughter: Mom, no…tell me you didn’t send them any money…
Mom: Yes, but just to pay the taxes. Think of all the good I can do with a million dollars! We can pay off the credit cards, and I can help you with the kids’ college funds…
Daughter: Mom…I really hate to tell you this, but you were scammed. No one is going to send you any money. They will cash your check and you will never hear from them again.
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Any of us would feel our heart sink if we find ourselves on the receiving end of this phone call.
And although we like to think “My parents are very smart people, they would never fall for a scam”…it happens every day.
Perennials are a particularly attractive group to target because they generally have good credit and a retirement account full of money for their golden years.
More importantly for scammers, perennials are part of a generation that was raised to be polite. Scammers know that it is difficult for perennials to hang up the phone once they have them talking. them to simply hang up the phone.
Additionally, if perennials are socially isolated, they are often glad to have the phone ring and want to chat. They may even come to believe that the scammer is their friend.
Once the fraud has occurred, Perennials are unlikely to report the scam, because they are embarrassed that it happened to them and may not even tell their friends or family lest their children think that they are “slipping” or are unable to manage their own affairs.
And once the scammers have a phone number that belongs to a perennial, the phone never stops ringing. One family reported that their mom was getting over 10 calls per day from her “friends” that needed money!
How do you help your perennial avoid these types of scams?
First, go over with them the typical phrases that scammers use with perennials. Consider printing out this list of these key phrases and putting them by the phone for quick reference.
Get them to hang up immediately if they hear:
- You’ve won a (prize, trip, etc.) but you must pay the taxes, shipping, etc.
- Act now or the offer is gone forever
- We can send you information about (the company, the prize) later, but you have to pay now
Second, talk to them about what they should, and should not, share over the phone with anyone. For example, they should NEVER share their Social Security Number with anyone who has called them. Not even their children. Scammers love to impersonate loved ones in a crisis who need personal information.
Additionally, avoid giving anyone making unsolicited calls your banking or credit card information of any kind. ALWAYS ask for information in writing. Legitimate businesses will be glad to provide written documentation.
Third, ask you perennial to talk to you before they send money to any company or business other than their regular bills.
Finally, if they do fall victim to a scam, be sure to report it to local, state, and federal governments. The only way to prevent future victimization of others is to help educate everyone about the scams that are occurring.
If you need additional resources for fraud involving perennials go to: Resources from the United States Senate Special Committee on Aging
Do you know someone who has been scammed? Tell us about it so that others can avoid that same trap!
