Five Ways You Can Stop Scams Cold

By Ron Smith
Seniorsadvocate.8m.com  

According to the National Center on Elder Abuse, seniors are the primary target of scams ­ and the number of scams is increasing at an alarming rate.

In 2006, when I wrote my book Scambusters: More Than 60 Ways Seniors Get Swindled and How They Can Prevent It, my research indicated that possibly up to 15 million seniors may be falling victim every year to a nasty array of con men, swindlers and scammers.

Why is this so? First, the sheer number of seniors. There are 50 million people in the U.S. over 60. And boomers, the largest generation yet, are just starting to retire. When they hit their retirement peak, expect to see a surge, bringing the total number of people over 60 in this country to 75 million or higher.

Second, present-day American retirees are the most affluent ever. Of course, this wealth is not uniform. Many seniors are considerably poorer, some even in dire economic straits. But many more are flush with cash, pensions, stocks, bonds and annuities. And believe me, the scammers know where to go to target the wealthiest.

Third, many seniors live alone, without anybody to rely on for advice, making them the most vulnerable.

Fourth, it is a known fact that as people age, their ability to think and reason, and the speed with which they do so, gradually declines, especially after age 50. And don't the scammers know it. They prey on elderly people ­ the older the better.

Follow These Five Rules to Protect Yourself Against Scams

1. If it's too good to be true, it probably is. When somebody tries to sell you a $25,000 car for $10,000, there's something wrong. Don't forget that old saw, "There is no such thing as a free lunch."

2. When someone approaches you and tries to sell you something, pretend he has the words "BUYER BEWARE" stenciled across his forehead in large bold red letters. If you focus on that imaginary stencil, you are less likely to be conned. I've tried it, and it works.

3. All seniors have 60, 70 or 80 years' experience. So, when that little voice inside you says something's wrong, pay attention to it. It took many years to hone your intuition, and it's trying to tell you something. Ignore it at your peril.

4. When you don't have a son or daughter to rely on, and you need help making a decision regarding your hard-earned money, turn to your nearest Senior Center. There are more than 15,000 of them across the U.S. Ask the staff at the closest one to recommend somebody to help you. Chances are, they'll either suggest an expert or put you in touch with somebody who can. And much of it is free. To find your closest Senior Center, contact the Georgia Gerontology Society at P.O. Box 7905, Atlanta, GA 30357 or call 404-870-1222. You can also contact the Georgia Division of Aging Services, Department of Human Resources, 2 Peachtree Street NW, Atlanta, GA 30303-3142. Call them at 404-657-5258.

5. Be wary about handing out your personal information, whether in person, by phone or email. This includes your Social Security number, bank account numbers, ATM pin number, driver's license number or any other identifying information. That's an open door invitation to identity theft. If you have any doubts about who you're dealing with, get advice from your local Senior Center. Or, as an alternative, try asking at your church.

Ron Smith is a retired senior who lives in the Atlanta area. His book Scambusters: More Than 60 Ways Seniors Get Swindled and How They Can Prevent It was recently published by HarperCollins. He can be reached through his website at seniorsadvocate.8m.com.