Every day, people lose money to scams whether it be through the telephone, mail, internet or door-to-door. Anyone can be a victim of a scam or fraud. However, senior citizens are opportune targets for these scam artists. Scam artists prey on senior citizens because they find that seniors are trusting, and since many live alone it makes it easier for scam artists to engage in a conversation with a senior. And most importantly, seniors often have cash or liquid assets easily available to them. As senior citizen scamming has become such a problem, TDECU wants to provide you with helpful tips that might prevent this from happening to you or a family member.

WHAT SCAMS SHOULD SENIORS LOOK OUT FOR?

The United States government estimates there are more than eight hundred current fraud scams which include the following:

• High pressure, deceptive sales pitches for a senior’s living trust
• “Low-risk, high-yield” investment scams
• “Miracle” arthritis remedies
• Advanced loan fees, home improvements, auto repairs and work-at home scams

HOW CAN YOU AVOID BEING TAKEN BY THE SCAMS?

• Don’t let your greed overcome common sense. If it sounds too good to be true, it generally is.
• Wait at least 24 hours before making a purchase. There is no need to rush a decision. If the offer is from a credible source, it will remain available from one day to the next.
• Get yourself a second opinion. Speak with a family member or someone you trust before making any important financial decisions.
• NEVER reveal your vital, personal information such as credit card numbers, phone card numbers, your date of birth or your social security number. Scam artists might also ask for your personal identification numbers (PIN) for automated teller machine (ATM) transactions to verify a contest prize, low-cost vacation or other prize offer. This is a complete scam. Do not give out this these numbers.

BE CAUTIOUS OF THE FOLLOWING:

• High pressure sales
• Get-rich-quick schemes
• "Free" offers, or "you have won" solicitations
• Demands for cash only
• The need for you to make a quick decision
• Secret deals/offers that are only available to “specially” selected people
• No-risk, high-yield investments
• Delayed delivery, services or products
• Offers requiring that you send a cashier check immediately by private over-night carriers

If you think you are a victim of a scam or know of a scam that is targeting your friends or neighbors, please call the Attorney General’s Office or the fraud division of your local police department.

References: United States Government, The Attorney General of Texas