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Lesson 5: Avoiding Fraud and Scams

“ As I grow older, I pay less attention to what people say. I just watch what they do.” – Andrew Carnegie. Lesson 5: Avoiding Fraud and Scams. Module 10: Small Steps to Health and Wealth TM for Older Adults. Top 10 Scams Targeting Seniors. Health Care/Medicare/Health Insurance Fraud

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Lesson 5: Avoiding Fraud and Scams

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  1. “As I grow older, I pay less attention to what people say. I just watch what they do.”– Andrew Carnegie

  2. Lesson 5: Avoiding Fraud and Scams Module 10: Small Steps to Health and WealthTM for Older Adults

  3. Top 10 Scams Targeting Seniors • Health Care/Medicare/Health Insurance Fraud • Counterfeit Prescription Drugs • Funeral & Cemetery Scams • Fraudulent Anti-Aging Products • Telemarketing • Internet Fraud • Investment Schemes • Homeowner/Reverse Mortgage Scams • Sweepstakes & Lottery Scams • The Grandparent Scam

  4. Health Strategies

  5. Health Fraud “The deceptive promotion, advertising, distribution, or sale of a product represented as being effective to prevent, diagnose, treat, cure, or lesson an illness or condition, or provide another beneficial effect on health, but that has not been scientifically proven safe and effective for such purposes”.

  6. Red Flags • Miraculous Cure • Quick Fix • Ancient Remedy • New Discovery • Scientific Breakthrough • Secret Ingredient • Natural Cure • Shrinks Tumors • Lowers Blood Sugar • Quick and Painless Cure • No-Risk Money Back Guarantee

  7. Wealth Strategies

  8. Funeral and Cemetery Fraud • Price list • Compare prices • Cremation • Pre-pay

  9. Avoiding Telemarketing Scams • Be wary of any giveaways or sales pitches over the telephone • If you are interested in the offer and it seems legitimate, always ask for more information and time to make your decision • If it is a “limited time offer,” it’s probably a scam • Don’t pay for any services before they are offered to you • Be aware and question the offer

  10. Identity Theft • Identity theft occurs when someone takes your personal information and uses it as if it was their own, usually to open credit card accounts or make other financial purchases. • Do not share personal identifying information • May be committed by someone close to you

  11. Charity Scams • Do you research before donating • Ask for paperwork • “Tax exempt” versus “tax deductible” • Ask for detailed information about the charity • Call the charity • Be wary of charities that spring up too suddenly in response to current events and natural disasters • Ask how much of your donation actually goes to the cause • Never send cash donations or wire money to someone claiming to be a charity • Contact your local Better Business Bureau

  12. ATM Fraud • Be aware of your surroundings • Use only ATM machines from a reputable bank or credit union • Check your bank statements each month for fraudulent charges

  13. “Senior” Specialists and Advisors • Experts??? • Education, experience, and other requirements for receiving and maintaining a “senior” designation vary greatly • Evaluate the background of anyone with whom you intend to do business—before you hand over your hard-earned cash

  14. Investment Fraud • “Ponzi” and pyramid schemes • Oil and gas scams • Promissory notes • Prime bank fraud • High return or “risk free” investments

  15. Tips to Avoid Investment Fraud • Be vigilant and aware • Be able to recognize false claims • Don’t be afraid to ask questions • Research the company • Know the salesperson • Never judge a person’s integrity by how they sound • Watch out for salespeople who prey on your fears

  16. Tips to Avoid Investment Fraud • Take your time • Be wary of unsolicited offers • Don’t lose sight of your investments • Questions why you cannot retrieve your principal or cash out of your investments • Don’t’ be afraid to complain

  17. Reporting Scams • To report fraud and scams in Florida, consumers can call 1-800-378-0445. • Also, remember to file a report with your local law enforcement office.

  18. Reporting Scams • Federal Trade Commission • 1-877-FTC-HELP (1-877-382-4357), or visiting ftc.gov/complaint. • SEC • 1-800-732-0330 • FINRA BrokerCheck • 1-800-289-9999 • State Regulators • 1-202-737-0900

  19. Take Home Message You can take small steps to recognize and avoid fraud and scams. Taking small steps to understand labels can help you make informed health and wealth decisions.

  20. Activities • Savvy Saving Seniors Quiz: How much do you know about scams? • Savvy Saving Seniors Handout: Tips for Avoiding Scams

  21. Comments? Questions? Experiences? Be healthy, wealthy, and happy…always.

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