Scams are vicious. It can wreak havoc on your life when a scam causes you to lose money. But there is another thing that scams can hurt other than your wallet. And that is your feelings.
It can be a blow to your pride to fall for a scam. Scammers often use your emotions against you to get you to fall for a scam. So when the scam is over, the feelings of vulnerability and distress may remain.
Fear is a common tactic scammers use to trick people into handing over their money. Seniors are a frequent target of fear-based scams, but it could happen to anyone.
There are a number of different scams that scare people with lies meant to intimidate people into quickly handing over personal information.
It may be a call or email claiming to be from the IRS. Scammers pretend to be employees of the IRS. They say that you owe money and need to pay immediately or they will call the police and have you arrested. Or they ask for your personal information, pretending they are confirming your identity.
There is also a similar scam that pretends to be from your utility company. The scammer says that your power will be shut if you don’t pay them.
The “grandparent scam” pretends that one of your family members is in trouble. The scammer calls pretending to be your grandchild or another family member. They claim to need money right away for an emergency, like a DUI or medical issue.
All of these scams try to scare you into immediate action in hopes that you won’t have time to confirm the facts.
Don’t let the cruel tactics fool you. Scammers lie to get what they want, so it’s important to learn how to spot scams and stay safe.
Here are some tips to protect yourself from scams:
- If you are unsure about a caller, hang up and research the situation
- Don’t let fear spark you into giving money away before you can confirm the truth in the situation
- If someone claims to be a family member, ask the person to answer a question that only your real family member would know
- Know that wire transfers, prepaid debit cards and other immediate forms of payments are often used in fear-based scams
- Never give payment to anyone unless you are 100% sure it is legitimate
Remember, scams aren’t the only way your financial and emotional well-being could be impacted. There are many forms of financial elder abuse, often perpetrated by someone close to the victim.
But you’re not alone. There are resources to help answer your questions and keep you safe. You can find resources in your area using the Eldercare Locator on eldercare.gov.
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