Consumer Fraud
Fraud costs individuals thousands of dollars. Often, the "victim" is not certain a crime has been committed, or is too embarrassed to take action. The con men and women who practice fraud often seek out older persons as victims; although anyone can be a victim, no matter how intelligent, educated or knowledgeable.
Con artists and swindlers do not look like criminals. They are generally well-dressed, talkative and intelligent. Rather than dealing in force, they try to win your confidence with their expertise in applied psychology. They will often play on your natural inclination to be helpful or to get something for nothing.
Bank Examiner Fraud
This con game plays on the victim's good faith. Generally, a phony bank examiner will call and ask you assistance in a "secret plan" to catch a dishonest bank employee. He will ask that you withdraw a certain amount of cash from your account to be turned over to him so that the serial numbers can be checked. After turning your money over to the "examiner," you never see it again. Banks never use this procedure; only con men do.
Investment Schemes
Older people are frequent targets for a range of investment possibilities involving retirement living or retirement incomes. There is no magic way to get rich, you should enter any investment program only after carefully checking all relevant factors.
Talk to people at your bank, other business advisors, and the Better Business Bureau. The main thing to remember is: don't act impulsively. If you take time to carefully plan your investments, chances are that you won't fall into swindles or other problem deals.
Home Repair Schemes
Beware of door-to-door sales of home improvements at special prices. Take time to check out the reputation of the people with whom you are dealing. In most cases, it is advisable to get estimates from several companies before making a decision. Be particularly cautious of sales people who try to pressure you to decide immediately.
Medical Quackery
Seventy percent of all medical quackery victims are older persons. Avoid health products or services that claim quick cures, guaranteed cures or secret formulas. Be particularly cautious if the cure is for an otherwise untreatable disease or condition. Some of these schemes will not only make you poorer but can be harmful.
Simply being aware of the possibility of swindle is a step toward eliminating it. Here is a list of some consumer hints:
Cash
Be cautious whenever asked to turn over sizable amounts of cash. Ask if a check is sufficient.
Secret Plans
Stay away from secret deals. Why are you being asked not to tell anyone?
Contracts
Never sign a contract without reading and understanding all of the terms.
Sales
Beware of the pressure sale and salespersons without identification. Consult others when doubtful. Insist on time to think it over.
Get Rich Quick
Any scheme that promises rich rewards should be carefully investigated.
If you're suspicious, or feel you may need help, contact your local police.
Learn more about consumer fraud.