Living on a fixed income during the retirement years can have you searching for ways to maximize your funds. Unfortunately, scammers know that seniors look for ways to invest their money. So they target retirees, hoping to swindle you out of money on a get-rich-quick scam.
You can identify these scams before it’s too late.
How to Identify Get Rich Quick Schemes
Unfortunately, seniors are a vulnerable demographic for scams. Some seniors spend their life’s savings on these schemes to get nothing in return. Here are some tips:
- If It Sounds Too Good to Be True: This one always checks out. If it sounds too good to be true, then it probably is! Truth be told – there is no way to get rich quickly. Do not fall for an enticing pitch just because you are desperate.
- Avoid Investing with a Person Not Tied to an Organization: If a person could easily disappear with your money without having a company to go after, do not invest with them. If you want to open an investment portfolio, contact a professional.
- Speak About Contacting Authorities for Verification: Before giving any of your money away, tell the person you would like verification and will meet with authorities to confirm their identity and qualifications. If you never hear from them again, they were a scammer.
- Penny-Stocks Are Red Flag Investments: Inviting seniors to invest in penny stocks just to dump their shares on the price rise. The promoters walk away with a payout, but the seniors are left with nothing.
- Keep Documentation: Document every step of the way, including descriptions, car make and model, and license plates. Do not give money to someone you never see.
- Search Names to Check for Fraud History: If the person gives you a name, search it to see if something comes up. You can even confirm their qualifications if you would like to verify their education or qualifications. It is all public record.
Learn more about how to detect a scam before losing too much money. Senior Safe and Sound can provide information and tips on keeping your loved ones safe. For additional information and support, contact us by email at info@SeniorSafeAndSound.org or call 858-480-7551.
This information is intended to inform the public at large about this important issue. It is not intended to serve as legal or medical advice.