Generational fraud targeted at older adults is increasing at an alarming rate. Unfortunately, seniors lose billions of dollars to financial exploitation, fraud and scams each year. It’s important to know how to recognize these types of scams and learn how to prevent them.
Types of Generational Fraud Scams
Keep these common generational fraud scams in mind before sharing any financial information:
- Gift cards - you’re asked to purchase a gift card for someone or to claim a prize
- Romance scams - someone builds trust with you using a fake online profile, then requests money
- Person-in-need - a person or “company” solicits donations for fake emergency/need
- Medicare/ health care - you’re sent a bill for unnecessary services
- Prescription drugs - you’re offered counterfeit medications at discounted prices
- Telemarketing - a caller asks for money toward a fictitious cause
- Contractor fraud - requires you to pay in advance, then doesn’t return to do the work
Tips for Preventing Generational Fraud
Follow these tips to prevent generational fraud scams:
- Sign up for the National Do Not Call Registry
- Carefully research all unsolicited offers
- Reach out to loved ones if you need assistance
- Avoid sharing personal information over the phone
- Don’t be intimidated by someone calling and demanding money
Contact your local authorities and bank if you feel you have been a victim of financial fraud.
Upcoming Generational Fraud Seminar
Join Minster Bank and the Tipp City Foundation for a FREE seminar on protecting yourself and your loved ones from financial exploitation, fraud and scams.
Thursday, June 15, 2023
11:30 a.m. - 12:30 p.m.
Enjoy a complimentary lunch from Coldwater Cafe.
Please Note: Seating is limited — kindly RSVP by June 8.
Call 866-646-7837 for questions.
Additional Financial Fraud Resources
Generational financial fraud is on the rise. Learn how to safeguard your finances to avoid getting scammed. Read the following blog articles for tips and warning signs: