Senior citizens nationwide are targeted more frequently by financial fraud and scams, resulting in billions lost each year.
According to a Senate Special Committee report in 2019, seniors in America lose about $3 billion a year to scams and fraud.
Assemblyman Andrew Zwicker (D-Hunterdon, Mercer, Middlesex, Somerset) aided Montgomery Township seniors on how they can better protect themselves, with an event at the Otto Kaufman Community Center on Jan. 6.
“The message is clear – be skeptical and always guard your personal information very carefully. Tax season is here, so be careful,” Zwicker said. “If in doubt, just don’t give it out. If it is legitimate it can wait. The chances of them needing your information immediately is very slim.”
Special Assistant Andrew Tucker of the New Jersey Division of Consumer Affairs led the discussion on Fraud Protection and highlighted several scams to be aware of.
“One thing about scammers is that they are nonstop, so we have been seeing more of a consistency than an uptick in the amount of scams. Scammers know that seniors are isolated and trusting,” Tucker said. “They are using these factors to get money or the senior’s identity. We found that educating the public right now is one of the ways we can can stay ahead of the curve by raising these red flags, so they can identify the fraud.”
Tucker explained to those in attendance about scams such as the “hanging pump.” Pumps are not reset in this scam and deliver phony readings or overcharge on fuel. Also discussed were unwanted calls centered around the IRS scam, the “grandparents scam,” and the social security scam.
“We have to remain out here throughout the state, because it is eye opening to many. When it comes to seniors the scams through the phone would be the biggest issue we deal with,” Tucker said. “A senior shared with me once that you know we grew up in a time when somebody took the time to call us we should respect them and answer, so there is a lot of history there about scammers knowing seniors will most likely pick up.”
According to NJ Division of Consumer Affairs officials, seniors are prime targets because they are most likely to have a substantial “nest egg,” own their homes, or have excellent credit. They are also less likely to report a fraud, either because they don’t know who to report it to, are too ashamed at having been scammed, or don’t know they have been victimized.
“Another topic is bank cards. There are skimmers out there that if they have a skimmer at a store, they will swipe your card and then distract you and are able to create a card,” Tucker said. “It is always important to monitor your account.”
Gerald Travis said he has experience a lot of scamming calls over the last several years and came to the lecture to learn more.
“It is a pain. I think this is great, it refreshes you on what is going on in the scam world,” Travis said. “It is important to have these so you are better informed.”
Irna Oliver, also in attendance, said she has faced scammers coming from emails and also telephone calls.
“I was so glad I was here today. I found this helpful and learned about the bank card scams, which I did not know before,” Oliver said. “We have a lot of phone calls with people having a convincing voice about social security numbers and possible trouble. When I have heard them I put the phone down or do not answer.”
