phone scams

Expert Tips on Avoiding Common Financial Scams

After working and saving their hard-earned money for many years, many individuals fully expect to be able to retire with a comfortable financial nest egg on hand. If anything unexpected were to happen to their savings, it would be close to impossible for many people to recover their money in time for retirement – especially if they fall prey to a scam of any sort. 

These days, several criminals focus their efforts on scamming the elderly and the best form of protecting your money against them is to ensure that you’re informed and suspicious of any unusual activity. Below are some of the most common financial scams that are aimed at senior citizens. 

  1. Phone Calls from the IRS Scam

When scammers call under the pretense of being IRS representatives, their main intention is to obtain as much of your personal information as possible. In this case, the information they are usually after is your last four digits of your Social Security Number and your debit card information. 

Keep in mind that the IRS will never call you directly – even if you owe money to them. All forms of communication from the IRS will only ever be sent through the US Postal Service, so it’s imperative that you end the call as quickly as possible if a caller claims to be from this agency.

  1. Medicare Scams

Over the past few years, a number of scammers have attempted to go door to door or directly call unsuspecting individuals in order to try and obtain Medicare insurance numbers from them. Once they have this information, it gets used to bill Medicare for services that have never been rendered. 

As with the IRS, a Medicare representative will never arrive at your door or call you. In the event that they need to get in touch with you, it will be done through the mail – unless you need to contact them for any reason. If anyone call you directly or shows up at your door claiming to be from Medicare, end the call immediately or tell them to leave your property immediately.

  1. Offers for Fake Prescription Medications

While you can save a substantial amount of money by purchasing your prescription medications online, always exercise extreme caution if a website claims to offer, ‘cheaper medication alternatives,’ – scams like these will usually operate from a totally fake website. After you’ve sent your payment through, you will most likely receive medications that won’t treat your condition because of fake ingredients. 

It’s crucial to check that any online pharmacy is legitimate before you pay them for any medication. This can be done by verifying whether they are licensed in the state you live in or not and that they have a licensed, experienced and trained pharmacist to dispense medications. 

Although it can seem tedious to verify information before parting with your hard-earned cash or giving out Social Security and banking details, doing so will save you a lot of heartache along the way. If you would like to learn more about making your money work for you, contact us today.