One of the biggest problems with elderly is that they fall prey to fraudsters quite easily being one of the most gullible targets. Main reason of their easy falling to fraud traps is that many of them stay alone devoid of advice and thus are easily wooed by sympathetic or loving conversations even by unknown persons. Lack of knowledge of technology is another cause of rising cases of cyber frauds against elderly. Many of these frauds are through false advertisement campaigns with explicit purpose of duping. In some cases, wisdom prevails after some loss; but in some others, frauds are discovered only by legal heirs after entire life savings having been lost.
In this world of rampant corruption and prevailing incidents of frauds, it is necessary that the elders should be aware of various types of possible scams and take preventive steps so that they are not duped by the fraudsters.
Some Common Frauds:
1. Investment Scams: Many senior citizens often live on interest on life savings and therefore, a couple of additional basis points of interest rates might attract their attention. They often fall prey to fraudulent investment by Ponzi schemes easily as they are promised a substantial high rate of return. There are cases where thousands of senior citizens have lost their entire life’s savings being lured by such schemes.
2. Transfer of Property: Instances are there where seniors have been persuaded to sign blank papers on property transfer papers without their…
