Skip to main content

As seniors grow retirement savings, they become targets of fraud

July 24, 2012

A large number of seniors have managed to save enough to retire the way they want to, but their comfortable financial situation may make them targets for con-artists and scammers. Investigators say the number of investment scams aimed at older adults has been on the rise recently, reports.

Among the most common tactics of scammers are unregistered securities, usually in the form of promissory given to individual investors, which is usually not a common practice. Other fraudulent programs include free seminars that claim to offer investment opportunities that end up robbing seniors of their money.

"The seniors are the segment of the population that have managed to save and accrue the most investments," Matt Kitzi, Missouri's securities administrator, told the website. "Bad guys, crooks and hucksters are going to follow the money. And seniors have had a lifetime to accrue investments and funds."

Identity theft is another common tool used by scammers, but there are ways for seniors to avoid becoming a victim. Perhaps most importantly, seniors should be mindful of their personal information. For instance, experts recommend never giving up personal details willingly, and they should be wary if they're ever asked for their full social security number. Other tips include watching out for suspicious activity on credit reports, being careful on the internet and enlisting financial planning help if need be.