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According to the Federal Trade Commission, 80% of telemarketing scams are directed towards seniors who are unfortunately vulnerable to all types of fraud, since by nature they are more trusting, friendly and generous.

It’s important that seniors exercise caution when making any serious decision, especially when large sums of money are involved. It’s also a good idea to get perspective from someone they trust, like a close family member or friend.

Other Ways Seniors Can Protect Themselves:

• Never give out your Social Security Number (unless absolutely required, then verify the recipient), and don’t allow organizations like hospitals to use it as an ID number; you can request that they use an alternative

• Doctors in the US are business people looking to make a profit and not all of them are honest. If you are diagnosed with a serious illness or condition that will require expensive treatment, don’t hesitate to get a second opinion

• It’s smart to make investments if you do so wisely, so consult an accountant, attorney or legal advisor before exchanging funds

• If hiring a contractor for home repairs or other consumer services, check the Better Business Bureau for a rating and see if there are any scams listed with AARP

• If hiring a caregiver, who will become an integral part of a senior’s life with access to personal information; make sure that a thorough background check is conducted

• Beware of sweepstakes scams, you should never have to pay money in order to receive a prize

• Be careful with mail and other documents that contain personal information. If mail is delivered to your door, try not to leave it sitting outside, and shred all documents before recycling

• Analyze all financial statements closely, and have a trusted family member to take a second look so ensure there are no suspicious charges

If you have been a victim to consumer fraud, contact the Administration on Aging to point you towards resources that will help bring justice. Ombudsman, legal council, the Better Business Bureau and private organizations like Fraud Resolution for Seniors, in Seattle, Washington can all be useful.

Sources: Source: http://www.safeseniors.org/protecting_seniors_from_fraud.htm
                            http://www.dca.ca.gov/consumer/seniors/senior_scam.shtml
                            http://www.usa.gov/Topics/Seniors/Consumer.shtml