Can You Hear Me Now? Be Prepared for Phone Scams
You might remember the TV advertising campaign "Can You Hear Me Now." However, if someone calls you and asks that question, it could be one of many scam phone calls. In the time it takes for you to answer the question, you could have already fallen victim to a scam. The elderly are especially vulnerable to this type of phone call.
Recent reports show that consumers lose about $50 billion each year to scammers, with phone scams targeting seniors accounting for a large percentage of that total. History has shown that phone scams seem to be the easiest to orchestrate, but there are many ways consumers can be scammed via email, postal mail, or even face to face.
Recent Scams
Here are some of the most recent scams that are targeting seniors:
"Can You Hear Me Now?" - Callers claiming to be from the IRS ask the question, "Can you hear me now?" The scammers record the consumer's response, and if the consumer says "Yes," the caller hangs up and calls back. During this second conversation, the caller asks the consumer if they are aware of the owed money and that the consumer must provide payment. The caller then uses the previous 'yes' recording to manipulate the phone records to show false proof of the consumer acknowledging and agreeing to provide the payments.
"Grandparent Scam" - Callers claim to be a grandchild who has been arrested and needs money to make bail. Sometimes they need money to repair a car after an accident. The caller warns that telling mom or dad can make the problem worse. You're asked to wire money or purchase gift cards that can be emailed. There are several variations to this scam. Often, the caller has the name of a grandson or granddaughter or can get you to tell them their name. They use that information in the conversation to gain the person's trust.
"Debt Collection" - Via telephone calls or postal mail, phony debt collectors demand money to cover unpaid debts. Often the victim is threatened with legal action if payments are not made. Always be careful with so-called debt collectors.
"Windows Error" – These people call and say your computer is sending out error messages on the internet. No, Microsoft will not contact you and tell you that your computer is sending out error messages.
"Apple Account" - Similar scam, but now it is Apple Support calling. Apple will not call you.
"Utility scam" - In this scam, they will say there was a billing error, and you are owed money. The scammer then asks for your account number. Your utility will not call you, and even if they did, they would know your account number - they called you.
"Internal Revenue Service" - You get a call claiming to be an IRS agent (or some other federal agency), and they give you their badge number. They then tell you that you owe money to the IRS, and unless you pay right away, a warrant for your arrest will be issued. The IRS will not call you as they communicate by mail.
"Car Warranty Expiring" - There are ligament companies that offer extended car warranties, but these companies call and ask you to "confirm" information. They are scams.
"Card Services" - Perhaps one of the most annoying as computers dial millions of numbers with a fake caller ID. The recorded voice says you qualified for a lower interest rate from your bank and asks you to press one. If you do, a live operator tries to get you to give them your name and account numbers. The goal is identify theft. The real bank would already know your information and probably would never do a blind call.
Elderly Can Be Duped Easier
These people can scam the best of us, but older people can fall for these much easier. Speak with older family members about these scams. It is always harder when you age to keep up with new technology, and sometimes they become too trusting.
The AARP has a fraud network that keeps up with the many scams.
Prepare for Your Future Aging
Before you get older, prepare for the many consequences of aging. Your health, body, and mind will deteriorate in the decades ahead. There is a good chance you will need long-term care services. People need long-term care due to an illness, accident, or the impact of aging.
The cost of long-term health care is not paid for by traditional health insurance or Medicare. Only Long-Term Care Insurance and Medicaid (the medical welfare program) offer long-term health care benefits. If you have savings, you need to take action now to protect them.
You can take action now to prepare for a future successful retirement. Be sure to start saving money in your employer's 401(k). Take better care of your health to reduce needed care sooner than later. Adding an affordable Long-Term Care Insurance policy is critical in retirement planning.
Licensed Agents Will Have to Ask Questions
Keep in mind that in order to get accurate quotes, a licensed Long-Term Care Insurance specialist will have to get your date of birth, address, gender, and health information. States require that agents determine "suitability," so they will ask financial questions.
These questions are not scams and are required to help you get accurate information and quotes. If you apply for Long-Term Care Insurance, you will have to provide even more information for the underwriting process.
Be prepared for real scams and be prepared for the costs and burdens of aging. Scams can happen to people of all ages. Aging happens to everyone. The consequences are real. Being prepared will make getting older easier.