Hints for Avoiding Frauds and Scams

By Carolyn Campbell

Fraud against older Americans is a serious problem affecting thousands every year. The following suggestions can help you avoid falling victim to scams.

Add your phone number to the National Do Not Call Registry by phoning (888) 382-1222 or visiting www.donotcall.gov. This will help to limit phone calls from telemarketers.

Do not give out personal banking information, credit card numbers, or Social Security numbers over the phone. Popular scams include information on a new health miracle product, a charitable donation, or confirmation of a sweepstakes. 

If a salesperson will not provide written information about his or her company—including the company's name, address, and telephone number—do business with someone else.

If someone calls from a "government agency" requesting money, ask for a certified letter on official letterhead.

Never hire someone who shows up at the door. If you are told that your plumbing needs to be fixed, or the roof needs repairing, the scam artist may take money, but never do the work.

Ask for help when making financial decisions, especially when managing personal finances has become a burden.

Don’t make "on-the-spot" decisions about purchases and investments. If someone says you have to take an offer immediately or you will miss the opportunity, it is likely a scam. Legitimate companies do not pressure people to act without taking the time to look into the deal.

Avoid investments that promise huge profits with no risk. High-return investments are not guaranteed, and legitimate companies will tell consumers about possible risks.