Unfortunately, seniors are often targeted and victimized by scammers and companies selling coins and gold. They take advantage of seniors’ trust and lack of knowledge of scams to steal away large sums of money—sometimes significant parts of a retiree’s savings. How are seniors targeted?
- High-pressure sales. Scammers call or mail the homes of seniors and do not let up until the senior agrees to buy coins or invest in gold. Some seniors are simply too polite or timid to tell the salesmen not to contact them or to report the behavior.
- Telemarketing calls. Because of the era in which they were born, seniors are more likely to answer their home phone when an unlisted number calls and more likely to take a sales pitch seriously.
- Fake friendships. Some seniors are lonely and just want to talk. Scammers have learned this and integrated it into their tactics for convincing the elderly to hand over their life savings.
- False promises. Scammers know that seniors are simply more likely to believe them and less likely to think that they are being cheated. Seniors also may not have the resources or ability to research companies on the web. When the elderly are told information that is simply not true, they may believe it.
What can you do to prevent your elderly loved ones from being victimized by coin scams? Start by speaking to your senior loved ones about common coin and gold scams. If they are interested in collecting rare coins or investing in gold, consider helping them research their options so that they avoid frauds.
Has your elderly loved one already been scammed? Speak with a rare coin fraud attorney at the Voss Law Firm today: 888-614-7730.