There has been a trend emerging from the recent instances of rare coin scams: many fake dealers and con artists are going out of their way to target seniors who wish to invest in coins or gold. These frauds and conmen can be relentless and heartless, stealing away a senior’s life savings in one fell swoop.
Why are seniors more often the targets of rare coin fraud?
- Seniors have lots of money to spend. Many seniors have worked hard for decades and have a significant sum of money to invest or spend. At the same time, these seniors may be looking for a safe way to keep or grow their money, either for their own future care or for younger generations.
- Seniors want to find safe ways to invest. Older generations are less likely to put their money into the stock market and more likely to pick traditional ways of keeping their money growing slowly but surely, such as investing in gold or silver.
- Seniors can be more trusting. Older generations tend to be more trusting of others because of the era in which they grew up. They are more likely to take people at their word or believe that all coin dealers are legitimate. Unfortunately, that’s good news for con artists.
- Seniors may be less aware of modern scams. Seniors may be closed off in a small world that simply doesn’t involve scams and fraud. They may also be without a spouse or close relative to warn them of the dangers of scams and cons.
- Seniors may not have access to modern research tools. When it comes to purchasing rare coins, the Internet is a wealth of information—both about rare coins and about rare coin fraud. Seniors are less likely to research the rare coins online before they buy.
- Seniors may suffer from declining mental health. Sadly, advanced age sometimes comes with memory and mental health issues, which range from mild to severe, including dementia and Alzheimer’s. Although it is almost unthinkable, con artists will prey on seniors who may not be fully capable of making sound investments or protecting their money.
If you or an elderly family member that you love has been a victim of senior rare coin fraud, you may wish to speak with an attorney. Call the Voss Law Firm today to speak with a Texas coin scam lawyer and to find out more about your possible case: 888-614-7730.