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Top 5 Senior Financial Scams to Avoid in New York

Criminals often see older adults as easy targets, and every year, millions of seniors fall victim to financial fraud and other schemes. Financial scams are long-standing issues that have impacted seniors in New York and worldwide for decades.

The methods criminals use to take advantage of the elderly are constantly evolving. Today, scammers are using new technology to trick the older population into handing over their savings, costing seniors billions of dollars annually.

All older adults in New York are at risk of being taken advantage of, but women living alone and people with cognitive disabilities have the highest risk of financial exploitation. Family members are also just as likely to commit elder financial fraud as strangers and hired caregivers.

Medicare and Health Insurance Fraud in New York

Falsely claiming that an older person received medical services that they did not receive is one of the most common scams affecting seniors in New York. Fraudulent Medicare and health insurance claims can limit an older person’s ability to access necessary medical services and is a burden to taxpayers. Still, it is a popular scam since all Americans over 65 are automatically qualified for Medicare.

For fraudsters to pocket money with Medicare and health insurance fraud, all they need to do is collect a few personal details. With this simple information, they can submit claims for reimbursement unbeknownst to the victim, allowing them to pocket the total amount.

Medicare and health insurance fraud can be executed as a phone scam where the criminal will impersonate a government official to gather the victim’s personal information.

Investment Scams Affecting Senior Citizens in New York

Swindlers posing as financial advisors in New York have been known to obtain the trust of older adults, offering to oversee their financial assets and manage their funds. Once the scammer has gained control of the senior’s money, they may drain their account or make investments that benefit the advisor but not the elder.

Typically, third parties commit investment scams, but family members can also execute them. Many older adults will entrust younger family members to invest their money using new technologies or strategies they are unfamiliar with.

New York Funeral Home Scams

The death of a loved one leaves survivors in a state of extreme emotional vulnerability. Some criminals see grieving widows or widowers as opportunities and will sift through obituaries, find new victims, learn about their families, and exploit them for financial gain.

Some funeral scams in New York involve a fraudster finding the surviving spouse and demanding them to pay nonexistent outstanding debts. Other scams involve funeral home staff upselling unnecessary or nonexistent services to distressed loved ones who often lack the mental clarity to give it much thought.

Marketing Scams Affecting the Elderly in New York

A marketing scam occurs when a scammer contacts an older adult by mail, phone, email, or door-to-door sales. The goal is to trick the victim into purchasing a product or service that either does not exist or will not live up to its claims. When the victim realizes that their purchase falls short of their expectations, the criminal is long gone and virtually impossible to track down.

Fake Prescription Drugs Scams in New York

In the United States, it is not uncommon for medication to be outrageously expensive. These days, many seniors are turning to the internet to save money on their essential prescriptions, but some scammers in New York have caught on.

Fake websites created by criminals now pretend to sell prescription drugs, causing some older people to share their credit card information and lose their money without receiving their medication. Prescription drug scams like these can have extraordinary financial and health impacts on elderly adults.

Has Your Elderly Loved One Become a Victim of a Financial Scam in New York?

If you or someone you love has become a victim of a financial scam in New York, a Dalli & Marino, LLP attorney may be able to help you hold the at-fault party responsible for the harm they have caused.

When you partner with Dalli & Marino, LLP, your case will not be handled by receptionists or filed away in a cabinet. We work personally with our clients to bring essential justice to elderly victims in New York. To discuss your legal matter with an experienced attorney at Dalli & Marino, LLP, contact us for a free case evaluation by calling (888) 465-8790 or completing our contact form. We also speak Spanish. 

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