Protect your family elders from tax and financial scams

May 20, 2016

The "Older Americans Reauthorization Act of 2016" was signed into law in April, and May is Older Americans Month, a national celebration of the many contributions of older Americans. Both events present a good opportunity to talk to your family elders about financial safety.

One place to start: The top ten scams reported to the U.S. Senate Aging Committee's Fraud Hotline. Number one on that list is a tax scam that plagues every age – receiving calls from fraudsters posing as agents of the Internal Revenue Service. The IRS has issued multiple warnings about this scam, which continues to evolve into different forms. Make certain your family members know the IRS does not telephone to initiate contact about tax matters.

Other frauds from the Aging Committee list include sweepstakes scams and "robocalls," those annoying unwanted phone calls that have effectively sidelined the federal government's do-not-call registry. Computer scams, where callers claim to represent a well-known technology company and attempt to gain access to a victim's computer, and identity theft, another scourge affecting all ages, also made the list.

Contact us for tips on how to stay vigilant against fraudsters.

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