Elderly Consumers Must be Extra Cautious
Between the 2003 and 2004, the number of Americans over 65 years of age increases by 351,000. Today, this group accounts for 12 percent of the U.S. population. Given these figures, it's no small wonder that our seniors face increased challenges in terms of health care, consumer protection, and domestic violence.
Last year, President Bush stated: "Older Americans teach us the timeless lessons of courage, sacrifice and love. By sharing their wisdom and experience, they serve as role models for future generations."
Of course, consumers of all ages must protect themselves from con artists, whether they approach you over the telephone, through the mail, online or in person. Research shows, however, that many con artists, especially fraudulent telemarketers and bogus home improvement contractors, target elderly individuals. They do this because many elders are retired and often at home, easily reachable by telephone or by ringing the doorbell. But you do not have to fall victim to their ploys if you follow some common sense rules.
First and foremost, follow the Golden Rule of Fraud Prevention. Never give out personal information, such as your social security or credit card number, over the telephone or online unless you initiated the contact and are familiar with the business on the other end of the line.
Remember, if someone calls you pressuring you into sending money or giving out your credit card or bank account number, it's probably not a legitimate call. You should never feel pressured to make any financial decision.
Also, be wary of anyone who shows up at your door offering to do home improvement contracting work on your behalf. If you decide to have work done to your home or condominium, call your town's city hall to verify that the hired professionals are registered contractors.
If you decide you want to make a donation to a charity, it should be your decision. If someone calls and asks for a donation, ask this person to send you something in writing for you to review. If they are a legitimate charity, chances are they have written materials for this purpose.
-- Eric Gordon
