Scams Threaten Your Retirement Security

The elderly seem to be a prime target for scammers, who often pose as grandchildren in need of financial assistance. This approach has been around a long time, but it’s worth mentioning again because these scams threaten your retirement security.

Scams like the “grandchild in trouble” threaten your retirement security.

Scams threaten your retirement security

Grandchildren — and children — often need financial assistance and loving grandparents with the means to do so often help. This willingness to help out family members is the basis of a scam that can rob you of hundreds — or thousands — of dollars.

Carol Mahre said when one of her grandchildren is in trouble, there’s nothing she won’t do to help. That’s why when she got a call from a young man claiming to be her grandchild, she was determined to help.

“I get a call in the morning by this young man who said, ‘Hi grandma’ just like my grandson would do,” Mahre said. “And then he said. ‘I’m in Mexico and I’ve got a problem.’”

And that’s how it starts. Before you send your hard-earned retirement dollars to some foreign land, or even across the country, there are some simple things you can do to ensure you really are helping a loved one and not getting ripped off.
  1. If the person says they know you, verify their identity by calling them back on the number you already have.
  2. Never give out bank or credit card numbers.
  3. Be very suspicious of requests for money wires.

You can also call other family members to learn about the “grandchild’s” activities, before you send any money. Parents and siblings are sure to know where they are and what they’re up to. Scams threaten your retirement security, but you can avoid them with these simple steps and a good dose of skepticism.

Click here to read more about avoiding scams that threaten your retirement security.

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