Happy Winter everyone! I wanted to share an article from the January edition of Retire Wise by Katie Williams. It talks about some things to be aware of if you’re someone who likes to fly to warmer climates for the winter. Take a look at the article below, and you can access Retire Wise by clicking here.
Retirees aren’t the only ones seeking warmer weather when temperatures drop. According to the American Association of Retired Persons (AARP), scammers and con artists flock to areas including Florida and Arizona in droves to prey upon unsuspecting “snowbirds” from November through April each year. Despite the passing of the Elder Abuse Prevention and Prosecution Act, which was designed to help protect seniors, the U.S. Department of Justice estimates that one in 10 older adults lose an estimated $2.9 billion a year to elder financial abuse. And reports from the FBI show that almost 50,000 people over age 60 lost $342.5 million in 2017 to internet fraud and scams. AARP lists the following among the top snowbird scams:
- The malevolent mechanic. Waiting outside shopping malls or supermarkets, they watch for snowbirds (often recognized by out-of-state license plates) to park and go inside. If the car's older or left unlocked, they can pop the hood and disable the vehicle by pulling wires. When the owner returns, they offer help getting their car started, which usually includes driving them to the bank to get money to pay for the repair. Their main target: women in their 70s or 80s.
- The condo caper. These crooks frequently work in pairs. They arrive unannounced as self-described utility workers, contractors or exterminators, requesting to enter your home and claiming that the condo association sent them. Typically, one creates a distraction to divert your attention while the other stealthily steals valuables.
- The lottery winner who can't collect. In a parking lot, someone approaches you claiming to hold a winning lottery ticket, but he or she “is in the country illegally and can't collect.” They offer to give you the winning ticket if you pay a portion of the jackpot in cash. Its number may be "verified" by a passerby — "I saw it announced on TV last night." In reality, this person is an accomplice and the ticket is worthless.
How can you avoid becoming a victim of snowbird financial abuse?
- Remain vigilant and aware of your surroundings, especially in parking lots or in large crowds where distracted individuals are seen as easy targets for would-be pick-pockets, purse snatchers and car thieves.
- Never let anyone claiming to be a worker inside your dwelling unless you initiated contact, or the homeowners’ or condo association gives prior notice.
- Never agree to provide cash in person or over the phone (via credit card or gift cards) for a transaction you did not initiate yourself or to claim a lottery or sweepstakes prize. Remember, while good faith is an admirable quality, there’s no replacement for good judgment when it comes to protecting your safety, your property and your assets.
If you are a victim of one of these scams, contact the local police department as soon as possible and provide as many details as you can. You may also want to contact your children or grandchildren to keep them informed of the situation. Finally, our office is always available to you as a resource in case you need advice.
Stay safe out there!
https://www.aarp.org/money/scams-fraud/info-11-2012/7-common-snow