Even smart people get caught in scams

“I’m Becky from Medicare, and I am a fraud,” says the August/September issue of AARP Magazine.

Becky is a robocaller offering “precautionary genetic screening nationwide,” a test you probably will never need. She wants your Medicare number so her employer can tell Medicare that you and countless others have had the test, bilking Medicare out of millions of dollars. Her boss will also sell your Medicare number to other fraudsters. Oh, and Becky does not want you to talk to your doctor about the test. Not having a real doctor involved is a huge red flag, according the AARP article.

How to fight back and not get caught in Medicare fraud schemes: say “no” to genetic testing. Be cautious about giving your Medicare number of other personal information to a stranger or organization you don’t know. If you receive a genetic testing kit in the mail, don’t accept it, but return it to sender, and, be sure to review your Medicare Summary Notice or explanation of benefits.

Telephone calls are a big problem for seniors, as are emails texts and social media for those who use them. The September AARP Bulletin explains nine ways to spot fake calls, tests and emails.

First, you get a friendly call or email from a bank you do not use or about a package you did not order.

Second, you receive an email with spelling errors and poor grammar.

Third, the sender uses emojis. That's those little smiley faces, thumbs up and other signs.

Fourth, the email directs you to a website that has nothing to do with the company supposedly reaching out to you.

Fifth, the email is directed to multiple addresses and people.

Six, the sender uses all caps for part of the message.

Seven, a “sent” time is the middle of the night indicating that the message may have originated in a foreign country.

Eight, the message requests personal information.

Nine, the messages insist you act quickly — urgently — or some great catastrophe will befall you.

All nine wave red flags.

Most people have read about the fake calls from the Internal Revenue Service (IRS), Social Security and your bank. These calls use scare tactics, urgency and sometimes even goofy requests for gift cards to pay back taxes. The callers can be persuasive in coaxing out Social Security, Medicare and bank account numbers.

Easier said than done, but just say “no” and hang up.

The IRS, Social Security and banks do not call asking for personal information.

We seniors have a problem. We were taught to be compliant and to be polite as we complied — especially those of us who are women. And, we want people to like us, even strangers on the phone and hucksters sending us bogus emails.

When a friend got a call purportedly from his health insurance company asking him to verify his Social Security number, he responded in no uncertain terms, “If you really were my insurance company, you would know my Social Security number.”

Various scams

New wrinkles evolve all the time. Because insulin prices are so high, fraudsters seem to be peddling diabetes products that are neither tested nor approved for treatment of this serious widespread disease. Talk to your doctor before buying these questionable products. If you need it, try to find a way to afford insulin, a trusted treatment.

The Better Business Bureau has issued an alert for a Ponzi scheme targeting African Americans. The programs are variously called “Blessing Loan,” “Circle Game,” “Infinity Loans” and “Blessings in No Time.”

The basic premise seems to be that investing money in the program will provide huge returns. Recruiting others into the program will provide good fortune to them as well. Supposedly, you can get your money back at any time, but it does not work that way. You cannot get your money back.

There is no product, and, for every person who has received a payout, many more have lost everything they invested.

There are more red flags when there is no product but a promise of big returns.

Romance scams continue. Scammers may or may not take their time wooing an online romance (although often they do). Somehow, they gain trust, and then they ask for money and gifts — and get them. The Federal Trade Commission (FTC) reports that these scams have tripled since 2015 and losses in 2019 were $201 million.

A friend from another state tells a fascinating story about an adult granddaughter who helped her 80-year-old widowed grandmother register on one of the dating websites. Still beautiful and charming, but naïve and lonely, Grandma was doing dangerous things, like allowing men she had never met visit her home. She did pull back when a man from overseas wanted her to get him a green card.

Grandma’s children, not the culpable granddaughter, finally hired a private investigator to check out these men and to keep an eye on Grandma. During this time, the children had to be treated for high blood pressure while Grandma continued to have a grand time. Perhaps all is well that ends well. Grandma is happily remarried, and the children are off their blood pressure medication.

Scams will proliferate during the holidays. We need to think about what we are doing, yet we may be distracted and tired. Remember when scammers used to call on Friday nights, when they thought everyone was tired and vulnerable? Well, they think we will be preoccupied and in a hurry during the holidays — and vulnerable.

Watch for red flags: scammers want to convince you that they need your personal information. They exude a sense of urgency and may even threaten you. They can also be smooth-talking and convincing. But, they are crooks trying to separate you from your money or defraud the government or more.

My big wish is that we knew some way to protect family members, friends and neighbors who are not as alert as they used to be. At some point, the crooks are going to reach them and scam them. They scam older people for a reason. We are vulnerable. Please stay alert and help someone else if you can.

People are often reluctant, embarrassed, to report scams, but the Federal Trade Commission (FTC) needs to know what is going on. That website is ReportFraud.ftc.gov. The AARP Fraud Watch Network helpline is toll free at 877-908-3360.

Well, speaking of holidays, I hope you and yours have a safe and Happy Thanksgiving. Stay well.

Martha Moore Hobson was an early certified financial planner in the region. Although retired, she is an active volunteer in the community.

This article originally appeared on Oakridger: Hobson — Even smart people get caught in scams