Have You Been Injured? We're Ready to Fight for You.

Five Financial Scams Retirees Should Look Out For

Published on Mar 3, 2014 at 8:44 am in Nursing Home Abuse.

Kentucky Nursing Home Abuse Seniors work hard to save for their retirement years, and often live on tight budgets to ensure their standard of living. Sadly, financial scammers are out there at work designing schemes targeted specifically to this group.

USA Today’s finance reporter Rodney Brooks reviewed some of the more successful schemes aimed at seniors. Memorizing this information can help you or a loved one prevent a situation of elder abuse before it happens.

  1. Asking you to pay for something you’ve won – The most popular version of this scam is a caller saying you’ve won a lottery or an inheritance, and that you need to pay some small fee to secure it. Always say no. This also applies to paying for something you didn’t order – such as an outfit sending you a book you didn’t order, and you feel like doing the “right thing” and paying for it if you keep it. The problem is, they can use your payment data (card info or checking account).
  2. Grandparent scam – This is prevalent now all over the country. Someone will call in distress, claiming to be your grandchild who needs emergency money. They ask you not to tell their parents because they don’t want to get into trouble with them. An all-too-plausible story, which is why it works.
  3. Fake computer virus – This one also works because it sounds plausible. Someone will call your home pretending to be from Microsoft or a different computer company. They tell you that your computer has a virus and if you log onto a certain site, they can get rid of it for you. Once they get you to log onto their site, you’ve given them access to the contents of your computer, including personal and financial information stored on it.
  4. Home repair scam – These scammers will either call you or come to the door, saying they’ve noticed some part of your home needs repair – maybe the roof or a broken tree limb. They sound and look respectable – but they try to get money for repairs you don’t need or start a job and don’t finish it. It is best just to say no, but if you’re wondering if they might be legitimate, have a response ready like, “I’ll take your card and talk it over with my daughter/son or lawyer.” The goal is to make them believe you have a support system nearby who will help you keep a look out for scams.
  5. Medical device scam – These folks will call and tell you about some kind of special deal on popular medical equipment for home use. Once you express interest, they ask you to make a deposit and/or give them your Medicaid number. Never fall for this – the product will never come, and you risk not only the money you paid for a deposit, but they now have some of your personal and financial information.

Most of these scams succeed because you don’t have a way to verify the business. Experts recommend putting a note by your phone to remind yourself not to give out personal information. No matter how believable they sound, always get their name and number and hang up so you can talk it over with someone you trust. If they pressure you to act now or won’t give you their information, that’s a sure sign to hang up.

Free Case Evaluation

At Thomas Law Offices, our personal injury attorneys recognize that our potential clients are likely going through some of the most difficult times of their lives. We don't want you to have to worry about paying out of pocket for legal advice when you're just starting to learn your legal rights and options. That's why we provide free case evaluations. We'll offer our expert advice about your potential case and walk you through how we can help you.

Call us or fill out the form below to tell us about your potential case and a personal injury lawyer will get back to you as quickly as possible.

Meet Our Founder

Tad Thomas - Trial Lawyer

Tad Thomas

Managing Partner

Tad Thomas has dedicated his practice to representing plaintiffs in various types of civil litigation, including personal injury, business litigation, class actions, and multi-district litigation.

After graduating with his law degree in 2000 from Salmon P. Chase College of Law at Northern Kentucky University, Mr. Thomas immediately opened his own private practice and began representing injury victims.

In 2011, Thomas Law Offices was established in Louisville, Kentucky. Over the past decade, Mr. Thomas has expanded his firm and now has offices in three additional locations: Cincinnati, Ohio, Columbia, Missouri, and Chicago, Illinois. He is also a frequent lecturer on topics like trial skills and ethics and technology.

Legal & Firm News

How To File a Life Care Centers of America Lawsuit

Finding the right nursing home, rehabilitation center, or assisted living facility for your loved one can involve weeks or months of research and visits. When you think you’ve found the right one, it can feel like a weight lifting off your shoulders. Not every nursing home is what it appears to be at first, though. […]

Read More

Nearly 2,000 Children Sexually Abused by Catholic Clergy in Illinois

Illinois Attorney General (AG) Kwame Raoul announced on May 23, 2023, that his office had completed an investigation that has identified at least 1,997 children abused by an estimated 451 male Catholic clergy during a 90-year period across six dioceses in our state. The multi-year investigation first got underway while the current Illinois AG’s predecessor […]

Read More

How Soon Should a Tetanus Shot Be Given After an Injury?

From motor vehicle accidents to slips and falls and other dangerous property scenarios, and defective product situations, these are only a few examples of personal injury incidents that can seriously hurt someone. While it may be intuitive to seek medical attention if you suspect you’ve suffered harm after one of these accidents, would you also […]

Read More
Tad Thomas on The National Crime Victim Bar Association
National Civil Justice Institute - Trustee
Tad Thomas on Lawyer Minds
Tad Thomas on American Association for Justice
Southern Trial Lawyers Association
Illinois Trial Lawyers Association
Ohio Association for Justice
Kentucky Justice Association
Fellows of the Litigation Counsel of America
Martindale Hubbell Preeminent
2021 Public Justice Member
AAJ Masters of Trial Law: Champion