No one in Nigeria wants to send you a red cent

Fall is coming, but that’s no reason to fall for one of the many scams created to entrap the senior population. Seniors are a favorite target of the unscrupulous because it is thought that they have a lot of assets, are naive enough to believe in claims of quick profit, have trouble remembering, and, being isolated, welcome company. They are also less likely to report it when they are scammed.

While people in the 60-plus age group represent 15 percent of the population, they are 30 percent of the fraud victims. If you often respond to contests or sweepstakes, you are probably on a “sucker” list and may hear from someone who says they can help you recover money lost to a con artist.

Some of the most popular types of scams perpetrated on the Internet, by mail or over the phone are these:

‰Nigerian letters that ask recipients to provide bank account numbers to help share in a big pot of money.

‰Letter or email that says you have won a sweepstakes or Canadian lottery.

‰Charities. Watch out for “sound-alike” names. Nonprofit and charitable groups must file IRS form 990. You can check on their legitimacy at www.guidestar.org or www.charitywatch.org or by calling 773-529-2300.

‰Credit card fraud: Keep an eye on your card at all times and shred all statements and receipts so a counterfeit card can’t be made. Also, don’t buy worthless credit card protection policies. Your liability is limited to $50.

‰Contractors who “just happened to be in the neighborhood.” These guys are rarely licensed or insured, often ask for a large cash payment up front and often never return to complete the work.

‰Home equity and refinancing scams: Easy financing for improvements and home repairs, but the loans they arrange are secured by your home and carry high interest rates and other costs. Refinancing can be very costly and have a low rate which adjusts to a much higher rate in a few years. Never sign a blank contract or other documents which can be filled in later.

‰Investment fraud, pyramid schemes (sometimes called investment clubs or gifting tables or circles).

‰Health fraud: Promoters who claim valuable medical information is being kept away from consumers, secret formulas that no one else has, infomercials that look like news, but are advertisements.

‰Be suspicious if you hear: You have won a prize or free gift. You must act immediately or lose out. You must pay for shipping for your free gift. You are asked for a credit card number to verify you have a card. A courier will come to your home to get your payment.

‰Never reveal financial information to a caller on the phone or allow strangers into your home.

‰If your purse or wallet is lost or stolen, you need to act quickly. Hopefully, you have kept a list of all your credit cards and bank accounts in a safe place at home. Then ...

1. File a report with the police immediately.

2. Cancel each credit and charge card.

3. Report missing cards to the major credit reporting agencies: Equifax, 1-800-525-6285; Experian, 1-888-397-3742; and Transunion, 1-800-680-7289.

4. If your ATM card was in your wallet, alert your bank and get a new card and pin or password.

5. Report missing driver’s license to the DMV.

If you become a victim, call the police. You may need a police report as proof. Contact state or local law enforcement agencies such as the prosecutor’s office or state attorney general. Also, the National Center on Elder Abuse, www.ncea.aoa.gov; click on “Find State Resources.” The agency can also be reached by phone at 800-677-1116.

Another good source is the Consumer Action Hotline at 415-777-9635. Help others by reporting any incident you think could be a scam to the Federal Trade Commission at 877-382-4357, or your state attorney general.

Even so-called “brilliant” individuals have been scammed. Remember, if it sounds too good to be true, it probably is

- Article by Jean Cherni, founder of the retirement advisory service, Senior Living Solutions. Contact her at jeancherni@sbcglobal.net or 15 The Ponds at Hotchkiss Grove, Branford 06405.

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