By Chris Hadley, President & CEO, BBB Serving Central SC and Charleston
No matter your age, no one is immune to scams. In the most recent BBB Scam Tracker Risk Report, investment scams continued to be one of the riskiest scams for ages 55+. Online purchase scams were the second riskiest for consumers 55-64, along with romance scams for consumers 65+. The third riskiest for both groups were home improvement scams. Regardless of the type of scam, BBB recommends the following precautions to avoid becoming a victim.
Tips to spot a potential scam
Do your research before making an investment:
Investment cons often target older adults because of their greater financial resources. They frequently prey on longstanding group connections – such as through a religious organization or an ethnic group – where members trust each other. Even if you are a savvy investor, you can still fall victim to this scam. Con artists are masters of persuasion, and they often learn the weaknesses of their targets and tailor their pitches accordingly
Beware of Online Purchase Scams Targeting Seniors
Scammers often target seniors with fake online stores, too-good-to-be-true deals, and deceptive emails. These scams trick victims into paying for items that never arrive or sharing personal information. To stay safe, only shop from reputable websites, verify sellers before making purchases, and never share financial details over email or phone. If something feels suspicious, trust your instincts and report it to the BBB Scam Tracker or local authorities. Protect yourself and your loved ones—stay informed and shop smart!
Only hire trustworthy, licensed contractors
Older adults often need extra help around the house and may hire someone to complete a renovation project and landscape work. However, never hire someone who just shows up at the door and don’t let them in or around your home for an inspection. Instead, if you need repair work, use BBB.org to search for accredited businesses and ask friends and family for recommendations. Then, research the companies, keeping a close eye on past reviews or complaints. Always make sure the contractor or company is properly licensed and never pay in full upfront
Remember; never share your personal information with a stranger on the phone, in an email, on a social media network, or otherwise. Keep careful records of your transactions by reviewing your bank and credit card statements regularly. Check them for accuracy and then shred any documents that include personal information before throwing them away.
For More Information
To learn more about how to avoid common scams, visit BBB.org or call (843) 766-9616 or (803) 765-1672 and speak with a local BBB representative.
