Phone scams against the elderly
You receive a phone invitation to a free lunch seminar. Or the invitation could be for a weekend getaway or even a cruise. It could arrive in the mail.
If what's being hyped is labeled as an investment opportunity, it's frequently "a bogus investment," says Breyault. These so-called opportunities are often Ponzi schemes.
"Scammers buy phone lists," Breyault says.
- Promises unbelievable returns but puts none of that in writing.
- Pressures you to make a decision on the spot. "If it's a good investment today, it will be a good investment the next day," says Breyault.
- Claims sponsorship or endorsement by organizations or agencies that don't endorse or sponsor investments.
- May claim to be registered or licensed when they really are not.
Tip: Never make investment decisions immediately. And vet all professionals and potential investments, Breyault says. Do background checks.
And skip the freebies. Like your mama always told you: There's no such thing as a free lunch.