With the advent of online currencies and the ability to trade funds by a variety of remote methods, it can be confusing for seniors who may be used to only doing business via cash, checks, and credit cards.

Unfortunately, scammers take advantage of this unfamiliarity and potential confusion and use many of these methods to separate hard-earned and much-needed cash from elderly victims.

Popular scams include acting like they’re from a government agency (IRS and Social Security are two popular ones), requiring money to clear potential issues. Another popular scheme is the “grandparent scam,” which is when someone pretends to be a relative (usually a grandchild calling a grandparent) that’s in need of quick cash (i.e. bail) to get out of a sticky situation. 

Thing is, legitimate agencies are still going to use traditional payment methods and not require business to be transacted only by a certain method that most people may not be familiar with.

Topeka Center for Rehabilitation and Nursing is detailing four untraditional payment methods that you need to be on the lookout for.

 

  • Money Transfer Apps

 

You may have heard of money transfer apps like PayPal, Venmo, Cash App, and Apple Pay, but it’s unlikely that most seniors have. PayPal does offer protection and you can dispute charges, but that’s not the case for many of the others.

 

  • Wire Transfer

 

This is the tried-and-true method for scammers. These transactions – whether they’re done at Western Union or a large chain store like Walmart – are untraceable, but no official government entity will ask for payment via this method.

 

  • Store Gift Cards

 

While this seems like a silly way to make a payment, when scammers call and pretend to be with the IRS and threaten potential victims with jail time or having to pay thousands in back taxes, it can seem like a good idea to get them off your back by reading off a code for a $50 or $100 store gift card. 

 

  • Cryptocurrency

 

The AARP has reported instances of scammers instructing people on how to open Bitcoin accounts and then transferring funds that way. These are peer-to-peer transactions and, thus, untraceable.

 

To learn more about Topeka Center for Rehabilitation and Nursing and all of the services they offer, visit https://centershealthcare.com/topeka_center/.