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How to avoid timeshare scams: A guide

Fraudsters prey on seniors; here’s how to hold onto your money and credit cards

Extract from full article here :

Why target seniors?

Seniors are one of the most heavily targeted demographics for telemarketing fraud, including timeshare and timeshare resale scams. But why do these scams target those over the age of 65 more heavily than others?

1. Seniors are more likely to have disposable income.

Whether from retirement savings or just a lifetime of building up wealth, seniors are more likely to have the money scammers are seeking.

Seniors also are more likely to have an empty nest, whereas middle-aged families typically have kids and other financial priorities.

2. Seniors are less likely to know how to handle the fraud.

Many scammers depend on the assumption that seniors are the least tech-savvy demographic.

For a long time, seniors were the least likely to know how to file a complaint online with their credit card company, check their financial records online for fraud or do any online research before buying into a company’s promises.

This makes seniors a perfect target for scammers.

3. Seniors are more trusting.

Another stereotype that scammers depend on is that seniors are less skeptical and more trusting.

According to A Consumer Credit, “Because of the technological hesitancy of seniors, and as a matter of integrity, many Americans over the age of 70 are vulnerable to expert psychological and high-pressure sales tactics used by the timeshare industry.”

This leads to more seniors trusting in a scam that others may be skeptical toward.

Read the full article here