Scammers know that many seniors have retirement funds available to them that in some instances have been given as lump sum. Thus, seniors become the gold standard as a potential target for scams.
Here are some tips that can help you learn how to avoid scams.
1. Be cautious of companies that directly contact you. Very few financial companies reach out to you themselves, without you having contacted them first. If you get such an unprompted initial contact, then chances are that the company in question is not one that can be trusted.
2. Do your research. Be aware of what you’re stepping into. Do not reach a final conclusion until you have researched the organization and are sure of their legitimacy. There are many resources that help individuals find about the service that a financial company is providing, and how their customers have reviewed them. Do not fall for company that has no online presence, because the writing is clearly on the wall with them. Whether you are buying or selling a timeshare, only do business with trusted companies. Go looking around for referrals from friends and family and see if anyone of them has ever had such a transaction before. Make your decision on facts, rather than intuition.
3. Don’ be fooled by promises. The biggest giveaway of a scammer is that they give outlandish promises to try and cash on greed. Any company representative talking about high returns and good sale prices during the first call is not to be trusted. Many a time, buyers are given unbelievably low buying rates and sellers given unbelievable high selling rates. The opportunity to save some or gain some bucks pulls these buyers into the scam. Review the information given to you and see if the returns are possible. If their offers and bargains sound too good to be true, then they most likely are.
4. Caution when upfront fees are requested. No respectable company would ask for upfront fees to either sell your timeshare property or buy you one. Upfront payments should come across as a warning sign. No company selling your property or buying you one would ask for hundreds or thousands of dollars upfront, before the sale or purchase has even materialized. Be aware of their shrewdness and don’t fall for it. Never give any private information such as account passwords, social security number, date of birth, credit card information and bank information. Legitimate financial companies would never ask you for your financial information over a call. Asking for such information over the phone can be an infringement of your privacy.
5. Stay clear from emotional tactics. Scammer may try to draw you in through emotional means. They will resort to using emotional tactics and call to actions involving guilt. Don’t let yourself fall over for these emotional tactics and try to remain steadfast on what you consider as best for yourself. If you feel that you’re being emotionally manipulated in one way or the other, then back out of the process at the earliest. Don’t let the sale linger on, if you feel that way.
For additional information, please contact Lonestar Transfer at (972) 722-3166 or visit their website at www.lonestartransfer.com.