Money

At a time that may feel like a bleak confluence of a public health crisis and economic uncertainty – as COVID cases and unemployment rates continue to rise – it is important to know the risks of small-dollar payday and auto-title loans.

Fake investments and medical equipment, phony retirement plans, precious metal scams --these are but a few of the fraudulent schemes the Texas State Securities Board has been grappling with lately, especially in light of the COVID-19 pandemic.

Scammers look to capitalize on the news of the moment, especially if the headlines can instill fear and motivate people to act. The ongoing outbreak of the coronavirus is no exception. While scientists and medical professionals are working overtime to find ways to test for and stem the spread of the virus, the Federal Trade Commission warns that bad actors are working hard to use this as an opportunity to deceive consumers and steal their money or sensitive information.

At AARP, we have been promoting the health and well-being of older Americans for more than 60 years. We are monitoring developments related to Covid-19 and are working feverishly to keep you informed by providing you information and resources to help older people and caregivers protect themselves from the virus and prevent its spread. One of the issues that accompany crisis situations is the issue of price gouging. Unfortunately, Texans are not immune to this type of illegal practice. Texans were told to be on the lookout for scams after Governor Greg Abbott issued a statewide Coronavirus disaster declaration on March 13.

AARP in Houston outlines ways to spot suspicious emails and swindlers on Facebook, among other ways to protect yourself from holiday scams, on its monthly podcast.

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May marks Elder Abuse Prevention Month in Texas. Governor Greg Abbott’s proclamation aims to bring awareness to potential risks for older Texans, in the hopes of inspiring change in Texas.

By Enrique Rangel