Senior-Centered COVID-19 Scam Warning Issued by AAG and BBB

May 1, 2020

Savvy Seniors Program Adjusts to Pandemic with Digital COVID-19 Scam Prevention Material

ORANGE, Calif. (May, 1, 2020) – Financial criminals have seized an opportunity created by the COVID-19 pandemic to target and exploit older Americans. To combat this this ever- growing threat, American Advisors Group (AAG) and Better Business Bureau Serving the Pacific Southwest (BBB) have launched the COVID-19 Senior Scams campaign as part of their Savvy Seniors Program partnership. The campaign features a series of educational lessons that teach seniors how to spot and stay vigilant against COVID-19 related fraud.

“Seniors remain one of the most sought-after targets by scammers and this pandemic has created a batch of new schemes,” said AAG Chief Marketing Officer Martin Lenoir. “With our entire customer base comprised of older Americans, we felt it was important to provide these specific courses during these confusing and uncertain times.”

To adjust to the current state of affairs, the Savvy Seniors team quickly shifted from its traditional function of hosting in-person seminars to creating free, digital material with easy-to-read messaging for the senior demographic. Savvy Seniors’ digital lessons will be displayed on both the AAG and BBB website’s, and will be distributed via social media and email newsletters to seniors across the nation.

COVID-19 scam lessons were based on types of scams that were identified by the BBB as being threats to seniors and include resources for seniors who feel they have been victimized. The five COVID-19 lessons cover the following types of scams:

1. Coronavirus Related Email Scams

2. Government Relief Check Scams

3. Fake Coronavirus Product and Cure Scams

4. Charitable Giving and Crowdfunding Scams

5. Price Gouging and Advertising Scams

“Scammers prey on headlines to take advantage of vulnerable individuals,” said Michael Sedio, VP and General Counsel at the Better Business Bureau. “At this time, seniors are even more susceptible to scam tactics relating to COVID-19, including phishing attempts, misinformation, and potentially harmful false product claims.”

For Immediate Help

If a family member suspects that their loved one has been involved in a scam, they are encouraged to contact the U.S. Senate Special Committee on Aging’s Fraud Hotline.

About Savvy Seniors:

Savvy Seniors is an annual senior-focused fraud prevention program that hosts sessions across Southern California and Arizona aimed at coaching active seniors on how to recognize targeted fraud such as grandparent, Medicare, power-of-attorney and will email scams. With stay-at- home orders in place, the Savvy Seniors team will be releasing digital scam warnings to keep seniors in the know from the safety of their homes. For more information, seniors can go to:

https://www.bbb.org/pacific-southwest/savvy-seniors/

About AAG

AAG is dedicated to helping older Americans find new ways to fund a better retirement through the responsible use of home equity. As the nation’s leader in reverse mortgage lending, AAG offers a suite of home equity solutions — including Home Equity Conversion Mortgages, traditional and proprietary mortgages, and real estate services — that are designed to give seniors a better financial outcome in retirement. AAG is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). To learn more about AAG and reverse mortgage loans, please visit the company’s website at www.aag.com.

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American Advisors Group, NMLS ID: 9392, 3800 W. Chapman Avenue, 3rd & 7th Floor, Orange, CA 92868


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