The Office for Older Americans released an advisory on a financial scam targeting older consumers. This asset recovery scam targets older consumers who have previously fallen prey to fraudulent money-making schemes, such as bogus timeshare investments and in-home business opportunities. The so-called asset recovery companies contact these past victims, promising to get refunds for the older consumer for an upfront fee of several hundred to thousands of dollars. They then fail to deliver — leaving the older consumer financially worse off than before
Read the advisory here.