Timeshare Exit Scams: Protect Your Savings
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Timeshare exit scams are on the rise, particularly targeting seniors looking to offload their vacation shares. Scammers exploit the high upfront costs and ongoing fees associated with timeshares, promising quick sales or rentals for large sums of money, often draining retirement savings. The scams typically begin with a cold call, email, or text from fake buyers or firms, using stolen personal information to build trust. Victims are then asked to pay upfront fees for taxes, escrow, or legal fees, which are often fictional. Older adults are particularly vulnerable due to emotional pressure and the allure of high offers. To protect yourself, be wary of unsolicited pitches, wire requests to unknown accounts, and recently created companies. Always verify with the Better Business Bureau, state registries, and your timeshare resort directly. If youre a victim, report the scam to the FBI, FTC, or Internet Crime Complaint Center immediately.
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