Scammers are growing in sophistication, and many have set their sights on the elderly as an age group that’s quick to trust and are often simply too polite to ask questions. Many elder fraud schemes are made to appear very authentic and may mimic the look and feel of truly legitimate companies. According to the FBI the elderly population has racked up $3 billion+ in losses annually. Here are some of the most popular scams and ways to spot to them.
The Romance Scam – Criminals will play upon the emotions of a senior citizen who is seeking companionship on a dating site or via social media.
Tech Support Scam – A “technology support representative” may call and offer to fix non-existent computer issues in order to gain access to sensitive information via a computer or tablet or phone.
Grandparent Scam – This is a particularly insidious type of elder fraud as criminals will pose as a child or grandchild claiming they are in serious financial need.
Government Impersonation Scam – A senior citizen may be contacted by a so-called government employee who threatens them with arrest or prosecution if they don’t make an immediate payment.
Sweepstakes/Lottery Scam – We all want to win the lottery so it’s easy for criminals to gain the trust of an elderly person by telling them they’ve one a foreign lottery or sweepstake. The kicker is they have to pay a “fee” to receive their winnings.
The list goes on and on unfortunately, so let’s focus on some ways to protect yourself or a loved one from elder fraud.
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- Communicate with your elderly family member. Make them aware of the potential for fraud and to never give personal information to someone they’re uncertain about. Especially their Social Security Number, financial account information, passwords, etc.
- Resist the urge to act immediately – Scammers will create a sense of urgency trying to lure you into immediate action.
- Be careful what you download from emails. This is an easy way for criminals to hack your system by insisting you need to open an email attachment. Don’t do it if you’re not 100% certain who the sender is. Even if it appears to come from a friend or loved one, ask them first if the attachment is legit before you open it.
- Be alert to any changes in your financial accounts. It pays to monitor your checking, savings and credit card accounts routinely and report any questionable activity immediately.
- Never be afraid to say no. If something sounds too good, or too strange, or too insistent, hang up the phone or delete the email.
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A great way to know what scams are currently circulating is to visit the Federal Trade Commision. The website offers helpful information on identifying, reporting and avoiding scams and fraudulent schemes. If you think you or someone you know has been a victim of fraud, report it to the FBI’s Internet Crime Complaint Center. Stay safe out there!
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