Scammers prey on older adults because they are often better off financially, own their own homes and have a good credit rating. Those qualities make them very attractive to scammers looking to take advantage of them.
The FBI reports that elder fraud, scams targeting individuals 60 and older caused over $3.4 billion in losses in 2023—an increase of approximately 11% from the previous year. The average victim of elder fraud lost $33,915.
And the numbers may be even higher than reported because many seniors don’t report that they have been scammed because they are embarrassed, scam victims should not feel ashamed, scammers use sophisticated tactics to trick people out of their money and personal information.
There are many different types of scams that target older adults, here are some to be aware of.
Artificial Intelligence Scams
Using artificial intelligence scammers call people and use cloned voices to impersonate a friend or family member making it sound like they are in trouble, they request money and often tell the victim to keep the call a secret.
If you receive this type of call, hang up the phone and call your friend or relative directly.
Romance Scams
You meet someone online and they tell you they live in another part of the country or they are in a foreign country for business or a military deployment. They quickly try to develop a relationship with you and suggest you move your relationship to a private channel like email or text.
Over time, you feel yourself growing closer. You make plans to meet in person, but something always comes up that prevents the meeting. Then you get an urgent request, there is some type of emergency (a medical problem or personal or business crisis) and they ask you to send money.
The requests for money can continue until you finally realize you are being scammed.
Be extremely careful meeting someone online and understand that it is a huge red flag if they ask for money. Never send money to someone you meet online.
Tech Support Scams
Someone may call you on the phone, contact you through email or you might get a pop-up message on your computer or phone warning you of a problem. You will be prompted to click a link or call a number to get help. If you fall for the scam, they most often request remote access to your computer to “fix the problem” They may ask for payment and once they have remote access to your computer they will steal your personal and financial information.
Don’t fall for this type of scam, no legitimate company will ever contact you and tell you they have found a problem with your computer or other device and offer to fix it. If you get a pop-up, shut your computer off, if it is a phone call hang up and don’t respond to any email messages or click on links. Never allow anyone remote access to your computer.
Problem With Your Account
Scammers will pretend to be from a legitimate company you do business with like your bank or credit card company. They tell you there is a problem with your account and prompt you to provide personal information so that they can resolve the issue. If you provide this information it leads to financial and identity theft.
Never provide personal or confidential information to someone that calls you or sends you a text or email. If you are concerned call the business directly at a number you know to be true.
Impersonator Scams
You get a call and the scammer poses as a government official from the Social Security Office, IRS or a law enforcement agency. They report a problem with your account and demand payment often threatening you. If you provide this information it leads to identity and financial theft.
No government agency will call and threaten you or demand payment. Hang up the phone immediately, never provide any personal or payment information.
These are just a few examples of common scams that target seniors. Here are some tips to avoid being scammed.
Never provide your credit card, banking information, Social Security number, Medicare number or any other personal information over the phone, by text or by email.
Shred all confidential information before throwing it in the trash.
Sign up for the “Do Not Call” list and remove yourself from mailing lists.
Use direct deposit for checks and payments to prevent mail theft.
Be skeptical of all unsolicited offers. Never hire someone to do a job that shows up at your door or calls you on the phone.
Never respond to threats or demands for payment.
Monitor all of your financial accounts for unusual activity, sign up for text an email alerts so you are notified when account activity takes place.
Freeze your credit with the three major credit bureaus, Experian, Equifax and TransUnion. Review your credit reports often to check for errors.
Sign up for USPS informed delivery so that you know what mail will be delivered to you each day.
Don’t send checks in the mail. If you order checks have them delivered to your bank and pick them up in person.
Block unwanted calls, text messages and emails.
Never open attachments or click on links you are unsure of.
Use a different, secure password for each website and setup multifactor authentication. Change your passwords several times a year.
Be careful what you post online. Keep your private life private.
Final Thoughts
Stay aware of the types of scams that are taking place, if you have been scammed report it to the FBI Internet Crime Complaint Center
and the Federal Trade Commission (FTC)
Notify your bank, credit card company, Social Security and any others that should be aware.
The Tech Minimalist 