Scams that target elderly people are far more common than you might expect. Thousands of seniors fall victim to financial fraud, government impersonation, romance scams, and tech support scams each year. Age-related changes, such as memory problems, and social factors, such as loneliness, may make seniors more vulnerable to these crimes. Older adults are also less likely to report fraud, and online criminals often go unpunished for financial scams, identity theft, and other cybercrime against the elderly. By implementing some cybersecurity and protective measures, you can help your loved one avoid becoming a victim of fraud.
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Common financial scams targeting the elderly
Financial crimes against seniors are a type of elder abuse. They accounted for more than $3.4 billion in losses in 2023, an increase of more than 10% from the previous year. In fact, as cybercrime has become more common, the Federal Bureau of Investigation (FBI) has made it a priority to protect seniors from scams.
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Tech support impersonation
The most common type of elder fraud, tech support scams, affected more than 18,000 seniors in 2023.Tech support scammers call seniors and impersonate an IT specialist from a recognizable company, stating that they are calling to help with a complex issue. The scammer attempts to persuade the person to transfer funds as payment for their services, generally in the form of gift cards, cryptocurrency, or other methods that are difficult to track or reverse.
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Medical identity theft
Health insurance representatives and medical staff commonly ask for private information, such as a social security number, medical records, or medical account numbers. This may make it difficult to differentiate between a legitimate call and a scam. A scammer posing as an insurance or Medicare representative may ask for private information, convince your loved one they’ve missed a payment, or suggest that their information needs to be updated.
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Fake investments
Investment scams targeting the elderly have become more prevalent in recent years. Scammers claim there is a huge potential return for people who invest in an online account, which is often a fake cryptocurrency. In some cases, investment scammers spend months building trust with seniors to convince them to invest. This type of methodical investment fraud is often referred to as “pig butchering” and resulted in billions of dollars of losses in 2023.
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Romance and confidence scams
While people of all ages are at risk, seniors disproportionately fall victim to romance scams. In fact, in 2022, seniors lost nearly $240 million to romance scams. In this type of scheme, scammers will develop trust and confidence with an elderly person. Eventually, the cybercriminal will profess their love and ask the senior for money, often in the form of cryptocurrency, gift cards, or wire transfers.
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Unsolicited caller
A call from an unfamiliar number is a red flag, especially if the caller asks for personal information. Callers may claim your loved one has won a prize, owes money to a government agency, or must confirm sensitive information. In many cases, these calls are automated messages with alerts of missed or late account payments. These callers may even use fake local numbers to convince seniors to pick up the phone.
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How to protect the elderly from scams
While it’s not possible to anticipate every scam targeting the elderly, there are some common-sense steps you and your loved ones can take to protect yourselves.
Identify suspicious emails and links
Phishing emails are commonplace and are designed to look like they are from a legitimate source, such as a bank or government organization. Look for misspellings or logos that aren’t quite right. These emails may claim your loved one won a prize, offer to fix a computer bug, request money on behalf of a relative, or have other unexpected requests. If the email address or phone number looks suspicious or is for a service that your loved one didn’t ask for, it’s likely a scam.
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Use identity theft protection
Identity theft protection services can save your loved one from online scams in multiple ways. Many identity theft protection companies offer plans that reduce the customer’s risk of being targeted, continuously monitor credit reports, and help resolve identity theft crimes. Identity theft protection services can be installed on a cell phone, laptop, or tablet. These protection plans typically charge a monthly fee.
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Use a password manager
Saving passwords in “keychains,” or digital password savers, makes it easier for your loved one to log in to their online accounts and can protect them from cybercrime. Passwords that are stored in secure digital “vaults” are less likely to be stolen than passwords stored in unsecured online spaces (such as an email or spreadsheet) or on paper.
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Work with established companies
It’s a good idea to help your elderly loved one research a company before they engage in conversation or monetary exchange with an unknown person or company. Check with the Better Business Bureau (BBB) to see whether a company asking for personal information, such as social security numbers, banking information, or insurance policies, is established and trustworthy. You should also confirm that the person your loved one is speaking with is actually a representative of the company they claim to be from.
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Beware of prizes
Although it may excite your loved one to get a pop-up message saying they’ve won a free car or vacation, messages such as these are almost always scams. Don’t accept prizes from sources that ask for personal information or a credit card. If pop-ups are frequently occurring on your loved one’s computer, check the computer’s privacy settings, run a malware scan, and disable pop-ups.
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What to do if your elderly parent is being scammed
As a caregiver, it’s crucial to help protect them from exploitation. Recovering money after a senior relative falls prey to a scam can be difficult and even impossible. It’s important to take the following steps to reduce financial loss as quickly as possible:
- Contact their bank. Immediately let the bank know about fraud in your loved one’s account. This can help to minimize damage and prevent further fraud.
- Lock their credit card and get a new one. Block the card where your loved one’s private information was compromised. This way, scammers can’t continue to use the details.
- Record perpetrator and incident information. Note the name of the person or company that committed the fraud, the location of the charge, and any other available details. Doing so will speed up the process of filing a claim.
- Change passwords. If your senior relative provided password information to the scammer, help them change their passwords and enable two-factor authentication.
- Report fraud. Report fraud to the FBI or the Federal Trade Commission (FTC) in a timely manner to get compromised finances in order as quickly as possible.
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Where to report elderly financial abuse
If you discover that your loved one has been scammed, one of the first things you should do is report the crime. Luckily, many government agencies have hotlines and elder scam reporting systems.
What resources can help elderly victims of scams?
- The FBI’s Internet Crime Complaint Center (IC3) is a good place to start for cybercrime reporting.
- The FTC’s Report Fraud platform is another great portal for reporting incidents and discovering how your loved one can protect themself.
- The National Elder Fraud Hotline specializes in elder fraud and is a good place to gather information about the incident and further understand next steps.
Related: The Most (& Least) Expensive States for Long-Term Care & Senior Living
Related: 10 Signs Your Elderly Parent Needs Help
This article originally appeared on Aplaceformom.com and was syndicated by MediaFeed.org
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