Why Seniors Are a Common Target
Financial scams are on the rise in the U.S. and, unfortunately, senior citizens are a prime target due to their financial stability, trusting nature, and possible cognitive decline. These financial scammers are definitely on the prowl trying to take advantage of seniors, so it is crucial to understand the top scams, and what to look out for to ensure your credit union and bank accounts are secure, and your money is safe.
Top Scams Seniors Should Be Aware Of
- Grandparent Scams - Often, scammers will try to pull on the heartstrings of seniors and pose as a grandchild or other family member with an emergency situation to get money. They claim to be a relative who is in distress and sometimes say they have been arrested, need money for bail, or have been injured in an auto accident, asking for immediate payment to be sent to them.
- Medicare Scams - Be aware of tricky cybercriminals who often attempt to impersonate Medicare representatives. These fraudsters will even go as far as to threaten to arrest the victim, impose fines, or even indicate there will be a loss of benefits if a fake bill is not paid immediately or if their personal information is not provided.
- Sweepstakes and Lottery Scams - If you receive notice that you have won a sweepstakes, contest, or lottery and are asked to pay to claim your prize winnings – this is an attempt by scammers to get money from you. Legitimate winnings do not require a payment from you, and this should be reported immediately.
- Tech Support Scams - If you are made aware of a technical problem on your computer and get an offer from a “legitimate tech company” to fix your computer problems, this is often a scammer attempting to gain remote access to your computer to install malware for access to your personal information. Do not give anyone access to your computer or cell phone unless you know and trust them.
Simple Ways Seniors Can Outsmart Scammers
- Pause Before You Act: If you feel pressure to respond or react immediately when contacted, this is a red flag that you are probably dealing with a scammer.
- Never Share Personal Info Over the Phone: Do not share your personal information over the phone with anyone you are not completely familiar with. End the call immediately and verify the validity of the message independently by directly reaching out to the company with contact info from the internet, not from the caller, before proceeding.
- Hang Up or Delete Suspicious Contacts: Do not hesitate to hang up on suspicious callers or delete email that could potentially be from a scammer. Do not feel guilty for protecting yourself, your personal information, accounts, and money. In fact, blocking the phone number or email address from the scammer is highly recommended.
- Use Trusted Tech Protections: There are a variety of trusted tech protections in place today to help avoid scammers. Use caller ID, antivirus software, and password managers to ensure your information is safe and protected from online scammers and predators.
How Families Can Offer Extra Protection
If there is a senior in your life, it is important to inform them about these unscrupulous scammers and teach them how to avoid interacting with them. A little information about fraud prevention goes a long way and can help protect seniors from fraud. Here are some ways you can help seniors avoid scammers.
- Help monitor accounts and set up alerts
- Encourage open conversations about money
- Create a short "checklist" for seniors to review before sending money to anyone
What to Do If a Senior You Know is the Victim of a Scam
- Stay calm and supportive to work through the issue
- Contact their financial institution immediately to report the fraud
- Report to the Federal Trade Commission or local authorities immediately
Helpful Resources for Senior Scam Victims
If you think you or a loved one has been the victim of a senior scam or fraud, do not hesitate to contact the appropriate authorities immediately. In addition to your local police department and financial institution, here is a list of agencies and authorities that can help when you have been targeted by scammers.
- The Federal Trade Commission - Visit the FTC online or call 877-FTC-HELP to contact the federal government where you can report senior fraud and scams.
- AARP Fraud Watch Network - This free resource teaches seniors how to spot scams, get guidance if you are a victim, and helps protect consumers against scammers.
- FBI Internet Crime Complaint Center (IC3) - Contact the FBI’s central intake point for reports of online scams, including elder fraud.
- National Elder Fraud Hotline Report financial scammers or abuse targeting those 60 or over online or call the National Hotline at 833-372-8311 for assistance.
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