Older adults are more at risk for financial exploitation due to having a steady income, retirement savings, and accumulated wealth. Other risks are mental and physical changes that naturally happen as we age, making older adults a prime target for fraud and scams.
There are many types of scams that are used to try to gain money or information from the victim. We will go into detail about a few common ones.
Romance
Scammers will connect with their victims through social media, dating apps, websites, text messages, email or even in person. They spend weeks, sometimes months, building up trust being overly affectionate, but insisting that the relationship is kept secret. With online romance scams, the suiter will often give excuses as to why they cannot meet in person, living outside the county, or in the military are common explanations.
Tech Support
A pop-up window will appear on your computer screen. It may look like an error message from your operating system or antivirus software advising you to contact the number on the screen. Criminals will pose as technology support representatives and offer to fix the non-existent computer issues. The scammers will then gain access to victims’ devices and sensitive information. The scammer’s goal is to get your information, so they will ask you to confirm your username, password, social security number, and/or financial information.
Government Agency Imposters
Like the tech support scams, criminals pose as someone from the Social Security Administration, IRS, Medicare, and other government agencies in an attempt to obtain personal information or money.
Regardless of the type of scam, they all work the same way. Here are some basic signs to look out for.
- Fraudsters try to gain trust by impersonating a business or organization, or a known contact
- Fraudsters will either say there is an issue with an account, an emergency, or say you have won a prize
- There is urgency, fraudsters will pressure the victim to act immediately
- Fraudsters will ask you to pay via gift cards, cryptocurrency, wire transfer, or cash app
- There are often threats and demands to keep the interaction secret
Want to protect yourself or a loved one from falling victim to a scam?
- Check out these additional resources: How To Avoid a Scam | Consumer Advice (ftc.gov)
- Add a trusted contact to your account. Interested in doing this, contact our compliance & security department at ext. 113.
