It is a known fact that today’s scammers operate at the highest level of sophistication. Technology is at an all-time high – in terms of advancements. The schemes that are created by scammers are also considered to be highly sophisticated and advanced. It is necessary that we all practice caution in what we say, what we do, where we give up our money, and the information that we share. The elderly are in the highest risk group for being targeted by scammers. In this guide, we will expound on the most common scams targeted the elderly population today.
Who Do Scammers Target the Most?
It is a known fact that scammers will target certain segments of the population. While they may scam anyone, they especially target individuals in older age groups. The following outlines who scammers are known to target the most:
- Those that are in their seventies or are older.
- Individuals that live alone.
- People who have recently lost their spouse or have become disabled.
- People who now have taken on new financial responsibilities.
- Those who do not have a lot of savings and are concerned about that.
- People who worry about the ability to pay their debts and/or remain in their own home.
- Those who have the capability of conducting their own affairs and do not depend on others for assistance.
What Types of Scams Impact Older Populations?
The following outlines the most common scams that directly impact older populations:
- Friendship/Relationship Scams – This type of scam occurs when a scammer lures a victim into a friendship or a relationship that is considered to be bogus. Once the con is in full swing, the scammer will rob the victim of their money. In most instances, older adults who have done through a major life event – such as a death of a spouse – fall victim to these types of scams. The scammer will befriend the victim by connecting through mutual interests and/or mutual friends. Once the connection is made, the scammer exploits the victim’s trust. Contact is typically made through social media platforms, dating sites, and messaging apps.
- Investment Scams – Older adults strive for financial security and want to leave a nest egg for their kids and their grandchildren. In investment scams, scammer will target seniors with fake investment opportunities and/or fake annuities. In terms of money making, the only person that usually makes any money is the scammer. If an opportunity sounds too good to be true, it probably is.
- Telemarketing Scams – Many scammers perform telemarketing scams where they try to sell something, they want to steal a victim’s money or they want to obtain personal information. It has been estimated that Robocalls cost people about $40 billion dollars each year. The elderly should be encouraged to hang up and not answer unwanted phone calls and to register their phone number with the Do Not Call Registry. At donotcall.gov. In some instances, the scammer who makes the call may pretend to be a friend, neighbor, or a family member.
- Sweepstakes Scams – There are many scammers that specialize in sweepstakes scams. They use this level of excitement in order to get the victim to make a poor decision. The victim will get a phone call, an email, or a letter stating that they have won some type of lottery or sweepstakes and that they have made it to the finalist stage. Then, they will ask the victim to make a down payment or pay a fee in order to get the prize money. The main strategy they use to get money is to tell the victim that they have to prepay the tax amount on the money that they have won. If you do not remember entering the sweepstakes and/or lottery and it sounds too good to be true, it probably is – never send any money to someone who claims you have won a prize.
- Technical Support Scams – These types of scams are some of the oldest, yet most common. Victims are contacted through a phone call, an email, or a pop-up message on a home pc. The message will claim that a problem has occurred with their computer and they are able to resolve it by being provided with remote access. Once access is granted to the supposed “technician”, they may gain access to any information that is stored on it or any network in which the PC is connected. Malware may be installed in order to bypass password-protected files. The elderly are most at risk to these scams because they simply do not understand the dynamics of true technical support. They should be instructed to never click on any links or give money to someone who claims they can fix their issue. Additionally, older populations should be instructed how to update their computer and update their computer’s security software.
- Cryptocurrency Scams – Cryptocurrency is the newest type of digital currency that is used to pay for various types of purchases and/or to make investments. Scammers have recently started taking advantage of many people because cryptocurrency is not at all easy to understand. Additionally, these transactions are often irreversible and are not easy to track. Cryptocurrency does not have a lot of legal-based protections and if someone is scammed, there is likely no legal recourse that can be taken. Older adults must research investments and seek professional assistance if they want to avoid being scammed. They should also be told that cryptocurrency does not result in immediate riches.
- Home Repair Scams – It is a known fact among scammers that homes require regular maintenance and repairs as they age. There are scammers out there that will knock on the doors of the elderly and will offer to do something simple around your home- examples include cleaning out the gutters. Once they complete that work, they will claim that they have identified other types of problems with the home that must be immediately repaired. The elderly should be instructed to only work with contractors that are licensed and insured, that they should never pay upfront, and they should not fall for the gambit of an individual offering to do one job but then stating other jobs need done.
- Healthcare Scams – All of us – especially those that are older – want to remain healthy and safe. There are scammers out there that are attempting to exploit fears that relate to health in order to get money and personal information. If a victim is contacted about free prescriptions, miracle cures, medical bill relief, it may be a scam. Victims should only get medical advice and associated products from their primary care physician and avoid products and services that appear to be too good to be true.
- Grandparent Scams – These scams take advantage of the elderly. Scammers will pretend to be someone in your family and acting as if they are in trouble and need money – immediately. They do this by scouring the internet and social media websites. When they have enough information to pull off the scam, they will make a call to the victim. They will then request money that will help them get out of a crisis. They may use artificial intelligence in order to create a voice recording that actually sounds like the loved one being replicated. They will request money to be wired, or money loaded onto different types of gift cards. Before sending money to anyone, you should verify the person’s identity, even if you are asked not to do that.
- Imposter Scams – Scammers will often pretend to be someone who carries a level of authority – such as law enforcement, a government agency, or a bank. They may act as if they want to give you a government grant and/or they may be threatening you with legal consequences or fees. Victims must be instructed to never rely on caller ID in order to determine if a call is trustworthy. If a call is received from a so-called “authority”, the victim should be instructed to hang up and call that authority directly to validate the original call. If they are being threatened, they should know that the call is a scam. The victim should be told to never give money to a so-called authority figure if they call. They should not give money through wire transfers, cryptocurrency, or gift cards.
Other Types of Scams
There are other types of scams that may occur. Examples include charity scams, phishing scams, and affinity scams. If you have an older loved one, it is important to share this information with them so that they do not become the next victim and they should be told to consult with you or an authority to determine if they are close to becoming a victim of a scam.
Contact Us Today
We here at Somerville Bank offer many services and applications to our clients that will keep them safe from scammers. We also offer identity protection services. Contact us today and ensure the safety of your older loved ones for all of their tomorrows, Click the following location to find a branch near you: https://somervillebank.net/locations/
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