Protecting Our Elderly: A Guide to Senior Scams and Financial Abuse

/S

As we age, we become more vulnerable to scams and fraudulent schemes. According to the National Elder Fraud Hotline, seniors over the age of 60 are more likely to be targeted by scammers and tend to lose more money as a result. Whether it's a knock on the door from a con artist or an elaborate online scheme to steal your identity, scammers are constantly finding new ways to prey on senior citizens. In this article, we will explore several common scams that are often targeted at seniors, including phishing phone calls, door-to-door salesmen, and illegal credit card scams. It's important to stay informed and vigilant to protect yourself and your loved ones from these insidious threats. their independence.

In this series of articles you will learn:

• Statistics on the number of seniors scammed and the impact on them financially

• Why seniors are most vulnerable to a scam artist

• Common characteristics of scams

• The most common ways scams/financial abuse occurs with seniors

• Examples of the most common scams targeting seniors and how to recognize them

• What they say and what you should do

According to the FBI in 2021:

• 92,371 seniors were victims of financial fraud resulting in $1.7 billion dollars in losses and those are just the ones reported.

• One in ten people in the U.S. will fall victim to a scam or fraud each year. 58% of scammers are using old fashion techniques (phone calls & postal scams).

• These are real statistics showing the impact senior fraud can have on our largest generation living in the U.S. The best way to avoid these scams is to be informed

Why scammers target Seniors

The FBI reports seniors are the perfect target for scammers

• Scammers think seniors have money

  • Con artists assume seniors have a stash of retirement savings

  • They know seniors have social security and/or a pension, as well as other assets.

• Scammers assume they are more vulnerable

  • Declines in physical & mental health can make older adults more susceptible to financial exploitation.

• Scammers know they are more trusting

  • They were raised to be polite and respectful. Per the FBI con artist know older adults are less likely to hang up when they call or say no to their request.

• Scammers know they are less likely to report the crime

  • According to the FBI, scammers expect their victims’ age to make make it difficult for them to remember the details

  • They may not realize they’ve been scammed

  • May be embarrassed or think they will be judged incompetent by friends and family and lose their independence.

Common Scam Characteristics

Every scam has a few standout characteristics in common

• Tries to gain trust

• Emotional

• Ask for action

• Unexpected contact

• Ask for personal information

• Promises something

• Wire transfer or gift card request

Ways Financial/Scams occur

• Through the Mail

• On the Computer

• On the Phone

• On TV and Radio

• Email

• In Person

Protecting our elderly from scams and financial abuse is crucial as they become more vulnerable. According to the National Elder Fraud Hotline, seniors over 60 are more likely to be targeted by scammers and tend to lose more money. It's important to stay informed and vigilant to protect yourself and your loved ones from these insidious threats. You learned about the statistics and impact of senior fraud, why scammers target seniors, the typical characteristics of scams, and how scams occur with seniors. With this information, you can better protect yourself and your loved ones from these threats and maintain their independence. Scams can come in many forms, including through the mail, on the computer, on the phone, on TV and radio, by email, and in person. They often involve a sense of urgency or a promise of easy money and ask the recipient to provide personal information or send money. To protect yourself from scams, it's important to be aware of the different ways they can occur and always to be cautious of any offer that seems too good to be true. In the following article, we will discuss one of the most common scams, mail scams, how to recognize them, and ways to avoid them. It is important to be vigilant when receiving mail and never give out personal information or money without verifying the sender's identity and doing your research. Be aware that scammers may use official-looking logos and language to make the scam appear legitimate. Be cautious of unsolicited mail, and never give in to high-pressure tactics. Remember, if something sounds too good to be true, it probably is.