September 2024

HOW TO AVOID SCAMS THAT TARGET SENIORS

Every year, thieves target individuals to get access to their personal information and money, and they tend to zero in on older people. Victims of elder fraud lose billions annually, and sadly sometimes the people closest to them such as caregivers and even family members are the ones behind it. 

Common senior scams include:

• AI-powered scams.
• Funeral scams.
• Tech support scams.
• Government imposter scams.
• Grandparent scams.
• Internet scams.
• Investment scams.
• Check fraud.
• Reverse mortgage scams.
• Caregiver scams.
• Sweepstakes scams.

AI-Powered Scams use advanced technology like artificial intelligence to write emails pretending to be someone or a company. They use tools to analyze patterns from a target’s online footprint and create a message that sounds real. They may also generate realistic-sounding voices making it easier to trick individuals into giving out their personal information. 

Funeral Scams Obituaries are used by scammers to contact relatives and claim they are owed money by the deceased. Thieves go as far as to attend funerals to get information about family members before contacting you to pay the "debt." Be advised to always ask for written documentation from anyone requesting money or claiming you owe them something.

Tech Support Scams you may be contacted by someone pretending to be a customer service rep warning you of viruses and malware. They then may want to "help you fix your device," creating an opportunity to gain access to your personal files.

Government Imposter Scams Scam artists may call claiming they are from the IRS, Social Security or Medicare insisting you have unpaid debts and must pay them off in the form of gift cards. The IRS and SSA will never initiate contact through phone calls.

Grandparent Scams In some instances, people pretend to be the grandchild of the person who answers the phone and claim they are in some type of trouble and need money, in the form of gift cards. The information used may be gathered from social media and obituaries.

Internet Scams Sharing information online leaves you susceptible to being an online target, your personal information can be used to gain your trust therein getting you to share more information. Never click links asking you to share details about your identity or make a payment, just delete it.

Investment Scams Before investing in anything, always be sure to consult a financial advisor. In some scamming cases, the perpetrator claims to be an investor, real estate agent, wealth manager etc. claim to have exciting new opportunities, that you will never see a return on. 

Check Fraud Thieves might steal a check from your mailbox or mail carrier. They could change the amount of the check and make it payable to someone else. Or they may take a digital picture of the check and alter it so they can make more deposits or develop other checks from the picture.

Reverse Mortgage Scams Homeowners beware! Thieves may try to contact you claiming you can access some of the equity in your residence with a reverse mortgage. They may make offers to appraise your home for a cost or ask you to sign up with inaccurate loan documents. Be sure to contact a reputable lender or advisor near you if a reverse mortgage is something you are interested in.

Caregiver Scams Unfortunately, even close relatives and caregivers can be culprits of stealing from you. While in your home they can gather information to access your account and take money from you. Always research and or vet health care aids and caregivers before you allow them in your space. 

​Sweepstakes Scams You could potentially be contacted claiming you have won something, like the lottery or a contest. They can present you with a fake check, which looks real but leaves you with fees or taxes to pay. Always look into anyone trying to give you something for nothing.