Why Seniors are commonly targeted for scams and how to prevent them.
Josh’s Story
Josh, a jolly and on-the-ball great-grandfather of two didn’t take the time to let anyone know where he was heading. The caller from the Social Security administration office had provided him with clear instructions as to where the balance he owed for taxes unaccounted for in 2021.
He was no fool, and quickly searched for the number the call had come from, confirming that it was indeed a government agency and not a jokester. Next, he headed for the local checks cashing to wire the money over before returning home to walk his dog. It was a significant sum, but everybody knew that no amount of money was worth messing with the IRS. It was only in a casual conversation with his son two weeks later that Josh realized he’d been duped.
Government imposters. Sweepstakes and lotteries. Robocalls and computer tech support are just some of the scams targeting seniors.
While many fraud scams of 2024 involve software downloads and remote entry to technological devices, the senior community is still hugely targeted by old fashioned phone scams.
Why Seniors?
According to the 2023 Annual Scam report, the 60+ aged population was the age group with the highest number of scamming incidents and the greatest financial losses, totaling $3.4 Billion dollars from 101,068 reported attempts.
Reasons Seniors are Targeted
Cash Flow: Scammers believe that seniors have plenty of money available for grabbing, even though this is not necessarily true for the typical older American.
Social Isolation: Many elderly adults live alone or are somewhat isolated from their friends and family, making them more susceptible to friendly calls or messages and less aware of current scamming trends.
Respect for Authority: Older individuals often have increased respect for authority figures, making them more likely to believe and act on demands from supposed government officials or financial institutions.
Slow Technology Adoption: Seniors are not as tech-savvy, making them more likely to click on malicious pop-up browser windows or grant remote access to scammers.
Grandparent Scams: A popular scam involves impersonating a grandchild to obtain urgent financial assistance or a recorded “yes” for fraudulent purposes.
Protecting Aging Loved Ones from Fraud
Helping elderly family members avoid scams target while maintaining their dignity requires sensitivity and balance. Here are fundamental tips for protecting your aging loved ones:
- 1. Financial Account Updates Alerts
Monitor financial activity for red flags like sudden subscriptions to investor newsletters or large fund transfers. - 2. Awareness
Educating elderly parents about scamming trends in a non-confrontational manner. Discuss fraud happenings in the news and share prevention steps.- a. Never reply to requests for personal information by phone, email, or text from unknown sources.
- b. Always consult a family member or trusted friend when unsure or nervous about a caller’s demands.
- c. Verify the legitimacy of a caller by hanging up and calling the official number of the institution.
- d. Avoid relaying personal information unless they have initiated contact.
- e. Resist time constraint pressure when making financial decisions.
- 3. Maintaining Social Connections
Encourage an active social life through family or neighborhood check -ins, this will help ensure that an ill-intended friendly call is not a reason for celebration, and that seniors have a listening ear available when faced with an urgent situation and are unsure about how to proceed.
Reporting Fraud
Even with preventative measures, scams can still occur. If it’s still too late to prevent the fraud, report the incident to the following agencies to help protect others:
- ➨ BBB Scam Tracker (Better Business Bureau®)
Senior Planning Services wishes you and your loved ones a safe and scam-free summer!