In 2023 alone, seniors in the United States fell victim to scams and lost $3.4 billion according to the Federal Bureau of Investigation. The average victim lost about $33,000. For some, this can be their entire savings or result in an emptied retirement fund.The elderly are often the target of these scams specifically because of their age. Perpetrators behind these schemes know that the older a person is, the more money they likely have in savings or retirement funds, as well as a mortgage-free home. The perceived frailty of older persons also makes them an easier target, as well as their tendency to be more trusting.
Scams are often orchestrated by nameless, faceless individuals behind a telephone or computer. However, it is important to recognize that scammers can also take the form of family members or people closest to the elder. Either way, it is a form of elder abuse and frequently results in breaking laws and violating the elder person’s vulnerability.
Scams come in many shapes – almost too many to list. But some of the more common schemes utilize entities or organizations that seniors are likely to have some relationship with, such as Medicare, Social Security, the lottery, the IRS and insurance. They often use email, phone and computer viruses to reach the elder and sell them on a fake proposition.
Here are some tips for preventing a scam:
- Never act swiftly to a request for action. Most scams rely on instilling fear and a sense of urgency to get the target to act immediately. Always take the time to evaluate the situation and ask whether the request seems reasonable and without cost. Ask for a callback number and specific reference number for the call for future reference. Scammers likely won’t be able to provide this information.
- Be suspicious of fake or unfamiliar caller ID’s. Scammers often use computer software to create ID’s that look legitimate or from known organizations like IRS or Medicare for example. The best protection is to avoid answering callers that call uninitiated.
- Avoid odd payment type requests. Police don’t accept gift cards for bail and the US lottery does not require credit card payment to access winnings. Seniors should always evaluate the payment type request as a way to discern a scam. Wire transfer, money order, cryptocurrency, payment app, or gift cards are not typical payment types and should be an immediate red flag.
- Never confirm or provide personal information. Con artists try to get personal information or identification such as a social security number, credit card or bank account numbers or PINs. Tr to stick to a golden rule of never providing personal information over the phone.
- Avoid suspicious emails and links. If an email in your inbox looks unfamiliar or has a strange name or address, don’t open it. Also avoid links that come to you from unfamiliar or unusual sources such as emails, social media messages or texts.
- Call the Hotline. If you’ve been a victim of a scam or suspect a call or email is a scam, call the The Florida Abuse Hotline which accepts reports 24 hours a day and 7 days a week of known or suspected abuse, neglect, or exploitation of a vulnerable adult. Call 1 (800) 962-2873.