Financial scams aimed at aging adults are common and costly. The FBI estimates that aging adults lose more than $3 billion to scammers each year. Scammers target the elderly because they assume this group has a large quantity of money in their accounts.
Financial scams are generally undetected or difficult to prosecute, hence they are classified as a “low-risk” crime. They are, however, devastating to many older folks, leaving them in a vulnerable situation with little time to recover their losses.
Continue reading to learn about the most prevalent forms of scams targeting seniors.
The Family Scam
The family scam is simple and effective because it exploits one of the most trustworthy attributes of older adults: their hearts. Scammers will call an aging adult and say something along the lines of, “Hi Grandpa, do you recognize who I am?” When the gullible grandma correctly identifies the name of the grandson closest to the scammer, the fraudster has created a phony identity without doing any background checks. Once “in,” the counterfeit grandchild will urge the grandmother not to tell anybody about any unexpected financial difficulties (such as delayed rent, vehicle repairs, or a jail bail).
Computer Tech Support Scams
Computer technical support scams play on aging adults’ lack of technology and cybersecurity understanding. On a computer or phone, a pop-up message or a blank screen will generally appear, telling you that your device has been hacked and must be fixed. When you call the support number for help, the scammer may want remote access to your computer and/or a fee to have it repaired.
Senior Financial Abuse
Senior financial abuse, unlike many other frauds, is perpetrated by someone an aging adult knows. This person might be a family member, a friend, a power of attorney, or a caregiver. These trusted individuals attempt to seize a senior’s money, assets, and credit. They may also withhold necessary care in order to maintain control over the individual and their possessions. Aging adults with disabilities or cognitive impairment (such as dementia) may be more vulnerable.
Con artists see an opportunity to locate their next victim as more individuals utilize the Internet for dating. Romance fraudsters build complex bogus accounts, frequently on social media, and take advantage of older citizens’ loneliness to get money. In other circumstances, romance fraudsters may be (or claim to be) overseas and ask for money to pay for visas, medical issues, and travel fees to come to the United States. Romance fraudsters can acquire a lot of money from an aging adult since they might drag on for a long time.
Lead a Comfortable Lifestyle at TerraBella Salisbury
Choose TerraBella Salisbury, the same retirement community that residents and families have relied on for unequaled care, incredible value, and exceptional living quality for over 20 years.
Just minutes from historic downtown Salisbury, our neighborhood and surrounding region provide residents first-rate entertainment and healthcare specialists, as well as a range of modern amenities that make life easier and more joyful.
If you are interested, please contact us as soon as possible to schedule a complimentary neighborhood tour.