Ways to Avoid Being a Victim of Elder Fraud

Safety
older man taking off his glasses looking concerned with what he is seeing on his laptop

Elder fraud is a growing concern in the United States. According to a recent FBI report, in 2023 alone, Americans over the age of 60 reported damages from fraud cases that exceeded $3.4 billion. That’s from over 100,000 elderly individuals falling victim to scams ranging from phishing emails to deceptive door-to-door salespeople, creating the urgency to raise awareness and educate people of all ages on how to prevent these crimes.

Common Scams Targeting Seniors Used in Elder Fraud

Phone Calls, Emails, or Text Messages

Scammers often impersonate government agencies, banks, or well-known companies to deceive seniors into sharing personal information. This could be a fake IRS call warning about unpaid taxes or a phishing email claiming their bank account has been compromised.

Pharmacy or Prescription Drug Fraud

As more people search for cheaper prescription providers online, some concerns come along with it. Beyond the safety concerns that you need to be aware of, there is the potential for scammers to use this subject to lure seniors into opening phishing emails or providing their credit card information.

elderly couple sitting with a credit card and laptop realizing they were scammed

Lottery and Sweepstakes Scams

Seniors may receive calls, texts, or emails claiming they’ve won a lottery or sweepstakes. The catch is that they must pay a fee or provide personal information to claim their “prize.”

Home Repair Scams

Scammers posing as contractors may call or knock on seniors’ doors, offering home repair services at a discounted rate. Not only do they pressure the homeowners into deciding on the spot, but they will also demand cash payment upfront. In many cases, they either perform an incomplete job or never show up at all.

4 Ways to Protect Yourself and Loved Ones from Elder Fraud

Victims of scams often feel embarrassed and may not disclose their situation. However, there may be signs that a family member or loved one has been a recent victim of elder fraud. If you notice a family member becoming withdrawn or observe unusual financial activity, such as unexplained withdrawals or sudden concerns with their financial stability, they may be a victim.

woman helping her mother with a computer

1.      “Verify Before Trust”

Teach seniors to be suspicious of unsolicited calls, emails, and texts. Remind them that legitimate organizations will never ask for sensitive information through these channels. Encourage them to take their time, never respond immediately, and ask a friend or family member for advice if they’re in doubt.

2.      Stay Connected and Informed

There are many benefits to staying connected and checking in with our family. One of the most important things is encouraging conversations about daily responsibilities and decisions and planning how to address them to help ensure their protection.

3.      Use Technology Wisely

Help seniors use technology safely by setting up spam filters on email accounts and enabling multifactor authentication. Educate them about recognizing secure websites and remind them never to click on any questionable links in emails.

4.      Create a Financial Plan

Assist seniors in creating a budget or spending plan, and regularly review financial statements together. Consider giving power of attorney to a trusted family member to oversee, manage, and protect their finances.

If You Think You’ve Been Scammed, Act Quickly

If you suspect elder fraud, act quickly by documenting all relevant details, including emails and texts, and immediately report the incident to your bank or credit card company. Then, reach out to a family member or trusted friend for additional help and support and make a report to local authorities if warranted. At Plattduetsche Home Society, we know these threats and remain vigilant in keeping our residents informed and protected.

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