As people age, their skills, expertise, and experience become valuable resources for the younger generations. However, they also become targets for unscrupulous people who believe that older adults have vulnerabilities that can be exploited and accumulated wealth that is ready for the taking. It is important to understand why this occurs, how scammers operate, and what can be done to protect older individuals from scams.
Why Are Older People Targets For Scammers?
After a lifetime of work and savings, people in their retirement years have savings, pensions, and assets that make them a tempting target. This new phase of life involves careful management of these assets, which is a change from the regular new income source of a paycheck or an active business. Older adults have to learn to live within a budget, even though their accounts are plentiful, because the resources are finite. It can be tempting to make big expenditures, and scammers are ready to take advantage of the temptation.
This changed financial environment is coupled with additional risk factors for being targeted by scammers. In a constantly changing world, new technologies can be harder to assimilate, making it more challenging for older adults to recognize when new technologies are being used to deceive them. Older adults often experience loneliness, so they may be more willing to engage with seemingly friendly strangers. Finally, some older adults experience cognitive decline, which can impair their judgment and decision-making.
These factors add up to a fertile environment for scammers. Here are some examples of common scams:
- Impersonation Scams: Scammers pose as government officials, such as IRS agents or social security administrators, to steal personal information or money. Modern AI can even impersonate voices, convincing the listener that they are being solicited by someone they know.
- Telemarketing Scams: Fraudulent telemarketers sell fake products or services by phone or sophisticated email/web campaigns, convincing seniors to provide credit card information or make payments.
- Healthcare Scams: Scammers offer bogus medical treatments or equipment, preying on seniors’ health concerns and extracting money for non-existent services.
- Charity Scams: Fraudsters pose as representatives of charitable organizations, exploiting seniors’ generosity to solicit donations for fake causes.
- Investment Scams: Seniors are targeted with promises of high returns on investments, leading them to invest in fraudulent schemes and lose their savings.
Spotting the Scam
Everyone should be attuned to the signs that scammer is trying to take advantage. These can make the recipient wary of whatever is being offered or sought.
- Unsolicited Contact: When a phone call, email, or visit from a stranger offers services or requests personal information, be on your guard. (A reminder, if you do not recognize the number, you don’t need to answer. If it’s important, the caller will leave a message).
- Pressure Tactics: Scammers often use high-pressure tactics to rush decisions. Legitimate organizations give you time to think and consult others.
- Too Good to Be True: Offers that seem too good to be true usually are. Be skeptical of promises of easy money, guaranteed returns, or miraculous cures.
- Request for Personal Information: Never share personal information, such as Social Security numbers, bank account details, or passwords, over the phone or online.
- Poor Grammar and Spelling: Many scam communications contain grammatical errors and misspellings, indicating they are not from legitimate sources.
Let’s Support Older Persons at Risk
Forewarned is forearmed, and this applies to anyone who has loved ones in their golden years. Have a conversation with the older people in your life and share information about scams and scammers so they can be aware and on the lookout. Make yourself available to them if anything seems suspicious. Without questioning their judgment, be open to conversations, questions, and concerns so that they feel comfortable coming to you if they suspect something is suspicious. Help older people with technology safety, like using stronger passwords, maintaining a generic voicemail, and exercising caution on social media. Help your loved ones to regularly monitor their bank and credit card statements for unauthorized transactions. If you feel an older person has been the victim of a scam, report the scams to the local authorities and consumer protection agencies.
An excellent local resource is the Montgomery County Aging and Disability Resource Unit, which can be reached at 240-777-3000. State, Federal resources for older adults are also available. If you have a loved one who you think might be at risk for exploitation by a scammer, you might also consider accessing additional private resources like home care.
