How to Protect Against Scams Aimed at Seniors

Scammers have stepped up their targeting of seniors. They often use new technology that they hope their intended victims will not be familiar with all the ins and outs. The consequences of falling victim to these charlatans can be horrendous. 

For example, in 2021 an Illinois man lost his entire $200,000 life savings to a fraudster who claimed to be an employee of an antivirus company offering a refund for unused software. Here are some ways you can protect yourself against a similar financial catastrophe. First of all, be aware of some of the most common types of scams and giveaways that are not legitimate:

“You’ve Won a Prize!”

An email or a text says you must pay a “processing fee” to collect your sweepstakes winnings or lottery proceeds. The message may include a realistic-looking picture of a million-dollar check made out to you. Remember, you never have to pay a fee to collect your prize in such a situation.

“Help, Grandpa!”

In this scam, a swindler obtains personal information about your grandchild from social media and impersonates him or her, claiming to be stranded or under arrest and needing emergency funds.  “Don’t tell Mom!” reads the message. The correct response: Don’t Send Money! 

“I Saw Your Profile and I’d Like to Meet You”

A charming, self-described wealthy businessman befriends a widow and she becomes romantically involved. But the new love interest is not around very much. He claims that his wheeling and dealing necessitates frequent travel, but in reality he is romancing several other women simultaneously. After a while, the con artist starts asking for money, claiming that his funds are temporarily tied up. Or he says that he has found a sensational investment opportunity for you, with huge upside and no risk.

“Tech Support to the Rescue!”

Beware of unsolicited offers to fix computer-related problems. The attempt to rip you off may include sending you fake error messages. A telltale sign that it is a criminal activity is a request to pay with gift cards or through a bank transfer.

“We’ll Teach You to Invest...for a (Huge) Fee”

The FBI reports that investment scams are the costliest to victims. Cryptocurrency, real estate, and precious metals are categories frequently emphasized in these swindles, according to the Federal Trade Commission. 

“You’ve Been Sued”

The caller claims you must make a payment by a certain deadline or else you will be arrested. Do not submit to the fraudster’s bullying. Hang up. 

“We’ll Fix Your Medicare”

Contacting you by phone, email, text, or an old-fashioned letter in the mail, the scammer offers to help you switch to a better plan or to get you a refund. He says that to do this he needs your Medicare or Social Security number. Do not give it to him!

Other Steps to Avoid Being Victimized

• Regularly check your bank account and credit card statements for unrecognized charges.

• When you receive a phone call from a number that you do not recognize, remain silent until someone who you know is on the level speaks. A recording of your voice can aid in attempts to defraud you.

• If the caller asks, “Can you hear me?”  DO NOT say “Yes.” A recording of your voice speaking that word can be used to authorize payments on items such as stolen credit cards.

• Never give out personal or financial information by email or phone.

• For online money purchases, use a credit card, not a debit card or a bank transfer. Most credit card providers will not hold you liable for fraudulent transactions, so that is the safer course.

• Opt in to two-factor authentication offered by any business or financial institution that you use. When you receive a code for the second authentication, do not give it to anyone. Click here for more on this topic.

• Replace your computer every few years. An older operating system may contain outdated software that lacks the most current security updates, leaving you especially vulnerable to hackers.

• Do not click on links on emails or website popups. Instead, type the web address (URL) into your browser window yourself.

• Contact your cell phone carrier for instructions on configuring your phone to block unknown callers.

• If you know or suspect that you are the victim of a security breach, call the number on the back of your bank ATM card or credit card. Most banks have a hotline for fraud reports. The correct numbers to call can also be found on your statements.

• For further tips on protecting yourself against scams, click here, here, and here.

You Are Your Own First Line of Defense

Remember, it is not paranoia—they really are out to get you! If somebody makes you an offer that sounds too good to be true, just assume they are trying to steal from you. Criminals are devoting massive energy to swindling you out of your hard-earned money. You owe it to yourself and your loved ones to do a few easy things that can go a long way toward safeguarding your wealth. 

Finally, if you discover that you have been victimized—despite all the precautions you have taken—immediately contact your local police department, your state’s attorney general, or the Federal Trade Commission. Do not hesitate because you feel embarrassed about getting tricked. These are highly skilled individuals, sometimes entities, and they have lots of practice. So, it is not surprising that they are getting away with billions at the expense of people who are accustomed to dealing with others as honest and trustworthy as themselves. The good guys—this means you— can help law enforcement apprehend the criminals and put them out of business.