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Why Do Financial Scammers Target Seniors in Miami-Dade?
Posted by Scott Cantin in Senior Care | 0 comments
Financial scammers targeting seniors are on the rise. According to the FBI’s latest Internet Crime Report, American seniors above 60 lost about 41.7 billion to fraud last year. This is the highest amount of loss recorded of any age group. Most seniors who live alone can easily become targets as they are less tech-savvy and more trusting. Scammers use various ways to manipulate seniors to gain access to their bank accounts. That’s why Advancare recommends hiring a caregiver to help with bill-paying and other financial needs. Our professional caregivers can detect scammers and report them, shielding you from financial losses. In this article, we will discuss various scams targeting seniors and what to do if you’ve been a victim.
Financial Scams Targeting Older Adults
Common financial scams targeting older adults include:
The grandparent scam
This scam involves tricking a senior into thinking that it’s their grandchild calling and requesting money to fix an issue they have, such as overdue rent.
Tech support scams
This scam involves hackers preying on your devices, sending a blank screen on the computer or phone, and telling you that your device is damaged and needs fixing. When they call support, the scammer either requests access to the computer or demands to be paid a fee to get it repaired.
Sweepstakes
This is the most common scam that happens to almost everyone. The scam involves the scammer calling you to inform you that you’ve won a lottery, and to claim your winnings; you must send money upfront to cover taxes and processing fees.
Government impersonation scams
In this scam, someone will call you impersonating an employee from the Internal Revenue Service (IRS), Medicare, or social security. They tell you that you have unpaid taxes and threaten to deport or arrest you if you don’t pay up immediately.
Why Do Financial Scammers Target Seniors?
Scammers target seniors for several reasons. They include the following:
- Seniors are known to be friendly and trusting of others, especially when someone appears to be looking out for them.
- The majority of them have cognitive or physical impairments and conditions that may hinder proper judgment.
- Seniors have significant savings and valuable possessions, which makes them a lucrative target.
- Some seniors don’t report such scams out of fear of losing their independence or being seen as incompetent.
- Seniors are not tech-savvy and may not detect unusual activity on their accounts online.
What To Do To Avoid Being a Victim of a Scam
The first step to protect yourself from scammers is to know their approach. That means researching the common financial scams targeting older adults and anticipating what a scammer would say when they want to steal from you. It’s also important to remember never to share personal information with strangers. You can talk to your children or close relatives about common scams. Avoid trusting strangers, especially when conversations shift to money. Lastly, report any fraudulent or unusual activity around your finances to your bank and file a report with the police if you become a victim of a scam.
Now that you know some of the most common scams, why not take steps to stay safe? Our caregivers at Advancare can help you manage your finances and educate you on avoiding scams. Our comprehensive senior home care services allow you to live a stress-free, comfortable, healthy, and happy life. Contact us today for a consultation.
