By Kelly Stalnaker
According to a 2023 FBI report, Americans aged 60 and older lost an estimated $3 billion to scammers. The report adds that this figure could be low due to various factors such as only about half of the reports included information about the victim’s age, meaning that elder fraud is likely underrepresented. Additionally, there is a level of shame or embarrassment about being the victim of a scam. So, it’s possible that many incidents go unreported. But these crimes have become so sophisticated that even the savviest of consumers can fall victim. Scammers try to take advantage of those most vulnerable in society. That’s why it is important to educate all consumers to know what to look for.
Artificial Intelligence scams are highly technical and involve replicating the voice of a loved one. A phone call will sound like a family member is in trouble and needs money urgently. To avoid falling prey to this scam, establish a code word with your loved ones to verify their identity. Romance scams are most often the result of internet dating; be wary of any romantic interests or new friends asking you to send them money, especially if you’ve never met in person. Tech support scams can generate from fake pop-up messages on your computer or emails stating that there is something wrong with your device. Once you click into the message, you are asked to give remote access to your computer, at which point the scammer can pilfer your sensitive data.
Bank or company impersonation scams are some of the most successful and sneaky to uncover. Scammers will pretend to be from a reputable, familiar company to warn you about problems with your account or order. They’ll try to trick the consumer into sharing personal or financial information. Don’t pick up phone calls from numbers you don’t recognize or answer unsolicited texts or emails. Law enforcement impersonation scams can be the most unnerving as a scammer will pose as a representative from the IRS, Social Security or law enforcement, demanding immediate payments or threatening criminal action. Be advised that in most cases, government agencies will contact you by mail and not by phone or email.
The prevalence of scams does increase during the holiday season. With so much online shopping, it can be easy to fall for a company impersonation. Fake websites for stores are done so well that it can be difficult to determine what is real and what is a scam. This applies to charity websites, too. Charitable donations increase around the holidays and scammers are ready to take your money.
A lesser-known scam affecting seniors is medical fraud, and it takes shape in many different ways. It can look like a reputable company consistently sending you medical devices or supplies that you did not request and/or do not need. Your insurance is then billed for exorbitant costs. Medical scams can also be the promise of a miracle cure for sale. To protect yourself, be wary of offers that seem too good to be true; don’t give out your Medicare number or other personal information to people you don’t know; talk to your doctor before buying medical products; and avoid odd payment types such as gift cards, money orders or wire transfers.
Stay safe online, remain vigilant, and don’t let scammers be a grinch in your holiday season! If you believe you may have been the victim of a scam, report it to the FTC online or call 1-877-FTC-HELP (1-877-382-4357).
