June 24, 2024

According to the FBI, senior citizens were scammed in 2023 to the tune of $3.4 billion, an 11% increase over the prior year. Fraud schemes targeting people over 60 happened at a record rate, with complaints up 14%.

The scams range from bogus technology support, impersonators, fake investments, identity theft, extortion cases, and even romantic fraudsters. More than 100,000 elderly victims lost an average of $33,915 in 2023. Worse yet, roughly 6,000 of them lost more than $100,000.

But AARP said most elder scams aren’t reported. The senior advocacy group estimates losses are closer to $28.3 billion annually.

Seniors are targets of financial scams because declining health often makes them feel vulnerable. Feeling alone could lead to rapidly trusting others, and that’s potentially dangerous since seniors typically have a high net worth. Couple that with often diminished technology skills and it’s a recipe for disaster.

Here are some security tips to avoid senior scams:

  • Consider upping privacy settings on social media to avoid imposter scams.
  • Beware of unsolicited text messages.
  • Don’t open file attachments and emails from those you don’t trust, including businesses.
  • Don’t respond to e-mails or texts from Microsoft Windows saying your account is blocked.
  • Get used to not engaging – you don’t have to respond to unfamiliar calls, emails, or texts, especially since they might be fraudulent.
  • Keep tabs on your credit report.
  • Streamline the credit/debit cards and information in your wallet.
  • Set up identification on your smartphone to deter thieves.
  • Enable multi-factor authentication on online accounts, especially financial ones.

I hate to see seniors get scammed, but it happens more than we think. Stay safe and seek help. Ask family members to help too, especially the (likely younger) tech-literate ones!