Scams Targeting Older Adults

• November 6, 2023
• By Rachel Abshear
• In Ohio CEUs News

Scams targeting older adults are increasing and becoming more complex. This is a topic we plan to post about every year since it is so important. At the end of this post, we have included a free downloadable training tool you can use to educate your staff. The more vigilant your team is, the better protected your residents will be against being scammed.

Older Adults Are a Target 

The ever-advancing digital age has made life simpler for many of us. But with the myriad of benefits, there is a dark underbelly: scams. Especially disturbing is the increasing trend of scammers preying upon one of our most vulnerable populations – older adults. Why is this population such a target for those committing fraud?

According to the National Council on Aging: “Fraudsters and con artists tend to go after older adults because they believe this population has plenty of money in the bank. But it is not just wealthy older Americans who are targeted. Older adults with low incomes are also at risk for fraud. Financial scams often go unreported or can be tough to prosecute, so they’re viewed as a “low risk” crime. However, they’re devastating to many older adults and can leave them in a vulnerable position, with limited ability to recover their losses.”

Because of the risk to the older adult population, we must stay aware of potential scams, understand how to avoid and report them, and create opportunities to educate our residents and staff.

Alarming Statistics

The numbers paint a distressing picture. According to a report by the Federal Trade Commission (FTC), scams targeting older adults are more likely to happen than scams targeting those who are younger. Here are some alarming statistics:

• Victim Age: Those 60 and older reported losing nearly $440 million to scams in 2019, a 20% increase from the previous year.
• Amount per Person: The median loss for people 80 and older was $1,600, twice as much as for those aged 50 to 59.

These statistics reveal a pressing issue. But to combat the problem, we must first understand the scams themselves.

Common Scams Targeting Older Adults 

• Phishing Emails & Calls: Scammers pose as reputable organizations, such as banks or the IRS, to extract personal information. They might claim there’s an urgent problem that needs to be addressed.
• Tech Support Scams: Senior citizens receive calls from “tech support” claiming their computer is infected with a virus. The scammer offers to fix the problem but instead takes control of the computer and extracts personal information.
• Lottery & Prize Scams: Seniors receive fake notifications stating they’ve won a prize or lottery but must first pay a fee or provide bank details.
• Medicare/Health Scams: Perpetrators may pose as Medicare representatives to get older individuals to provide personal details.
• Grandparent Scams: A scammer calls a senior citizen, pretending to be a grandchild in distress, asking for money to be sent urgently.

Recognizing and Avoiding Scams Targeting Senior Citizens 

Educate your residents on how to avoid becoming a victim to scammers by teaching them to recognize potential scams. Print out this list and give it to your residents as a reference. 

• Verify Before You Trust: Don’t take unsolicited calls or emails at face value. If you receive a message from a bank or other institution, call them back using a number from their official website or your bank statement.
• Guard Your Personal Information: Never share personal or financial information unless you’re certain about the identity of the person or entity requesting it.
• Be Skeptical: If something sounds too good to be true, it likely is. And always be wary if there’s pressure to make an immediate decision.
• Educate Yourself: Stay updated on the latest scams. Websites like the FTC regularly post about prevalent scams.
• Secure Your Computer: Ensure you have the latest security updates and employ strong, unique passwords.
• Talk to Someone: Before making any big decisions or if you’re unsure about a call or email, talk to a trusted family member or friend.

What to Do if a Resident Becomes a Victim of a Scam

It’s vital to act quickly if one of your residents believes they have fallen victim to a scam. 

• Report the Fraud: Contact local law enforcement and file a complaint with the FTC at www.ftc.gov/complaint or by calling 1-877-FTC-HELP.
• Monitor Financial Accounts: If your resident has shared banking or credit card information, have them keep a close eye on financial accounts and report any suspicious activity.
• Credit Freeze: The resident should consider freezing their credit to prevent the scammer from opening new accounts in their name.
• Share Their Experience: By speaking out, older adults who are the victims of scams might prevent someone else from becoming a victim.

Conclusion

In this digital age, scams are evolving and becoming more sophisticated. But with awareness and precaution, older adults can protect themselves. Remember, it’s always better to be safe than sorry. Teach your residents that it is always better to be safe than sorry. They should always double-check, verify, and, most importantly, trust their instincts. If something does not feel right, it probably isn’t.

Encourage them to seek help or advice from your staff members if they are unsure of something. Your residents are counting on your team members to ensure their safety and security in a world that can sometimes be dangerous. Download this free resource to train your employees about protecting residents against scams.