According to the American Bankers Association, people over the age of 50 control over 70% of the nation’s wealth. Unfortunately, in recent years, scammers have targeted the older population—specifically those aged 60 and above—through various types of fraudulent tactics, also known as elderly financial exploitation. These criminals use tactics such as phone calls, mail or direct contact to scam the elderly population out of billions of dollars nationwide.
It’s important to know the various types of schemes these criminals use so you can better detect them. Scammers may pretend to be romantic interests, tech support, children or grandchildren, government officials or even representatives of legitimate charitable organizations, all in an effort to deceive you into giving them money. It is easy to feel overwhelmed by all the methods a criminal may use, but following some basic safety procedures to protect yourself can be a great start.
While this list is not exhaustive, following these tips can help prevent you from easily falling victim to scammers.
Don’t be afraid to file a report if you have fallen victim to a scammer. Realizing you have fallen victim to a financial scam can feel embarrassing, but there are people who are willing to walk through this with you. Tell your financial institution and submit a report to the Federal Bureau of Investigation (FBI) as outlined below.
When reporting a scam of any dollar amount, try to provide as many details as possible from the following list provided by the FBI:
Remain vigilant, and do not trust anyone online who you do not know. Be cautious of unexpected contact, practice online safety and do not give into the pressure to act quickly when being asked for money. The first step in protecting yourself against elder fraud is remaining informed and equipped.
Share This Article