7 Scams to understand and avoid as an older adult.

Scams targeting older adults are on the rise

In 2018, fraud and romance scams aimed at older adults resulted in more than $184 Million in losses.

Scammers are targeting older adults because they believe that seniors are more vulnerable and willing to trust others, that they have more money available, and that older adults have little skill with technology.

7 Common Scams

1. Government Impersonation Scams:

• Impersonating IRS, Social Security, etc. These scammers will often threaten the listeners if they do not pay, such as they will lose their Social Security or Medicare benefits, or face jail time for not paying taxes or other fees.

2. Sweepstakes and Lottery Scams

• Scammers call and tell a listener that they have won a large prize, but are required to send money in order to claim, to cover certain taxes and/or fees. If you enter sweepstakes or contests, keep a list to know when you may have won a real prize.

3. Robocalls:

• One common call is, “Can you hear me?'' Then, when the older person says ‘yes,’ the scammer records their voice and hangs up. The recording can then be used as a voice signature to authorize charges or agree to costs. Avoid answering phone calls from numbers you do not recognize.

4. Computer Tech Support:

• A pop-up message may appear indicating a device (computer or phone) is damaged and needs fixing, with a number to call. When calling the support number, the scammer may request remote access or demand money to fix it. They may use urgent language, making you feel that you ‘have to’ click on the link or call the phone number ASAP.

5. The Grandparent Scam:

• The Grandparent Scam is simple and devious... Scammers say, “Hi, Grandma, do you know who this is?” When the unaware grandparent guesses the name, the scammer can secure their trust instantly. The fake grandchild asks for money to solve an urgent financial problem and begs the grandparent not to tell anyone. At other times, the caller may claim to be an arresting police officer or lawyer trying to help their grandchild. Instead of providing any information, hang up and then call the grandchild directly and ask them. Or ask the caller a question that only the grandchild would know.

6. Medicare Scams

• Scammers will often call and ask for your Medicare information to verify your information or benefits. They may state that your card does not work and that you need a new one. These scams often occur around Medicare enrollment time. According to Medicare, there are 5 points to keep in mind:

  • Medicare will never contact you for your Medicare number or personal information unless you’ve given them permission in advanced

  • Medicare will never call you to sell you anything

  • You may get calls from people promising you things if you provide them with a Medicare number. Don’t do it.

  • Medicare will never visit you at home

  • Medicare can’t enroll you over the phone unless you call first

7. Voice Cloning Scams

• With new technologies, scammers are using clones of voices to make parents think that their children are in an accident or kidnapped. Check out this video from NBC Today.

Basic Steps to Avoid Scams

1. Be wary of anything that seems too good. If it seems too good to be true, it probably is.

2. Watch out for incoming communications via phone or email. Look up the organization's contact information and contact them directly to determine if they are legit.

3. Add extra security to your accounts, like multifactor authentication, so a code is sent to your phone or email that you need to provide before entering an account.

4. Avoid odd payment types. Scammers often ask for a wire transfer, money order, cryptocurrency, payment app or gift card. These are red flags.

5. Shred old Medicare cards.

6. Don’t share confidential information over the phone.

This video shows how you can protect yourself from the latest scams.

The provided basic steps for avoiding scams serve as a practical guide. From exercising skepticism towards offers that seem too good to be true to enhancing account security with multifactor authentication, these steps empower individuals to safeguard their finances and personal information.

Finally, the importance of reporting suspected scams cannot be overstated. The National Elder Law Hotline is a vital resource, offering assistance and restoring hope in the face of fraud. By staying informed, remaining vigilant, and fostering a community of shared awareness, we can collectively combat the menace of scams and protect the financial well-being of older adults.