| People of any age group can be targeted by scammers. However, those over the age of 60 are often more vulnerable, and victims over 80 report even higher financial losses.
To that point, older people are swindled out of more than $3 billion each year. More than 3.5 million older adults are victims of financial exploitation each year, and seniors targeted by fraudsters suffer an average loss of $34,200 each.
So, why are financial fraudsters targeting older adults? Because these con artists believe this population has plenty of money in the bank and in their retirement accounts. But it's not just wealthy older Americans who are targeted. Older adults with low income are also at risk for fraud.
There are a variety of ways that fraudsters look to dupe older adults, including government impersonation scams, sweepstakes and lottery scams, robocall scams, computer tech support scams, the "grandparent" scams, Covid-19 scams, investment scams and, of course, medical and insurance scams.
Of all the fraud attempts, government impersonation schemes and medical scams seem to be the most prevalent.
In government impersonation scams, fraudsters pretend to represent government programs and agencies such as Medicare, the IRS, or the Social Security Administration. They reach out via phone calls, emails, or text messages that claim you owe the government money or need to offer personal information.
They may say the victim has unpaid taxes and threaten arrest or deportation if payment isn't sent immediately. Or they may say Social Security or Medicare benefits will be cut off if the victim doesn't provide personal identifying information. This information can then be used to commit identity theft.
Meanwhile, in Medicare and health insurance scams, perpetrators may pose as a Medicare representative to get older people to give them their personal information, or they will provide bogus services for elderly people at makeshift mobile clinics, then use the personal information they provide to bill Medicare and pocket the money.
If you believe you are a victim of a fraudulent scheme, the Federal Trade Commission urges you to immediately stop communicating with the scammer. The FTC also says to keep a close eye on your bank account and other personal accounts for suspicious activity. Also, change your passwords if you fear online accounts may have been compromised.
Additionally, here are some hotlines and reporting tools that you can reach out to for help:
Eldercare Locator, 800-677-1116; IdentifyTheft.gov, to report identity theft; Elder Abuse Resource Roadmap, to report financial abuse; and ReportFraud.ftc.gov, to report fraud to the FTC.
For more advice to help you make smart financial decisions, check out CNBC's Financial Advisor Hub and Personal Finance section. |
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