Your priority is to keep your aging loved one safe from harm. While tripping hazards and caretakers are at the top of your list, it’s increasingly important to add watching for scams that target elderly adults to your list of concerns. It’s typical to see an uptick in targeted scams during the holiday season, however with the right knowledge and prevention methods, you can keep your loved one safe from harm.
The Impact of Scams Targeting Seniors
According to the Federal Trade Commission (FTC), seniors lose $3 billion each year due to fraud. As new technology emerges, scams targeting the aging population are increasing. 75% of adults aged 50-80 reported experiencing a scam attempt within the past two years. Below are common scams that target seniors and tips on how to avoid them.
Common Scams Targeting Seniors
Telemarketing Scams
Telemarketing scammers pretend to offer goods or services over the phone, such as vacations, medical equipment, or prize money, in exchange for payment or personal details such as Social Security numbers, bank account numbers, or credit card details. One of the warning signs of telemarketing scams is a sense of urgency or pressure to make an immediate decision and send money quickly. If an offer seems too good to be true, it probably is. Never provide personal information over the phone unless you're certain of the caller's identity as it can be extremely difficult to get your money back if it is scammed. Hang up and call the company directly using a verified number.
Impersonation Scams
Scammers can impersonate a trusted person, such as a family member, government official, or company representative, to trick seniors into sending money or providing personal information. If a family member is supposedly in trouble, call them directly on a known number. Be cautious of unsolicited requests for money or gifts, a caller claiming to be from the government asking for personal details, and requests for gift cards.
Phishing Emails or Text Messages
In today’s age, it's common to receive a text message or email from an unknown source asking you to click on a link or send personal information like account numbers, passwords, or credit card details. While these messages appear to be from legitimate companies, they often have suspicious or unfamiliar sender email addresses and links that look unusual or don't lead to official websites. Never click on links or open attachments in unsolicited emails or texts. Always verify the sender by contacting the company directly using their official contact details.
Investment Scams
In investment scams, fraudsters offer "too good to be true" investment opportunities in things like real estate, stocks, or "guaranteed returns" that end up being fraudulent. If someone is promising you high returns with little or no risk, pressuring you to act quickly before the “offer” expires, or requesting wire transfers or untraceable forms of payment, it is likely a scam.
Always research investment opportunities thoroughly and consult with a trusted financial advisor before making decisions.
Medicare and Health Insurance Scams
Health insurance scams, where scammers pose as health insurance or Medicare representatives and offer fake services, equipment, or “benefits” in exchange for personal information or money, are on the rise, especially during open enrollment periods. Common red flags include calls or emails asking for a Medicare number, Social Security number, or credit card details in exchange for free or discounted health services that seem too good to be true or unsolicited requests to verify or update insurance information. Avoid being taken advantage of by scammers by keeping track of all medical services and bills, calling your insurance company for questions, and keeping your Medicare number or personal details in a safe and secure place.
Sweepstakes or Lottery Scams
In sweepstakes and lottery scams, seniors receive a call saying that they have won a large sum of money in a lottery or sweepstakes and need to pay taxes or fees to claim the prize. If you didn’t enter the sweepstakes or lottery, it’s likely a scam. Legitimate lotteries don’t ask for payment upfront.
Grandparent Scams
In a grandparent scam, fraudsters prey on the love and care of a grandparent by pretending to be a grandchild in urgent need of money due to an emergency. They will call sounding emotionally distressed and possibly ask that you not tell anyone that they asked for help. The scammer may request for the money to be sent via wire transfer, gift cards, or prepaid debit cards. Pay attention to a lack of clear details about the situation or inconsistency in the story and always verify the situation by calling other family members or directly contacting the supposed grandchild. It’s a good idea to create a safe word that only the members of your family know so you can verify it’s them on the phone.
General Tips to Protect Aging Loved Ones from Scams:
• Regularly discuss potential scams with elderly relatives to raise awareness.
• Be skeptical of unsolicited offers.
• Install security software on computers and smartphones and set up two-factor authentication on accounts where possible.
• If you suspect you’ve been targeted, report the incident to local authorities or organizations such as the Federal Trade Commission (FTC).
By staying vigilant and informed, seniors can significantly reduce the risk of falling victim to scams. At HomeSpark, your aging loved one's well-being is our top priority. Contact us today to learn more about our non-medical, in-home care services.