Fraud Prevention Tips for Seniors: How to Avoid Scams That Target Older Adults
In an age where everything is online, it is important to be vigilant when it comes to fraud and scams. While any age group can be victimized by hackers and internet scams, seniors are often targeted due to their trust, vulnerability, and at times limited technological knowledge. In this article, we will explore critical fraud prevention tips, as well as how to protect yourself from a financial scam.
What is Elder Fraud?
According to the Department of Justice, elder fraud is “an act targeting older adults in which attempts are made to deceive with promises of goods, services, or financial benefits that do not exist, were never intended to be provided, or were misrepresented.”
Consumer Affairs reports that, as of 2021, older people were 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 suffered an average loss of $34,200.
Elder fraud isn’t going anywhere, which is why it is so important to know what to look for and how to avoid falling victim to one of these scams.
Common Scams Targeting Seniors
According to the Federal Trade Commission, older adults are more likely to fall victim to the following scams:
Online shopping scams
Tech support scams
Imposter scams
Romance scams
Sweepstakes scams
Records also show how the scams are carried out, including phone calls, online theft, consumer-initiated contact, email scams, and mail fraud.
So, how can seniors avoid these common methods of scamming?
How to Protect Yourself from a Financial Scam
Be Cautious When It Comes to Unsolicited Contact
A legitimate organization will never ask for your social security number, bank details, or passwords through unsolicited contact. Nor will they ask you to give out sensitive information over the phone. If someone calls or emails asking for private information, make sure you exercise caution and pay attention to the information they’re requesting.
Regularly Review Your Financial Statements
Make sure you regularly check your bank statements to see if there are any unfamiliar or unauthorized payments. It’s easy to see if someone makes a large withdrawal from your account, but it’s harder to notice if they’re pulling a little bit at a time. If you’re not checking it, there’s no way for you to catch something if it comes up.
Take Your Time Making Big Financial Decisions
Be cautious when presented with high-pressure sales tactics or “limited time offers” that demand immediate action. Take your time to research, seek advice, and carefully consider any financial decision or investment opportunity. Generally, in a real-life situation, no one is going to force you to make a big decision in a matter of minutes. If it is a genuine opportunity, you should have time to consider the decision you’re making.
Selling Something Online? Keep an Eye Out for Scammers
Platforms like Craigslist, Ebay, and Facebook Marketplace are one of the most convenient ways to quickly get rid of items you no longer need, but it is also an easy place to get scammed. Make sure you’re paying attention to who wants to purchase what you’re selling and who you’re purchasing items from. Does their profile picture look legitimate? Are they requesting information from you when it comes to payment? Are they requesting large amounts of money in advance? If any alarm bells go off, trust your gut!
Living in a Caring Senior Living Community Can Help Seniors Avoid Financial Scams
When it comes to financial scams, it can be easier for older adults to be targeted if they are living alone. However, in a senior living community, there are people keeping an eye out for red flags and safeguarding residents from potentially dangerous situations. While staff can’t monitor everyone 24/7, there is a certain level of protection and security that you can’t get living on your own.
The Aspenwood Company Can Help Seniors Live Life Well®
As you age, it is important to make intentional decisions that will improve your quality of life. Living in a senior living community can be a great way to live a connected life, engage in healthy activities you love, and meet people who can expand your horizons.
At The Aspenwood Company, we know life gets richer and better as you age, and we believe that feeling should never end.
Our communities are the standard of luxurious living for mature adults. You will find our properties in the most sought-after locations, in the middle of culture and activity, where a vibrant lifestyle surrounds you. We’ve spent 25 years fine-tuning every detail of luxurious living so that our residents enjoy a new sense of freedom and fulfillment.
There’s luxury, and then there is Aspenwood luxury.
In order to become a member of an Aspenwood luxury community, mature adults will face some hard, but important decisions. Be assured that our team is trustworthy and compassionate, and ready to serve you. We are here to provide encouragement, support, and helpful information.
You have the opportunity to pursue and experience freedom like never before. It’s time to experience the laughter, the energy, the activity, the friendly faces, and the caring people of The Aspenwood Company. It’s time to Live Life Well®.