As scams become more diverse, elderly abuse continues to rise. Elderly abuse is the financial exploitation of adults, typically those over 60, through deception, false promises, or manipulation. It generally takes two main forms: elder scams and elder theft.
What Scams Affect Seniors the Most?
Elder scams occur when strangers pose as trusted professionals to gain access to an older adult’s assets without delivering what they promised. Common scams that target seniors include the following.
- Romance Scams
- Tech Support Scams
- Impersonation Scams
In a romance scam, a fraudster uses a fake identity to develop trust with a victim before asking for money. They may say they need it for travel, emergencies, or shared investments. Seniors are often targeted through social media or dating apps. Common warning signs include avoiding phone calls, providing excuses for not using their camera, and refusing to meet in person.
Tech support scams deceive victims with fake pop-up warnings or text messages claiming there is a problem with their computer. They are urged to call a phone number for assistance. Once the fraudster has the victim on the phone, they ask for remote access to the computer. When access is provided, they pretend to scan the computer for viruses and offer to remove it for a fee.
In an impersonation scam, a fraudster poses as an employee from a business, utility company, or even a financial institution. They may claim there is a problem with an order or account and ask for personal information to fix it. This could include login credentials, account numbers, Social Security information, or passcodes. Requests of this nature should be considered a red flag.
A fraudster may also impersonate a government agency claiming unpaid taxes, unpaid tolls, or missed jury duty. They say that payment is needed right away to avoid consequences. A payment link may be sent via text message, or they may ask for non-traditional payment methods like cryptocurrency. Fraudsters demand urgency, which could cause the victim to lose money or unintentionally provide sensitive financial information.
How to Protect Your Loved Ones
Seniors can be taken advantage of in other ways as well, even by those closest to them. Elderly theft occurs when a trusted person takes advantage of an older adult’s finances for personal gain. They may access the victim’s funds, assets, or income and direct that money to themselves or someone else.
You can protect your loved ones from scams and fraud by staying in touch. Regular contact and conversations can indicate warning signs, including the following.
- Sudden changes in financial decisions.
- Mention of a new friend or romantic interest they have not met in person.
- Inconsistent explanations for why large amounts of money need to be sent or withdrawn.
At McCoy Federal Credit Union, the financial well-being of our members is our top priority. Ask our team about how designating a Trusted Contact can protect your account without having to give up control of your money.
