The Aging Population Vulnerability To Scammers

Perhaps one of the cruelest facts of humanity is the tragic truth that the elderly are easy prey to scammers. It is a sad reality that the older you get, the more likely you are to be taken advantage of and targeted. Scamwatch shows that already this year there have been over 13,000 scam reports filed by those over the age of 65. However, these are only the cases that have been reported.

Educate Those Around You

Many times, when the elderly are scammed they either do not share it with anyone else or do not realize that they have actually been scammed. However, if you are an elderly individual, or someone that is caring for someone that is elderly, there are ways for you to avoid the scammers. It is important to not only know what you need to look out for, but also educate yourself as to what types of scams exist that target the elderly demographic.

Types of Scams

Scams range from people saying they are part of an insurance office, to calling to tell you that you have won the lottery. The National Council on Aging calls scams targeting the elderly the “crime of the 21st century.” While these types of scams are considered a low risk, they can be potentially devastating to those they impact. 

Medicare or Insurance

One of the major scams stems from the premise that if you are over 65 years of age, you qualify for Medicare. Scammers will call you up, saying they are a Medicare representative and attempt to get personal information from you with the premise it is for their coverage. If they are super ambitious they will pose as a worker at a mobile clinic, invite you to be examined and then collect information that can get them into your private accounts. As a result, they will pocket your money and leave you with no insurance and an empty bank account.

Wire Transfers

Another scam that is run specifically with the elderly in mind is the so called “grandparent scam.” This scam preys on the often-lonely hearts of the elderly. For this scam, you are called up by someone posing as your grandchild. Many times, they will tell you they are your estranged grandson or granddaughter and that they need money. They will then say you can help them by giving them your personal information or they can send you money via Western Union or MoneyGram. To add to their deceit, they will plead with you to not tell their parents. This scam is one of the most harmful because often no identity is required to use services such as Western Union and therefore the scammers are virtually untraceable.

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You are a Winner, NOT So Fast

Perhaps the scam many elderly individuals succumb to are sweepstakes scams. While scammers do not specifically target the elderly, older individuals tend to believe they are winners of millions. Once again, this usually tends to stem from loneliness or financial struggles brought on by reduced income and/or increased medical expenses. If you are targeted for this scam, you will receive a phone call telling you that you have won the lottery or sweepstakes. However, to claim your winnings, you will need to make a payment. Scammers will collect the “fee” and you will never receive your so-called winnings.

How to Avoid Being Scammed

If you are elderly or a caretaker of someone who is elderly, Aging Care and the Better Business Bureau provide several helpful tips. If you are the caretaker of a relative, it is strongly recommended that you are involved in the individual’s financial transactions and decisions. There are checks and balances that can be instituted to insure the caretaker does not take advantage of the person they are supposed to be caring for. While this is sometimes hard for the elderly individual, it is far better than losing everything to a scam. Allow them to still be involved in daily tasks – such as going to the bank and shopping – but monitor bank statements and credit card transactions.

Be Wary of Those Who Call You

If you are elderly and receive a phone call from someone who is unwilling to give their information – either personal or the company’s – they most likely are trying to scam you. Just because they call you does not mean you are under any obligation to purchase what they are selling or give them any sort of information. Don’t give out any personal information to someone that calls you. Even if its someone you think you know or your bank, just tell them you will call them back. When you call back, use a number that you are familiar with and not the one they may provide to you. In today’s world, you also do not have to answer the phone if you do not recognize the number on caller ID. If they are legitimate, they usually will leave you a message. If they do seem legitimate (and many scammers do), you can still say “no,” or you can say you need to think about it. As a caretaker, visit the person’s home often. If you see anything questionable ask them about it. If they can’t remember or do not know, investigate further. Additionally, you can put them on the National Do Not Call Registry by calling 1 (888) 382-1222. This greatly decreases the chance of them being scammed over the phone.

While no method is fully effective, they can aid in decreasing the chances of being scammed. In today’s world, you can never be too safe when it comes to you or your loved one’s personal information and finances. In cases like these, it is permissible to be a bit paranoid. The most important thing is to be sure all information is legitimate before making any sort of decision.