How to Spot Scams Targeting Your Aging Parents
In recent years, scams targeting seniors have escalated at an alarming rate. According to experts, the number of Americans aged 60+ who have lost $100k or more in scams has tripled since 2020. The reasons behind this rise are twofold:
Even more troubling, seniors aged 80+ lose nearly three times as much per scam?compared to those in their 60s. So, what can we do to protect our aging loved ones? Here’s a practical guide to help you spot scams, offer solutions, and equip yourself and your family with resources to stay safe.
Understanding Common Scams and How They Work
Scammers are highly skilled at exploiting vulnerabilities, especially in older adults. They can be persuasive, manipulative, and use technology to make their efforts seem legitimate. Here are three of the most common scams that seniors fall victim to:
1. The Impersonation Scam
This is one of the most devastating types of fraud. Scammers use social media, email, and phone calls to impersonate a friend or family member. With access to personal information, they can create a convincing narrative to ask for money or credit card information.
Solution: Always verify claims, especially if the request involves money. Call your loved ones directly using a known phone number—don’t reply to texts or emails asking for money. A quick call can save a lot of heartache.
2. The “Prize” Scam
Scammers love to prey on the hope of a big win. This scam typically involves a phone call, email, or even a letter claiming that the recipient has won a large sum of money or a valuable prize. The victim is then asked to pay fees upfront or provide personal information to claim their prize.
Solution: Advise your loved ones that legitimate contests or sweepstakes never ask for payment upfront. If it sounds too good to be true, it probably is. Always report suspicious offers to the Better Business Bureau or local authorities.
3. The Tech Support Scam
This scam preys on those who are less tech-savvy. Scammers call, posing as technical support from companies like Microsoft or Apple, claiming that the senior’s computer is infected with a virus. They then offer to “fix” the issue for a fee, often gaining remote access to the victim’s computer.
Solution: Always hang up on unsolicited calls and never allow remote access to any computer unless you’re 100% sure of the person’s identity. Remind your loved ones that legitimate companies will never call out of the blue to ask for payment or remote access.
How Can You Protect Your Loved Ones from Scams?
The best defense against scams is education. Here are a few actionable steps you can take to protect your aging loved ones:
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1. Keep an Open Line of Communication
Regularly check in with your parents or grandparents about their finances. If they know they can trust you with sensitive information, they may be more likely to reach out if something feels off.
2. Monitor Their Credit and Financial Accounts
One of the best ways to spot potential scams early is by keeping an eye on credit reports and financial accounts. Look for any unusual activity, including new accounts, unknown credit inquiries, or large withdrawals.
3. Offer Resources for Scam Education
Ensure your loved ones know where to go for trusted advice. The Federal Trade Commission (FTC)?and AARP?both offer great resources to help older adults spot and avoid common scams.
Encourage them to report any suspicious activity to these organizations, which can investigate and take action to prevent further damage.
Helping Rebuild Financial Confidence After a Scam
If a loved one has fallen victim to a scam and their credit has been damaged, there’s still hope. ReScore Your Life?specializes in helping people restore their credit and rebuild their financial future. Our team works directly with clients, providing personalized guidance to help them become mortgage-ready, debt-free, and confident in their financial decisions.
We understand the emotional toll scams can take, which is why we’re committed to helping our clients regain control of their financial lives. Whether it’s repairing credit, managing debt, or protecting personal information, we are here for you every step of the way.
What to Do Next: Act Now to Protect Your Future
If you or a loved one is struggling with scams, don’t wait until it’s too late. The longer fraud goes unchecked, the more damage it can do to credit and financial security. Start by educating yourself and your loved ones about the most common scams and how to avoid them. Sign up for Credit Armor today to protect your identity and keep your credit safe, and remember that you’re not alone. ReScore Your Life?is here to help you regain control, rebuild confidence, and secure a brighter future.
For more information on how we can help, or to get started on repairing your credit, contact us today. Your future self will thank you.
Resources for Immediate Help
Conclusion
At ReScore Your Life, we’re dedicated to helping people rebuild their credit, protect their identities, and ultimately achieve financial freedom. If you or your loved one has been affected by a scam, we’re here to help—every step of the way. Together, we can fight back and restore the confidence that’s been lost.