5 Ways to Protect Seniors from Scams and Fraud in 2024

5 Ways to Protect Seniors from Scams and Fraud in 2024

Introduction: Scams Targeting Older Adults

Did you know that older adults lost a staggering $1.9 billion to scams last year? And that’s only the reported cases—experts believe the actual numbers are much higher. Protecting seniors from scams is a growing concern, as fraudsters continuously evolve their methods to target the most vulnerable.

A new report from the Federal Trade Commission, says, because most cases of fraud are not reported, the actual number is likely much higher. The report says older adults were:

  • more than five times more likely than younger groups of people to report losing money to a tech support scam.
  • almost three times as likely to report a loss to a prize, lottery or sweepstakes scam.
  • approximately 53% more likely to report losing money to a friend or family impersonation scam.

Why Are Older Adults Vulnerable to Scams?

“Seniors who live alone, have memory issues or don’t understand technology are especially vulnerable. It’s shameful,” said Sierra Goetz, co-founder and operations manager at the HomeCare Advocacy Network (HCAN). “Scammers are becoming increasingly sophisticated, so it’s important that we help our senior loved ones understand the risks and take steps to avoid becoming a victim.”

Common Scams Targeting Older Adults

According to the National Institute on Aging to protect seniors from scams, these are the most common scams that target older adults. 

  • Government impersonator scams, such as someone posing as a Medicare or Social Security representative asking for account information.
  • Fake prize, sweepstakes and lottery scams, in which the senior is asked to pay money or provide account information to claim winnings. 
  • Computer tech support scams, in which the scammer says the senior’s computer has a problem and wants him/her to pay for support services to fix it.
  • The grandparent scam, in which a caller pretends to be a grandchild or other relative in need of help.

How to Protect Seniors from Scams

So, how can you keep your aging loved ones safe from scammers? Experts advise encouraging them to:

  • Never give out sensitive personal information (Social Security number, bank account information, credit card numbers, etc.) over the phone or in response to an email, social media post or text message. 
  • Check bills for charges that weren’t authorized. 
  • Protect electronic accounts by keeping the security software on up to date, use strong passwords and use multi-factor authentication when possible. 
  • Never transfer money, buy gift cards or pay someone over the phone. 
  • If something seems off, end the conversation – don’t give in to threats or pressure. 

The Role of Caregivers in Fraud Prevention

Caregivers play a vital role in protecting seniors from scams.“While we certainly can’t stop scammers from targeting seniors, our professional caregivers are trained to watch for red flags.” Goetz said. With time and distance often limiting family involvement, caregivers act as an extra layer of protection for vulnerable seniors. 

Caregivers can:

  • Educate seniors about common scams.
  • Help manage bills and online accounts.
  • Alert families to suspicious activities.

Steps to Take if a Senior Falls Victim to a Scam

If you suspect your loved one has been targeted:

  1. Report the Scam: Contact the Federal Trade Commission (FTC) or your local police department.
  2. Freeze Accounts: Secure financial accounts to prevent further losses.
  3. Educate Going Forward: Use the incident as a learning opportunity to implement better safeguards.

Helpful Resources for Fraud Prevention

Here are trusted resources to help protect seniors from scams:

Conclusion

Protecting seniors from scams is a shared responsibility. By staying informed and proactive, you can help shield your aging loved ones from financial and emotional harm. Whether through educating them, monitoring for red flags, or enlisting the help of trained caregivers, every effort makes a difference in the fight against elder fraud.

For more information about customized care plans, visit hcan.com or contact your local HCAN-supported office. Together, we can help seniors live safely and independently.

 

Read More