Unfortunately, older people are considered ‘easy targets’ for a variety of common scams. Usually, these scams will take the form of financial fraud that exploit their lack of technological know-how, trusting nature or vulnerability as a result of physical or cognitive decline. It is critical to protect the older members of our society who deserve to feel safe and secure in their retirement years.
You may have a loved one who was subject to identity theft or a fraudulent online scheme. Even if your family has been lucky to avoid them, you will still know how devastating these types of scams can be for the lives of those victims. Here are four ways to help you keep your loved ones safe from being preyed upon by these fraudsters:
Be aware of the most common scams
The first step in battling these scammers is to become aware of the most common schemes and scams they are trying to run. Today, most of these schemes are performed over the Internet or on a mobile phone. Fraudsters will collect personal or financial information and use that to gain access to their digital platforms, online accounts or extort them for large sums of money.
Here are the most common scams you need to be aware of:
- Charity scams
Older people may be approached and asked for donations to questionable or non-existent charities. These scammers will take advantage of the trust, kindness and goodwill of our elderly loved ones. Charity scams can be attempted face-to-face, over the phone or via email. - Email and phishing scams
Your loved ones might receive an email from – what seems to be – a legitimate financial institution, government agent or customer services for a company. They will be asked to verify, update or change their personal details or login information. The scammer will use this information to access older people’s accounts. Others are tricked into ‘upgrading’ digital services, such as antivirus protections or cell phone contracts, which are used to indebt, blackmail or defraud the victims. - Phone scams
Phone scams are one of the most prevalent schemes attempted again older people. Scammers pretend to be family members, friends or representatives of an organisation and request money to be deposited into their account. Some tech-savvy criminals may use that call as an opportunity to gain access to victims’ mobile devices or computers, by directing them to unknowingly download malware and viruses. - Fraudulent investment schemes
Pyramid, or Ponzi, schemes are a common threat to older people who are offered incredible returns that never deliver. Unlike Nigerian prince and fake inheritance scams, these pyramid schemes will attempt to show some legitimacy and reputation through their network of victims. They are designed to exploit their large numbers to gain our loved ones’ trust and optimism.
Be cognoscente of the warning signs
If you are concerned that a loved one is being taken advantage of, there are several signs that might indicate that they are falling victim to one of these horrific scams. The warning signs you should look out for are unusual changes to their banking details, strange cash withdrawals or transfers, extensive use of their ATM cards and any abnormal or new communications. Additionally, ensure that their rent, mortgage, insurance, phone contract, utilities and other bills are being paid into the correct accounts.
Make sure your loved ones are informed and safe
Most scams will offer an opportunity or prize that seems too good to be true. Make sure that your loved ones are aware of these types of financial scams and suspicious of ways to make money quickly over the Internet. They must never hand over personal or banking details to anyone over the phone or via email. If a scammer is pretending to be a friend or family member, they should always ask several personal questions that verify who is contacting them.
Act swiftly and decisively
If, at any point, you believe a loved one is being scammed by a fraudster or cybercriminal, it is critical to take action immediately. You have to contact their bank, credit card or service provider that has been compromised and cancel those accounts or reverse any fraudulent payments. Everyone should be changing their passwords frequently and reset any password-sensitive accounts that are under threat. Being informed and enacting preventative measures should become part of your loved one’s routine.
Deciding where your parents are going to live is critical for their post-retirement security. If your older loved ones are considering where to call home on this exciting, new chapter of their lives, consider joining one of Manor Retirement’s beautiful and bustling communities.
