According to the Federal Trade Commission fraud division, the list of scams targeting an estimated 5 percent of 65 to 85-year-old elderly population has been steadily increasing. This equates to three million people being scammed out of their money annually.
The Federal Bureau of Investigation estimates that older adults lose their money amounting to $3 billion each year due to con artists pretending to be debt collectors, fake checks that they get through the mail, and IRS scam callers that pretend to be agents of the department.
While anyone can be targeted for these scams, elderly adults with cognitive impairments, health issues, or other issues are at a higher risk.
List of elderly scams to look out for:
- Family emergency scams
2. Tech support scam for your devices
3. COVID-19 contact tracer scam
4. Romance and online dating scams
5. Social Security scam
6. Contractor scams
7. Inherited large sums of money
Family Emergency Scams
The FTC consumer watch group calls this top fraud as an imposter scam. Mostly the elderly are targeted by these imposters, pretending to be a family member in an emergency situation.
Signs that it’s a fraud from the very start:
– “Grandma, I need money for bail.”
– Imposter is allegedly in another country and need help.
– They won’t give you their names.
– Will ask you to get a gift card and give them the number on the card.
– Will demand debit card numbers for them to receive the money.
COVID-19 contact tracer scam
As we deal with the pandemic, Los Angeles county has seen an increase in scammers are on the rise targeting the same vulnerable demographics.
Con artists will contact you via a phone call, text message or email posing as a “contact tracer.”
They will inform you that they are looking for information about a supposed COVID-19 case and might need to clarify some information about you.
Signs that it’s a scam:
– They’ll ask you about your Social Security Number.
– Verify your financial information.
– Asks your immigration status.
– Wire funds or purchase gift cards and give them the information.
L.A. County contact tracers will never ask you about these information.
The only time that a trained public health specialist from the county is when you tested positive for Coronavirus.
The interview will only be about the possible exposure and to identify others who may have been in contact with you in close proximity.
L.A. County Public Health direct number is (833) 540-0473.
Romance and online dating scams
If you are looking for love and active with a number of dating sites. You can be a target.
The scam will start with a perfect match and he is in another country. He might say that he is from the U.S. and works out of the country. The next line will be that he wants to visit you but he doesn’t have the money.
Other reasons that it can be a scam:
– He/she is caring for an ill relative in the hospital and needs money to pay for medical bills.
– Needs money to fix his car to get to you.
– Immediate need of the money through wire transfers.
Walk away from these conversations or even report it to the dating site company.
Social Security Scam
You get a call claiming to be from the Social Security Administration. The imposter will say that a no-bail warrant had been issued for your arrest.
Most seniors will be frantic and scared and comply to whatever their instructed to do.
Scam signals to look for:
– Asking you to fill a gift card from a store with hundreds of dollars and give them the card information.
– They’ll inform you that armed federal agents will be coming for you in a few hours. – You owe money to the Social Security Administration and you need to pay it today.
Contractor scams
Con artist imposters will solicit services specially after natural disasters.
These fake contractors will ask for:
– Payment upfront.
– They don’t need to pull a permit.
– We have extra materials they can sell you cheap.
Never pay anyone on the spot even after a major storm. Let the situation settle down and access the damage to your place.
Always check contractors in the area and take time to rebuild.
Tech Support Scam for your computer or device
You will get a call from the con artist saying that they have detected a virus on your computer or your smart phone needs an important update.
A more sophisticated con is they’ll instruct you to hand over remote access of your device.
The FTC reported that the median loss for an elderly person for this type of scam is $500.
Your computer and smart phone updates are made by the manufacturer of the device or by the software itself, Microsoft Windows or for Apple users will be IOS.
Don’t fall for it and just hang-up the phone.
Inherited large sums of money
Even in the age of enormous information, the Nigerian king scam is one of the top scams still being committed in this day and age.
This is a popular target via email. Usually, It will be a lengthy email telling you that you have inherited sums of money and you need to act fast to receive this money.
Easy signs that this is a scam:
– You need to pay taxes or fee to before funds be released to your account.
– Email gives you instructions how to wire a certain fee by using your checking account, and you need to give them your bank routing and account numbers.
Too good to be true
Being informed is the key to not fall for this kind of scams.
-Resist the urge to act immediately.
– Ask a question that only your family member would know.
– Don’t send cash, gift cards or money transfers.
You can also report scams to the FTC at ftc.gov/complaint.
