Online scams targeting seniors are an increasing concern, affecting even the most tech-savvy and discerning among us. The FBI’s Internet Crime Complaint Center (IC3) noted approximately $1.6 billion in losses from scams targeting older adults from January to May 2024 alone, a figure poised to surpass the $3.4 billion lost in 2023.
However, by recognizing the often-subtle signs of fraudulent schemes, you can take proactive steps to safeguard yourself and your assets. Here are some of the top scamming tactics that fraudsters use. Learn what to look for so you can navigate the online world with confidence.
Why Are There So Many Scams That Target Seniors?
Scammers often target seniors due to their assumption that older adults have more significant savings. Seniors also typically have access to Medicare and Social Security, making them a more ideal target for Medicare, Social Security, and other healthcare scams. Additionally, scammers often falsely presume seniors lack technological know-how, meaning they may target seniors more frequently through online scam tactics.
Why Should Seniors Care About Online Security?
Even seniors who don’t go online frequently should have a working knowledge of internet safety. This can prevent identity theft and the consequences of senior fraud, like undue financial stress. But by taking a few simple precautions, seniors can enjoy all of the convenience, entertainment and social opportunities available online.
What Are Common Senior Scams?
Senior scams, often designed to exploit trust and empathy, can take many forms. From Medicare fraud to deceptive investment schemes, here are some of the most prevalent scams today:
- Medicare Fraud & Social Security Fraud. Scammers, often impersonating Medicare officials, healthcare providers, or insurance agents, may attempt to deceive seniors into providing sensitive health or financial information. This data can then be exploited to generate false claims, sold to third parties, or used for other malicious purposes.
- Charity Scams. Older adults seeking to make a positive impact on the world can become targets of fake fundraisers or even entirely fabricated charities. These scams prey on the charitable intentions of older adults to illicitly solicit donations for personal gain.
- Contest & Lottery Scams. Often disguised as sweepstakes or lottery “wins,” scammers tell targets they’ve won a prize but must make a payment to claim it, usually under the guise of a processing fee or tax bill. The payment is made, but no prize is delivered.
- Investment Schemes. Older adults are often looking for the best ways to manage money during retirement. This makes them a target for unscrupulous parties who make false promises of high returns on investments, such as with a pyramid scheme.
- Ransomware & Malware Scams. These scams install harmful programs on a user’s computer to steal information, allow hackers access, or lock out the computer’s owner until a payment is made.
- Relationship Scams. The desire for companionship can make older adults particularly susceptible to relationship scams, which have become increasingly prevalent in the digital age. Fraudsters, posing as potential friends or romantic interests, may attempt to manipulate emotions to extract money in the form of cash, wire transfers, or even gift cards, only to vanish once they have achieved their goal.
How Can I Spot a Scam?
While the list above highlights some of the most common scams targeting seniors, it’s far from complete. However, nearly all scams seek one of two outcomes:
- The scammer is trying to collect sensitive personal information.
- The scammer is attempting to collect money through dishonest means.
Though the methods used in pursuit of these ends can employ kindness, sympathy or even harassment and bullying, the goals are almost universally the same. Any scenario where personal information or money is requested should be approached with caution.
How Can Older Adults Stay Safe Online? Internet Safety for Seniors.
Knowing that these are the primary goals of scammers, here are some of the steps you can take to avoid becoming the victim of a scam:
- Always verify sources of emails, texts, and other communications before opening and responding.
- Be suspicious when asked for sensitive information by any source reaching out to you via text, email, or social media messages.
- Never send payments to sources you do not know, including using payment methods such as wire transfers, reloadable money cards, or gift cards.
- Understand that not everyone online is who they say they are, and that fake online profiles are common on social media, dating sites, and other digital platforms.
- Never be afraid to ask for help if you’ve been victimized, because only by recruiting trusted friends, family, and law enforcement can you help stop scammers.
Explore the Benefits of Life at Newcastle Place
The key to safety both online and off is being surrounded by a community you can trust. At Newcastle Place, our Wisconsin community can be just that for seniors looking for the ideal retirement lifestyle.
With superb services, delectable dining, and exceptional wellness options, you’ll have everything you need to make the most of your retirement years. If you’d like to learn more about everything available at Newcastle Place, contact us and a member of our team can answer any questions you may have.
