3rd Quarter, 2024
HELP FAMILY AND FRIENDS GUARD AGAINS T ELDER FR AUD
F
rom grandparent scams to home repair and tech support hoaxes, financial crimes targeting older people are on the rise. According to the latest annual report of IC3, the FBI’s Internet Crime Complaint Center, victims over the age of 60 are the group most impacted by financial fraud. Last year, this age group reported losses of nearly $3.4 billion. Of course, frauds and scams can affect any age group, but older people are especially vulnerable. T hey’re more attractive to scammers because they usually have financial savings and good credit. Their generations tend to be more trusting and polite. They are often less tech-savvy than younger age groups.
COMMON SCAMS TARGETING ELDERS
by
T O D D A DA M S
chief executive officer
You can tell them about some of the common scams described here and at fbi.gov.
✔ Grandparent Scam: A type of
You can help them take steps to pr ote c t t hei r f i n a nc ia l information.
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Talk to them about being cautious of unsolicited phone calls, texts, emails, and mailings.
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To help guard against scams that try to exploit fears that a relative is in trouble, you can create a shared verbal family password or phrase that only you and your loved ones know.
confidence scam where criminals pose as a grandchild or other relative, claiming to be in immediate financial need. Tech Support Scam: Criminals pose as technology support reps and offer to fix non-existent computer issues. The scammers gain remote access to victims’ devices and sensitive information. Romance Scam: Criminals pose as interested romantic partners on social media or dating websites to capitalize on their elderly victims’ desire to find companions. Home repair scam: Criminals charge homeowners in advance for services that they never provide. Family/caregiver scam: Relatives or acquaintances of the elderly victims take advantage to obtain their money. fbi.gov
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Embarrassment also plays its part. Many of the losses to older people go unreported because they are too ashamed to admit they were scammed. You may have enough information to avoid being taken in by these types of scams, but do the people you care about? By helping older loved ones and friends understand the risks, you can play an important role in preventing them from becoming victims of financial fraud.
You can also assure older adults that there’s no need to be too embarrassed to tell their bank or law enforcement if they’ve been scammed, so they can receive help.
Protecting the financial security of all our customers is such a high priority for Adams Bank & Trust that we’ve allocated resources to staff an entire fraud department. The scammers are very smart and skilled individuals, with a lot of time and resources to devote to carrying out their wrongful plots. Scammers scram when you are prepared for their schemes.
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