With the rise of the internet, AI, and other online tools, older adults are being scammed out of their hard-earned wealth at an alarming rate. According to Abigail Bishop, head of Amazon’s External Relations for Scam Prevention, “Scammers are really smart.” They keep constant tabs on how legitimate businesses communicate with older adults, and then they replicate the message and fabricate a scam, usually targeting seniors.
Why are scammers targeting older adults?
Scammers believe that seniors have access to large retirement and savings accounts. They can also exploit the more trusting nature of many older adults. Other seniors may have cognitive issues that make it harder for them to make well-thought-out decisions. This is why seniors need to be on their guard and make sure they know what scams are out there.
Here are a few well-known scams for seniors to avoid:
Impostor scams
Impostor scams involve the fraudster pretending to be a trusted agency or business representative. This includes a government agent, a bank representative, or a well-known business. The impostor may call into play one or two authority scams. One is to take advantage of people who tend not to question authority, such as that of utility companies. Here, the scammer threatens to turn off gas or electricity unless they are paid what they are “owed.” The second impostor scam is one that depends on familiarity with the person. The scammer pretends to be with a close family member and demands either payment or sensitive information.
Tech support
Tech support scams made up the top fraud category affecting older adults in 2023. Here, the scammer pretends to be a tech professional who is offering to “fix” a problem with your computer or software. The tech professional asks for remote access to your computer to install malware or steal information from it. After the “problem” is “fixed,” the scammer asks for payment in the form of gift cards or money transfers through an online payment app.
Online shopping
Online shopping scams involve both buyers and sellers of items on large marketplace websites such as Amazon, eBay, Craigslist, and Facebook Marketplace. As a buyer, you may receive something you did not order or something that was not as expected from the item’s description. In any event, the seller will deny you a refund for the product. As a seller, you may be contacted by a bogus company and asked to upgrade your business account. Or you may be asked to issue a refund to the buyer, who claims to have paid too much for the item. They will want a refund — that is, the difference between the original price and the price they claim they paid. Once this happens, the scammer will cancel the original payment, leaving you with nothing. Be wary of any high-demand products that are being offered at “too good to be true” prices. The seller may push a “hurry up and buy now” approach to get you to act right away. These red flags indicate that you should walk away from this deal.
Be Aware of Potential Scams
To avoid being the victim of a scam, be aware of the most up-to-date scams that are being perpetrated on older adults. Being aware is one way to stop scammers in their tracks. Trust yourself: You have the power to walk away from anything that seems suspiciously like a scam.
If you or a loved one needs guidance on safeguarding your finances and estate, our experienced team is here to help. If you are located in Sonoma, Marin, or Napa counties, Contact us today to ensure your legacy is secure and protected from exploitation.
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