If you feel that you are a victim of Elder Fraud or Elder Abuse, REPORT IT!
Elder fraud is a problem that can affect people from all backgrounds. Scammers often target older adults because they see them as vulnerable and trusting. Knowing how these schemes work can help keep you and your loved ones safe. Millions of adults experience financial elder fraud and fall prey to scams every year. You can protect yourself, friends, or family members by learning what to watch out for.
What is Elder Fraud?
Elder fraud is a type of elder financial abuse where financial resources are stolen or misused by a scammer or somebody close to the vulnerable adult. These scams can take many forms, including phone scams, identity theft, investment fraud, and unauthorized use of financial accounts. Older adults are often targeted because scammers may perceive them as more trusting, financially stable, or less likely to report the crime.
Common Types of Elder Fraud and Scams
Elder fraud scams can come in many forms. Here are some common ones to watch out for:
- Grandparent Scam: Occurs when a scammer calls and claims to be a grandchild in trouble, requesting large sums of money to be wired.
- Government Imposter Scam: Happens when a scammer claims to be a representative of a government agency that you trust using a number that appears official.
- False Investment Scam: Happens when a scammer poses as a financial advisor and calls unannounced with a “lucrative” investment opportunity.
- Fake Tech Support Scam: Occurs when a scammer pretends to be a representative of a company you trust and asks you to download software.
- Phishing Scam: This is one of the most common scams and happens when an automated voice message says there’s a financial issue with one of your accounts and asks you to verify it.
- Sweepstakes/Lottery Scam: This appears when a scammer contacts you to say you have won a contest and asks for bank account information.
- Romance Scam: This usually happens when a scammer creates a fake profile on a dating app, or on social media to lure you in and steal your money.
- Online Shopping Scams: This occurs when a scammer sets up fake websites selling false products to try and steal your money.
Tips for Avoiding Elder Fraud and Scams
You can help protect yourself and others from elder fraud by staying alert and taking the right preventative measures. Here are some tips to help you stay safe:
- Be cautious of unsolicited calls or messages
- Set up identity theft protection and credit monitoring
- Watch for spelling errors on websites when online shopping
- Check credit reports
- Do not be tempted by high return investments
- Do not trust callers saying there is a “problem” or “prize”
- Do not download software from pop-ups
- Only buy from safe, reputable websites
- Set up banking alerts on your mobile phone
- NEVER share your password with someone you don’t know
Don’t wait to act. The best way to protect yourself and others from financial elder abuse is by learning the signs and reporting it right away.
How to set up Identity Theft Protection and Credit Monitoring
Credit Monitoring and identity protection services help detect fraudulent activity, monitor credit bureau data, and provide recovery support if identity theft occurs. You can easily set these up by choosing a trusted provider, creating an account, and enabling alerts and monitoring features. Here are some steps to follow to set this up:
- Choose a Provider: You can choose any provider that you trust. Some popular options include: LifeLock, Identity Guard, and Experian.
- Create an Account: Go to the provider’s official site and click “Sign Up” or “Get Started.” You will need to add basic information such as full name, email, date of birth, and possibly a Social Security number.
- Enable Alerts and Select Features: Enable credit monitoring, alerts, dark web surveillance, and credit lock/security freeze. These can track changes to your account, address suspicious activity, detect if your data appears in breaches, and allows you to block access to your credit file with one click.
- Verify and Confirm: Review your personal information for accuracy and confirm your contact details (email, phone) for alerts.
Takeaways
There are many ways to avoid being a victim of elder fraud and scams. One of the most important strategies for combating elder fraud is preventing it before it happens. Be extra cautious when answering calls from an unknown number or talking to people you might not necessarily know on social media. By trusting an unknown caller, you could be providing them with the information they need to steal from you.
If you do become a victim of elder fraud or any other type of scam, do not panic.
