We have all heard these scary stories! While any of us could be a victim of fraud, we all know the elderly are particularly vulnerable. Elder fraud is any scam that targets older adults and exploits them for monetary gain, such as financial fraud or identity theft. Scammers aim to deceive our seniors with false promises, pretending to be a loved one in trouble or even present as a government official. They attempt to gain their trust so they can gather financial details, personal information or to even steal possessions from them. There are a wide array of ways these scammers attempt to deceive your loved one out of their hard earned money. Unfortunately, this issue has become more and more prevalent recently and seniors are a prime target.

Seniors are typically targets for several reasons, including:

• They are often not tech-savvy and therefore easier to scam online or over the phone.
• They may have cognitive or physical impairments that make decision making more challenging
• They often have considerable savings and possessions that are of higher value
• They may fear reporting a scam out of embarrassment, shame or fear their loved ones with see them as incompetent
• They can be more trusting of others- especially if they feel a loved one is in danger
• They choose individuals they think they can manipulate to quickly gain their trust and confuse them

The fallout from a scam can be devastating. According to the Federal Bureau of Investigations, Americans over the age of 60 lost $1.7 billion to fraud last year. Here are a few common scams, and some ways that you can educate your loved one in hopes to avoid being their next victim.

The Grandparents Scam:

This is a very common scam in which the caller pretends that a grandchild is in trouble, has been hurt or even arrested. They use information off the internet to act as if they know the grandchild, in some instances they may even pretend to be the grandchild. The victim will then be asked to wire money to ensure the help to their grandchild. In some cases they may ask them to withdraw money from their account, and they send an uber or ride-share to collect the money. Typically the caller is using urgency and secrecy to rush the victim into doing what they say. These callers use deception, intimidation and threats to force you to act quickly. Ask them questions that only a grandchild would know the answer to. Take your time and think through what they are saying. Ask for a number where you can call them back. And lastly, if in doubt just hang up.

Government Imposter Scams:

In this type of scam, they will contact seniors pretending to be a government official from well-known government agencies. This could include Medicare, the IRS and Social Security. These callers usually have some basic information about their victim and even know their social security number.

Medicare Scam:

Recently Medicare changed from social security numbers to a randomly assigned number. The caller will ask for the Senior to confirm their number for activation purposes. They may say they require a new card and in order to send that out they need to confirm their details.

• Medicare will never contact you for your Medicare number or other personal information
• Medicare will never visit your home
• Medicare will never sell you anything
• Medicare will never call to enroll you without you initiating the process

Please visit the Medicare website for more ways to keep your loved one safe from Medicare fraud.

Social Security Scam:

In this scam the imposter claims your Social Security Number has been suspended due to an alleged crime. In order to reinstate it, they request payment or gift cards to fix the issue.

IRS Scam:

During tax season, they may call claiming to be from the IRS saying there is an issue with their tax return. They will ask for personal information to secure your tax file, when in reality they will then use the information to file a false tax return or commit identity theft.

Charity Scam:

This scam preys on a seniors desire to help others. Most of us are very willing to make donations and support charities to those who are less fortunate than ourselves or to those in dire need. These callers pretend to be from a legitimate charity to steal donations and personal information. These scams are especially prevalent after a natural disaster such as a hurricane, earthquakes, fires, etc. The best way to determine a charity’s authenticity is to first research them before you make any donations. Check out the Better Business Bureau or Charity Navigator. You can also google the charity name they provide along with scam to see what google may know. If you are still unsure if they are real, you may consider not donating to be on the safe side. Sweepstakes and Lottery Scam: With this scam the caller tells the senior they have won a contest, lottery or sweepstakes that they never entered. In order to collect their winnings they need to pay upfront taxes and fees and request their bank information in order to do so. Always be leary when hearing you won something you never remember entering for.

Tech-Support Scam:

In this scam the caller says they are tech support from big companies like Apple or Microsoft. They will say that your computer or device is at risk of a virus and then ask that you grant them remote access or ask that you pay for additional software to protect your device. Real tech companies will not call you when there is a problem with your device. These scammers are counting on the elderly not being tech-savvy and therefore easier to persuade something is wrong with their computer or phone. If you or a relative have been the victim of a senior citizen scam, report it. Visit identitytheft.gov and reportfraud.ftc.gov to make an official report with the Federal Trade Commission (FTC). Then, follow the steps of the fraud victim’s checklist to recover your funds and secure your accounts.If the scammer has gotten hold of your Social Security number, report it to the three major credit bureaus (Equifax, Experian, and TransUnion) and the Social Security Administration. Unfortunately, even if you are mindful of these tips, being scammed can still happen. By taking the time to familiarize yourself with these potential scams, you have already taken a huge step in ensuring your protection. Knowing what to look for and how best to safeguard your accounts and personal information is a key step to avoid falling prey to these scams. If you do receive a call or email from someone you don’t know asking personal questions you should be suspicious. A good rule of thumb is that if it sounds too good to be true, it most likely is. By: Sara Robertson