Each year, older adults lose billions of dollars because of scams and fraud. Often, elder fraud isn’t reported. However, older adults in America lose over $40 billion annually, and this amount is on the rise. Thankfully, there are tips you can use to protect seniors from fraud so they can avoid online scams.
A scam is a fraud, and it’s illegal. When faced with fraud, you should contact law enforcement. First, you can contact your local police department and file a police report. The reason why scammers focus on older adults is that they’re thought to have more wealth and less often report the crime.
The FBI reports that senior citizens lost about $1 billion in scams in 2020. 105,301 people aged 65+ were targeted by fraudsters. The average loss made up $9,175, and nearly 2,000 older Americans lost over $100,000. Overall, according to the FBI, seniors lose over $3 billion annually because of fraud.
Tips to Avoid Online Scams
Some of the most widespread methods used by scammers include scams concerning bank information, and other sensitive data, fake lottery, grandparent scams, fake viruses or ransomware, tech support scams, phishing, false online shopping, romance scams, crime scams, fake charity, social security scams, IRS scam, medicare impersonator, prescription deals, false investment opportunities, refund scams, and fake insurance.
Here’s how you can protect older adults from being victimized:
- Regularly check their financial situation.
- Make sure they’re aware of scams via telephone, email, and websites.
- Tell them they mustn’t provide any personal or financial information to strangers.
- Help them sign up for the National Do Not Call registry. This way, they can avoid being contacted by telemarketers.
- Go through their credit reports at AnnualCreditReport.com so you can be sure they have no fraudulent new accounts opened in their names.
- Replace the landline with a cellphone, as cellphone scam calls aren’t that widespread.
- Follow up-to-date fraud prevention tips online.
When it comes to protecting your business from fraud, consider working with a reputable payment expert committed to delivering an unmatched experience through the most advanced payment technology.
For example, you can take advantage of a payment technology enabling merchants to manage global payments across a single platform. Importantly, make sure the payment expert offers excellent fraud prevention and the highest level of data security so you can avoid online scams.
Avoiding Online Scams
Very often, scammers target seniors, and older adults lose large funds because of fraud. Happily, you can take measures to protect your parents. As for your business, work with a respectful payment expert offering the highest level of fraud prevention.
Author Bio: Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.