Know these elder fraud schemes so that you can stay safe during your retirement!
You may not give elder fraud schemes a second thought but know that they are some of the most prolific types of scams in the United States. A study by the FBI’s Internet Crime Complaint Center (IC3) reported that back in 2020, over $966 million was scammed by Americans aged 60 and older in that year alone!
This is a concerning statistic, and the number may have also gone up, we do not even want to consider the amount if we take a look at how much retirees from other countries have lost as well.
While elder fraud schemes may not sound like something you could fall for, they are on the increase, and since criminals have gotten smarter at using all the newest technologies and the internet, these fraud schemes have gotten harder to spot.
We know that thinking about elder fraud schemes does cast a shadow over your retirement, but here at Golden Years Bliss, we want you to have the best golden years possible, and this means looking out for all the new types of fraud criminals use to try to take advantage of seniors!
If you want to make sure that you are not going to fall for any of these elder fraud schemes, that you will keep your finances safe from these wrongdoers, and that you will keep your mental health and personal life peacefully free of them, make sure you keep reading!
In this article, we dive into the most commonly used elder fraud schemes online and tell you how you can spot them, how you can make sure you are not being tricked, and how to deal with them!
Have you ever been called or contacted by a scammer? What tactic have they used? Share your experience in the comments below!
1. Tech support elder fraud schemes.
One of the most common and popular elder fraud schemes is having someone contact you by saying they are from a tech support company.
They will get in touch with you and spin a tale about how you have contracted some of their services (generally, they will either say they are with your internet company or from your computer brand) and claim that there is a security flaw with your computer.
They may even claim there have been some issues, and now your computer is at risk of being hacked! Then they will get you to grant them remote access to your computer or tell you that they have to verify your identity in the system, so you give them important personal information or payment or card information.
Do not fall for this; it is a trap! The most common way is to either call you, text you with a link, send you an email, or you may even see a pop-up window when you are on a website. They are all fake claims!
2. Government elder fraud schemes.
Sometimes these scammers will end up calling, texting, or emailing you and presenting themselves as representatives of some important government agencies.
The most commonly impersonated ones are the IRS, Medicare, and the Social Security Administration (SSA).
Since these are important government agencies, the con artists hope that you will lower your defenses at a sudden call and do as they say. They generally mention missed payments of some sort or fines, and they will try to get you to tell them your banking details, social security number, or other personal information.
They may even end up threatening you with huge fines and jail time.
Keep in mind that these administrations will not just randomly text or call you to give you such news but rather send you a letter. Not to mention, they would never ask for sensitive information to be delivered on the phone or online.
3. Investment elder fraud schemes.
Keep an eye out for one of the new elder fraud schemes that involve seminars, courses, and coaching programs!
These so-called “educational” programs are going to be in fields like real estate, investment, marketing, or stocks, and they promise to teach you how to invest money with them to get rich or beef up your retirement fund.
A lot of the time, they end up looking legit, but most of the reviews and testimonials they show you are false.
Not only will their program at times be heavily discounted (meaning you will have to pay a couple hundred for it instead of thousands), but they will also require you to make some sort of investment through them at the end as well.
Guess what? Those investments never come to fruition!
4. Caregiver financial fraud.
Sometimes elder fraud schemes do not come from strangers, using phone calls, emails, or shady websites, but from those close to you as well. There has been an increase in swindlers that can be hired as caregivers, and sometimes it can even be someone from your family.
These people will do anything to exploit you financially once they know you trust them, be it by asking for cash, helping with certain expenses that they cannot cover with promises to pay you back, or even stealing from your wallet when you are not careful!
Be careful who you trust if you need a caregiver, and if anything seems fishy and way too money-focused, trust your gut. You may be taken advantage of!
5. Fake monetary prize elder fraud schemes.
Be careful if you like to sign up for contests or the lottery! There are a lot of elder fraud schemes that will call you pretending that you have won something with them, the lottery, or even claim you won something because you are a “valued customer” of some sort.
The catch here is that they will have you send over money for the “shipping” along with personal information to verify your identity, effectively stealing all your sensitive information!
Some even send you fake checks and then request that you send the money back due to an error. Be careful!
6. Romantic elder fraud schemes.
Unfortunately, one of the most common online elder fraud schemes involves these people targeting lonely seniors. They will contact you on social media or a dating app with a fake identity and try to get to know them.
Generally, they will be very charming and interesting, spending months getting to know you, getting you to trust them, and sometimes falling in love with them. When they know they got you to lower your guard, they will start to ask for financial aid.
They will always refuse to meet up in person, generally with elaborate excuses time and time again, but they will be quick to invent something that they need financially. Bills, medical reasons, and any type of crisis imaginable are on the table for these people!
7. Pulling on your strings elder fraud schemes.
A lot of these con artists have gotten smart with using the new technologies out there and can mimic the voices of their loved ones! The most common tactic they use is to call you and pose as your family members, friends, or grandchildren!
They will claim they got into legal trouble, are in jail, or even were in a car accident, and they need you to send their money to an account to cover it as soon as possible. These swindlers will know your and your family’s names and other personal information to get you to believe them!
Do not fall for this, and do not panic. Tell the person who calls you that you will send the money over, close the call, then call the phone number you know and others you may think may be with them, so you can check if the information is true. 99% of the time, it’s a swindler trying to trick you!
If you want to read about more ways through which criminals try to scam you, check out this book on Amazon!
Thinking about the people who want to take advantage of you once you retire is pretty depressing. However, you should not only focus on this when you end up retiring. You should do all you can so that you can enjoy your golden years, and to be able to do this, you need to keep your body in great shape. These exercises here are going to be the best ones you can pick up if you have not been focusing on fitness in the last few years.
