Protecting Seniors from Fraud

The FBI reported there was over $1 billion in losses in 2020 based on complaints of fraud against those over 60. Schemes against the elderly take on all forms. They often appeal to their lack of tech knowledge or tug on their heartstrings. Some seniors are physically or mentally vulnerable to these fraudsters. Others are just trusting and unaware of the lengths these criminals will go to. Protecting seniors from fraud is the focus not just of their family members, but of law enforcement and the community.

Targeting the Elderly

Con artists target the elderly not only because of their trusting nature and naivete, but because they tend to have money in the bank. They also typically own their homes and have good credit. They may be lonely and receptive to ongoing conversations over the phone or email. In addition, once the scam has been realized, the senior may worry about telling anyone as they don’t want to admit that they fell for it.

Red Flags

Protecting seniors often requires the watchful eye of those around them. Several stories have emerged about Wal Mart or other store employees who have stopped an elderly customer from purchasing thousands of dollars in gift cards. This is a common scheme by the fraudsters. They request payment in gift cards which gives them anonymity for receiving and using the funds.

Another red flag is phone calls from a number with the same area code and 3-digit prefix as the target. Phone numbers can easily be spoofed and they assume one will find a phone number that seems to be “nearby” as more credible.

Family members and trusted neighbors and friends also want to be on the lookout for changes in the elderly person’s behavior. New people in their life who seem to have unexpected influence is one cause for concern. Also, increased isolation or unwillingness to see family and friends may mean they are hiding something. And of course, any indications that they no longer have property (vehicles, jewelry) should be immediately investigated.

Protecting Seniors from Fraud

According to the FBI, these are the most common elder fraud scenarios.

• Tech support: Someone reaches out claiming to be with a tech support team. The need to fix an “issue” on their computer or other device. Once they have access to the equipment, they snoop for sensitive information.
• Romance: They pretend to be romantically interested and begin cultivating a relationship. This can go on for weeks or months. After they gain trust, they request money to come visit or to help with a challenging situation or share a sob story.
• Grandparent: The caller acts like they are a grandchild. They then describe a scenario requiring immediate financial assistance.
• Advertising: Traditional radio and television advertising attracts the attention of senior citizens. Ads for things like reverse mortgages or health benefits actually link to attempts at fraud.
• Caregiver: A trusted caregiver is so important both for the physical care of the person but also to keep them safe from outside influence. But when the caregiver becomes the problem, it can be disastrous. They may have access to checks, credit cards, online accounts, medical records and other data they can use for identity theft.
• IRS: Fraudsters know how to put the fear in anyone – claim to be the IRS. Calls and letters detailing large amounts of money owed with imminent criminal charges have trapped some seniors into giving away their life savings.
• Home repair: Unsolicited offers to repair the house, paint, landscape, etc. entice the unwilling homeowner. They write a check in advance for the services. Then never hear from the worker again.

From the FBI: If you believe you or someone you know may have been a victim of elder fraud, contact your local FBI field office or submit a tip online. You can also file a complaint with the FBI’s Internet Crime Complaint Center.

We Can Help

There are a number of ways to keep an eye on an elderly loved one even when you cannot be there with them. Cameras outside the house will alert you to any solicitors. Covert cameras can also be used to watch caregivers and any other visitors. Informed delivery from the post office will let you know what mail is expected so you will know if something goes missing. Credit monitoring is another tool to be sure new accounts aren’t being opened or balances are not going up unexpectedly. For more tips on safeguarding the seniors in your life, read here.

Cultris Security Systems can help with your CCTV and alarm needs. Call us at 281-506-8466 or visit us online.

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