Protecting Seniors from Fraud

Criminals who are dedicated to committing fraud, whether it be through identity theft or other means, are getting more creative each year. Many millennials and Gen Z are having to be more mindful about calls, texts, and e-mails to avoid becoming victims of fraud. Our senior populations tend to need a little more support in identifying these strategies, which can make them much more vulnerable to fraud. Our Florida identity theft attorney is here to help. At Sharmin and Sharmin, we have over 20 years of experience in the area and will work diligently to get you or your family back on track after issues with fraud. 

Seniors are Vulnerable

Seniors are more vulnerable than many other populations for a few reasons. One of which is that they are often easier to scare and manipulate. However, other reasons they may be more vulnerable include the following:

• Often more isolated than other populations
• Access to financial means such as a pension, 401k, or Social Security retirement
• Membership in multiple government programs like Social Security and Medicare can make their information more likely to be stolen. It may also provide more resources from which to make fraudulent claims or collect benefits 

In addition to general circumstances that may make them more vulnerable to fraud, many seniors find it difficult to keep up with technological trends or processes, which can make them easy to trick into providing information. 

What do Fraud Attempts Look Like?

Methods of committing fraud against seniors can look like any other population. However, there are some schemes that are more commonly targeting seniors. One such example is known as the ‘Grandparent Scam.’ This happens when someone calls a senior pretending to be a grandchild who was arrested in a foreign country, or needs money to get a ride home from somewhere unsafe, or any number of situations that may cause them to think their grandchild urgently needs help. The FDIC warns that this can be facilitated when seniors (or anyone) share too much personal information on social media. 

Preventing Fraud

Thankfully, there are many ways to protect yourself and your loved ones from fraud. The first is ensuring that your important information is not handed out to sources you do not completely trust. This is especially true if it is in an interaction you did not initiate.

• Remind them it is okay to hang up if someone asks for information like your social security number or credit card
• If you are uncertain, hang up and call the institution back with verified information from your own records or website, not the number provided in an e-mail or text message asking for money or information
• Remind them that government agencies generally will not call or e-mail you as the primary source of notification that you owe money or they have other concerns. Most agencies will mail a letter as well
• Be suspicious of any situation where someone asks for your private information over the phone

Most fraud prevention efforts with senior populations revolve around educating people on what fraud can look like, including phishing scams. Depending on their level of proficiency with technology, it may be difficult for some seniors to verify information on their own, but empowering them to stop an interaction when someone asks for their information, especially when it was not initiated by them, can be a first step.