In 2023, the FBI responded to more than 100,000 fraud cases in people over the age of 60. This is an 11% increase from 2022. The total losses from fraud among older adults in 2023 totaled over $3.4 billion. Adults over the age of 60 are more likely to be the target of online scams and fraud schemes. How do you know if something is a scam? What can you do to prevent them?

What Are Common Scams?

The Office for Victims of Crime lists some of the most common scams as:

1. Romance Scams
2. Grandparent Scams
3. Government Scams
4. Sweepstakes/Charity/Lottery Scams
5. Tech Support Scams
6. Phishing
7. Email Extortion
8. Cryptocurrency Fraud
9. Fake Check/Overpayment Scams

Catfishing

Catfishing occurs when someone pretends to be someone else. It can involve posting a picture of someone else on dating apps or impersonating a family member. In both cases, the scammer attempts to gain your trust and may ask for gifts or money. If you request to meet in person, they usually make excuses as to why the transaction must happen online.

Government Impersonations Scam 

A person might impersonate a government official in these scams and threaten to arrest you unless you pay them. They might say you have a warrant issued for your arrest for failure to pay something. They often claim that a U.S. Marshal will be at your door within 24 hours if you don’t pay.

Sweepstakes/Charity/Lottery Scams

Scammers often claim to represent a charity or organization and inform you that you have won a prize. They say you must pay fees and taxes before you can claim your winnings. Once you pay, you won’t receive the prize promised.

Tech Support Scams

In this scenario, scammers pose as IT or tech support personnel to extract personal information. This often appears as a pop-up message on your phone, computer, or tablet, warning you that your device has contracted a virus. The message typically provides a toll-free number for support, where someone claiming to be from a legitimate tech company instructs you to give them your personal information so they can help you. They also will often ask for money claiming you owe them money for their service.

Phishing

Phishing occurs when someone contacts you pretending to be from a legitimate company, such as your bank. Recently, scammers have been sending texts claiming to be from Amazon or FedEx, stating that your package is lost. They will send you a link that they claim is for support, attempting to extract personal information through that link. Phishing often employs language designed to evoke a sense of urgency.

Email Extortion

In this situation, scammers use scare tactics to manipulate you. They may claim to possess your online account passwords or sensitive information, such as your Social Security number, and threaten to sell this information unless you pay them. They often insist that you cannot inform anyone or you may face legal consequences.

How To Know If Something Is A Scam

The Consumer Financial Protection Bureau says there are six common signs something might be a scam.

1. A person claims to be from a government agency and demands money.
2. You're asked to pay money to receive a prize.
3. You're asked to pay money in a non-tradition way such as a prepaid card, cryptocurrency, or a payment app.
4. Someone asks for direct access to your bank account information.
5. You're told to act fast or you'll lose out on an opportunity.
6. They create a sense of urgency to play with your emotions.

Scammers will also use scare tactics to make you not tell anyone about what's happening. They'll say you aren't allowed to tell anyone or you could face legal action.

How To Protect Yourself From Scams

There are multiple things you can do to avoid scams, according to the Federal Deposit Insurance Corporation. These include the following:

1. Use caution when opening links- Don't open links from senders you don't recognize.
2. Use strong passwords- Avoid using passwords that contain easy-to-access information like your birthday. Have a mixture of numbers and letters in passwords, and use different passwords for each account.
3. Secure personal information- Only enter personal information like your social security number or account passwords into trusted and secure websites.
4. Keep software up to date- Regularly update your devices so all security functions are up to date.

What To Do If You're The Victim Of A Scam

If you gave a scammer money through a credit card or debit card, or a scammer took money from your account, you should contact your bank immediately. Tell them the charge was fraudulent to see if they can reverse it. If the payment was made through a gift card, contact the card issuer explain that it was a scam, and ask them to refund the money. If the money was sent through a wire transfer contact the wire transfer company. If cash was sent, contact the U.S. Postal Inspection Service and ask them if they can assist you with intercepting the package 

If a scammer has your social security number or access to other sensitive information, visit Identitytheft.gov to learn what you should do.

If a scammer has access to any of your online accounts, change the password, and if the password is used for multiple things, change all passwords. 

You can report scams and fraud to the Federal Trade Commission HERE.