From the phony salesman to identity theft, older people are often the favored target for fraudsters. If you have elderly people in your family or circle, you need to do everything you can to protect them.
In the following infographic from Bluebird Care, learn about eight scams that typically prey on older people.
8 Scams That Prey on Older People and How to Avoid Them
From phony salesmen to identity theft, older people are favored targets for fraudsters.
Protect those at risk – parents, grandparents, neighbors – by offering them sound advice for dealing with scams.
Easy Targets
- Research shows that as WE GET OLDER our judgment deteriorates, making us more likely to fall victim to fraud.
- 60 is the age at which our brain begins to deteriorate – making us more trusting.
- PEOPLE OVER 60 are twice as likely to believe something even when the information is misleading.
- 2/3 of victims are over the age of 56.
- 40% of adults are worried their parents will be victims of scammers.
- But only 1 IN 5 warn them about the different types of scams.
The Scams
Here are some popular scams that target older people – protect them and their finances with these smart tips.
1. The Cold Call
They are called by someone posing as an official company representative requesting credit card details, PIN or personal information.
160% – Month on month increase in reported ‘vishing’ attacks between 2012-2014.
Tips
- Make sure they never give PIN or password information to people over the phone.
- Help them block unwanted calls through their phone provider.
2. The Door to Door Imposter
A bogus sales person, charity collector or company official tries to persuade them to part with money or gain access to their home.
Victims of doorstep scams suffer a more rapid decline in health than non-victims of the same age.
Tips
- Advise them to keep the chain on the front door at all times.
- Get them to ask anyone at the door for their employee ID.
3. The Online Shopping Fraud
They have their bank details stolen or are sent faulty items after buying something from an illegitimate online company.
$300 USD – The average amount that most people lose on a fake purchase.
Tips
- Show them how to check the website link is genuine by hovering the mouse over it and making sure it matches the hyperlink.
- Tell them to pay for items over $150 USD by credit card as they can claim the money back.
4. The False Investment Scheme
They are offered a holiday home or shares with a professional website with no solid proof of the product’s existence.
$30,000 – The average loss of savings for each investor.
Tips
- LIMITED TIME OFFER – Tell them not to feel pressurized to hand over any money hastily just because they’re told it’s a great opportunity.
- Make sure they talk to you or other friends and family first to get a second opinion.
5. The Online Dating Dupe
They get involved in a new online relationship and are asked for money under false pretenses.
63% of online dating fraud victims are female.
Tips
- Advise them not to give their credit card details to anyone they don’t know.
- Ask them if you can check the profile. Block it if you think they’re a fake or untrustworthy.
6. The Junk Mail Prize
They receive direct mail with the promise of a prize, reward, or bad luck if they don’t pay.
More than $82bn has been lost to date on Nigerian prize draw and investment scams.
The most popular include:
- Lotteries and prize draws
- Clairvoyants
- Pyramid schemes
Tips
- Tell them to put the letters straight in the bin.
- Opt out of being on the edited electoral register.
7. The Lottery Winning
On supposedly winning a prize, the company demands a service fee from them to release the reward.
70,000 – The estimated number of people worldwide who’ve lost money through lottery scams.
Tips
- Make sure they don’t reveal any personal details or hand over money.
- Help them check its or credibility by looking for spelling mistakes grammatical errors.
8. The Stolen Identity
They have their personal details stolen and credit cards and loans taken out in their name.
45% of confirmed fraud cases in 2014 were attempted identity thefts.
8 out of 10 people throw personal information in the bin.
Tips
- If they think their bank cards are being used by someone else, help them report it to the police.
- Get them to invest in a shredder to safely dispose of personal documents.
Look after the older people in your life. With the right advice, they needn’t fall victim to these all too common scams.