Older adults are often targeted for financial exploitation due to their income and accumulated life-long savings, in addition to the possibility that they may face declining cognitive or physical abilities, isolation from family and friends, lack of familiarity or comfort with technology, and reliance on others for their physical well-being, financial management, and social interaction.
Common types of elder exploitation scams include:
• Romance scam – These scammers will assume a fake identity and reach out online through a dating app or social media. They build rapport with you, sharing fictional details about their situation and asking questions about your life. They pretend to share common interests to further build trust. At some point, they will ask for money for some type of crisis like a health emergency.
• Tech support scam – These scammers pull in people with deceptive phone calls, emails, text messages, or online pop-up windows. They tell you there’s a security flaw or some sort of problem with your computer and offer to help fix it. Then, they ask you to send them personal information, payments, or grant them remote access to your computer.
• Grandparent scam – These scammers take a more personal approach and pose as your grandchildren or other family members. They call and ask for financial assistance to get out of dire situations such as legal trouble. They research their targets, so they’re able to use family names and personal information to earn your trust.
• Government impersonation scam – These scammers may pretend to represent government agencies such as Medicare, the IRS, or the Social Security Administration (SSA). They reach out via phone calls, emails, or text messages that claim you owe the government money or need to offer personal information. They use threats of fines or jail time to compel you to take immediate action.
• Fake prize scam – These scammers contact you and claim that you’ve won a prize in a contest or lottery. They ask you to provide personal information or send money to cover the cost of “shipping.” They may send you a fake check and request that you send the funds back to them.
• Home repair scam – These scammers come to your home or call to offer repair services, such as new window installation or a bathroom renovation. They ask for upfront payment or try to lure you into signing a loan that’s part of the scam. Once they’ve secured payment, they leave without actually doing any work.
• Investment scam – These scammers offer to help you make money through real estate investment seminars and coaching programs. They pitch that you can make a fortune by using their “proven and risk-free” strategies. They use fake testimonials and reviews to earn your trust. Their phony offers will require you to make some kind of investment.
• Caregiver financial scam – These scammers are trusted family members or caregivers who find ways to financially exploit older adults. They might take cash directly from your purse or ask you for money to cover fictional expenses.
The Federal Trade Commission (FTC) accepts complaints about most scams, including these common elder exploitation scams. Report the scam to the FTC online, or by phone at 1-877-382-4357.
