Protecting the Elderly from Scams

World Elder Abuse Awareness Day is June 15 and serves as the perfect reminder to help keep the elderly people in our lives safe. Unfortunately, senior citizens are a top target for scammers, and collectively, they lose more than $8 billion dollars a year.

Here are the top three scams that impact Americans ages 60 and older.

Imposter Scams

Fraudsters call pretending to be people the elderly trust. They might pose as the IRS or Social Security claiming benefits will be cut off. Other times, they pretend to be a grandchild in deep trouble begging for urgent cash. They always demand immediate payment and ask to keep it a secret.

Tech Support Fraud

Fake pop-ups appear on computers with a message indicating the computer has a virus. The senior is told to call a number and pay for repairs they do not need.

Investment Scams:

This is the most costly fraud out there. Scammers use social media or fake websites to promise huge, "risk-free" returns on retirement savings, often using cryptocurrency. They push seniors to act fast and wire them money.

Tips for Helping Your Loved Ones

Create a "Safe Word": Set up a secret family password. If someone calls claiming to be a grandchild in jail, tell your loved one to ask for the safe word. If the caller doesn't know it, hang up.

Lock Down Their Phone: Help them turn on "Silence Unknown Callers" in their smartphone settings. This sends numbers not in their contacts straight to voicemail, cutting off random scam calls completely.

Verify First: Teach them to never invest money based on a cold call or online message. Show them how to check real companies using the official SEC EDGAR database first. Also, tell them to NEVER withdraw large sums of cash and hand it over to someone they don’t know well – especially if that person is telling them to keep it a secret from their family members.

By staying close and speaking up, we can protect the people who spent their lives protecting us. Let's make this Elder Abuse Awareness Day count!