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Financial scams that target the elderly

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The technology revolution has resulted in major changes to our world in a relatively short time. For older adults, the constant technological changes have left many confused about who to trust and what to believe.

Sadly, there are many people out there who take advantage of the elderly population for their own profit. Financial scams against the older population continue to rise.

Recent data on financial scams against the older population

According to the National Council on Aging, in 2021, there were over 92,000 elderly fraud victims. These scams cost this vulnerable population over $1.7 billion.

There are many different types of scams older adults should be aware of. Robocall scams involve a caller asking if the victim can hear them. When the victim says “yes” the caller records the voice and hangs up.

The caller can now use the victim’s voice as a signature for making unauthorized purchases in their name. Other types of scams involve calls saying that the victim must make immediate payment for things like an expired warranty or unpaid taxes.

Why the elderly are such attractive victims

One reason scammers target the elderly is they believe the elderly have a lot of money. It is true that many older individuals are more financially well off than their younger counterparts.

With money to invest, an older individual may be lured by someone promising them a great deal on an investment involving a low risk with a high reward or allow someone to invest their money on their behalf, with the person then engaging in illegal activities with the money.

Scams can involve cryptocurrency

The introduction of cryptocurrency has heightened the potential for the elderly population to fall victim to investment scams. Cryptocurrency is digital money or assets an older individual may be unfamiliar with.

You have legal rights and protections if you or an older loved one is a victim of financial fraud. Having a knowledgeable and experienced professional on your side to explain your options is essential.