Seniors are increasingly becoming targets of scammers with a dangerous new scam that has authorities on alert.
A recent study reveals that over half of seniors surveyed have encountered a scam, with more than a third falling victim. Nearly three-quarters reported knowing other seniors who have been scammed.
“The rise in scams in America can be attributed to modern technology,” the study states. “Senior citizens are particularly vulnerable, especially to internet crimes.”
Phishing is the most common scam encountered, with nine out of ten seniors receiving suspicious emails. While 83% are able to identify suspicious email links, 44% admit to clicking on them in the past.
Seniors and Financial Scams
According to the FBI’s Internet Crime Report, Americans aged 60 and older filed 101,068 internet crime complaints in 2023, resulting in $3.4 billion in financial losses.
In the same year, the FBI’s Internet Complaint Center received a record 88,418 complaints, totaling over $12.5 billion in losses. This marks a 10% increase in complaints and a 22% increase in losses from the previous year.
Top Scams to Watch Out For
The FBI’s 2023 Elder Fraud report lists the top scams as personal data breaches, romance scams, investment scams, and more. Tech support scams were the most reported in 2023, with investment-related scams being the costliest.
Stay informed! Join Senior Planet’s Webinar on Protecting Your Personal Information online on June 17. Registration details available here.
Emerging Threat of Voice Cloning Scams
New AI technology scams utilizing voice cloning pose a serious threat. Scammers can replicate voices of loved ones using this technology. The U.S. Senate Special Committee on Aging has testimonials of victims targeted by these scams on its website.
The FTC warns of the risks posed by voice cloning technology and has initiated The Voice Cloning Challenge, offering cash prizes for solutions to combat these scams.
Stay tuned for Senior Planet’s upcoming lecture on disinformation and AI, focusing on voice impersonators and deepfakes.
Common Senior Scams
Scams targeting seniors often exploit trust, financial stability, and limited tech knowledge. Examples include the grandparent scam, government imposters, investment schemes, robocalls, phishing, and more.
Recognizing Scam Signals
Ramzan advises vigilance, particularly when unexpected assistance is offered. Avoid sharing personal information with unknown individuals or responding to unsolicited messages.
Seniors can protect themselves by ignoring suspicious emails, monitoring finances regularly, and refraining from sharing personal details online. Signing up for credit monitoring and identity theft protection services is also recommended.
In case of falling victim to a scam, contact the National Elder Fraud Hotline, Victim Connect Resource Center, Legal Services Corporation, or file a complaint with the FBI Internet Crime Complaint Center.
Share Your Stories
If you have thwarted a scam attempt, share your experience in the comments!
Author: Rodney A. Brooks is an acclaimed journalist and author with a focus on financial matters. His work appears in various publications, and he has testified before the U.S. Senate Special Committee on Aging. Check out his latest book on the socio-economic impact of the Freedman’s Bank on Black America.
*Disclaimer: Use financial advice at your own discretion. Seniorplanet.org makes no guarantees of success.
