Common Scams Older Adults Should Look Out For
Here are some tips and tricks on how to identify an online scam.
This week, I want to share a personal experience to highlight the importance of staying vigilant against fraud, especially for older adults.
Last Saturday morning, I received a call from Chase Bank. They were following up on a credit card application that, to my surprise, I hadn't made. Someone had stolen my personal information and applied for a Chase credit card. Thankfully, they flagged it because they entered my old address and opened an investigation.
Chase advised me to report the incident to the Consumer Financial Protection Bureau, which I did online. It was an easy process and they provided information to prevent further issues. I then discovered this week the leak was from my doctor’s office, which had been hacked a few months ago, compromising patients' Social Security Numbers and personal information!!
This experience reminded me how crucial it is for all of us, especially older adults, to be aware of various types of fraud and how to protect ourselves. Here are some essential tips and examples of scams targeting older adults today.
Stay safe and vigilant. Until next week, take care!
Cathy Minter
Co-founder and CEO – Wisdom.io
cathy@wisdom.io
1. Phishing Scams
Phishing scams are among the most common and deceptive. These scams often come in the form of emails or text messages that appear to be from legitimate sources, such as banks, government agencies, or popular retailers. They typically ask you to click on a link or provide personal information. For example, you might receive an email that looks like it's from your bank, asking you to verify your account details. Clicking on the link can lead to a fake website designed to steal your information.
Tip: Never click on links or provide personal information in response to unsolicited emails or messages. Always go directly to the official website or contact the organization through a verified phone number.
2. Tech Support Scams
Tech support scams are particularly targeted at older adults who might be less familiar with technology. Scammers pose as technical support representatives from well-known companies like Microsoft or Apple, claiming that your computer is infected with a virus. They then convince you to provide remote access to your computer or to pay for unnecessary software or services.
Tip: Legitimate tech companies will never cold call you to offer support. If you receive such a call, hang up immediately. If you're experiencing technical issues, contact the company directly through their official support channels.
3. Romance Scams
Romance scams exploit the emotional vulnerability of older adults who might be seeking companionship. Scammers create fake profiles on dating sites or social media, building a relationship with the victim over time. Eventually, they fabricate a crisis and ask for money. For instance, they might claim to be stranded overseas and need funds for a plane ticket home.
Tip: Be cautious about sharing personal details with someone you’ve never met in person. Never send money to someone you’ve only met online. If you suspect a romance scam, report it to the dating site or platform.
Fun (or not so fun) fact! The original Ponzi Scheme
Named after Charles Ponzi, who in the early 1920s convinced thousands of New England residents to invest in a complex scheme involving international postal reply coupons. Promising a 50% return in 45 days, Ponzi used money from new investors to pay off earlier investors. The scheme eventually collapsed, and Ponzi was arrested and imprisoned.
Steps to Protect Yourself
Monitor Your Accounts Regularly: Check your bank and credit card statements for any unauthorized transactions.
Secure Your Devices: Install antivirus software on your computer and keep it updated.
Report Suspicious Activity: If you suspect you have been a victim of fraud, report it to your bank or credit card company immediately and consider placing a fraud alert on your credit reports.
Helpful Resources
Consumer Financial Protection Bureau (CFPB): Website | Phone: 1-855-411-2372
Federal Trade Commission (FTC): Website | Phone: 1-877-FTC-HELP (1-877-382-4357)
Identity Theft Resource Center (ITRC): Website | Phone: 1-888-400-5530
Quote of the Day
"An ounce of prevention is worth a pound of cure." - Benjamin Franklin
Ask Puddy
Have you ever experienced or encountered a scam attempt? How did you handle it? Share your stories and tips with us a Puddy@mywisdom.io