By Katta Mapes, Realtor® SRES, CPRES
The Walter Team at Diamondback Real Estate will rattle the market FOR you
but will never bite!
Did you know that one out of every ten seniors falls victim to identity theft each year? It’s shocking but true. In 2023 alone, older Americans lost an astounding $3.4 billion due to fraud schemes. This figure represents nearly an 11% increase from the previous year, and the problem is only getting worse.
A major reason behind this disturbing trend is that around 68% of elder fraud cases originate from personal information leaked online. It’s crucial for seniors and their loved ones to understand which scams are most prevalent and how to protect themselves.
The Rise of Elder Fraud
From January to May of this year, reported elder fraud losses reached $1.6 billion, marking an increase of nearly $300 million compared to the same period last year. So why are criminals specifically targeting older adults? One significant factor is financial. Many seniors have accumulated a larger nest egg or real estate, making them appealing targets for crooks.
Moreover, older adults are often less likely to report fraud, which can lead to more victims. For every reported case of elder fraud, it’s estimated that as many as 44 cases go unreported. Many seniors feel embarrassed or ashamed after being scammed. If they do want to take action, they might not even know where to go to report it, making it easy for these scams to continue unchecked.
The Most Common Scams
According to reports from the FBI, the following fraud schemes are the most prevalent among seniors:
1. Tech Support Scams: Here, fraudsters pretend to be tech support agents, tricking victims into sharing personal information or paying for fake services.
2. Data Breaches: This involves sensitive information, like passwords and Social Security numbers, being sold on the Dark Web.
3. Romance Scams: In these situations, scammers build romantic connections with their victims, manipulating their emotions to extract money.
4. Investment Scams: Victims are led to believe they can earn high returns on investments, whether in cryptocurrency or real estate, but often end up losing it all.
5. Non-Payment/Non-Delivery Scams: Seniors might purchase something online, only to receive a cheap imitation or nothing at all.
6. Government Impersonation Scams: Scammers pretend to be officials, like police officers or IRS agents, to intimidate victims into giving them money.
Among these, tech support scams have become the most frequently reported, with about 18,000 victims aged 60 and older documenting incidents to the FBI. Investment scams, however, have caused the most financial damage, with losses reaching an astonishing $1.2 billion.
Staying Safe
So what can you and your loved ones do to protect against these scams? Here are some helpful tips:
- Be wary of unsolicited calls or texts.
- Stay cautious about strangers contacting you on social media.
- Do not share personal information, especially with unknown sources.
- If an offer sounds too good to be true, it probably is.
- Watch out for pressure tactics; legitimate businesses won’t rush you.
- Avoid making payments through unusual methods, such as gift cards or wire transfers.
By staying informed about the latest scams and their tactics, you're already ahead of many fraudsters. Remember, awareness is your best defense. Together, we can help protect ourselves and our loved ones from the growing threat of elder fraud. Make sure to talk about these issues with family members and friends to ensure everyone is aware and prepared.
Note: This blog content is a joint venture with natural and artificial intelligence
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