Scammers aren't picky about the age of their victims if they think they can successfully defraud someone. In fact, the height of the COVID-19 pandemic BBB found young adults became the most targeted victims thanks to a surge in online retail scams. But there are certain tactics con artists still use specifically to target older adults.
Education is the best protection against fraud, and with Aug. 21 serving as National Senior Citizen Day, this is a perfect time to be sure that older Americans are aware of the types of schemes that could target them.
Know the red flags and be sure to take steps to protect yourself:
Watch for phone fraud. The Federal Trade Commission reports fraudulent telemarketers often direct their calls at older adults. Common frauds typically involve someone claiming to be with a government agency or posing as a bank employee. They may sound friendly and courteous or aggressive and threatening. They may even have a caller ID to match their claims.
However, caller IDs can be easily spoofed and government agencies DON'T make unsolicited calls. BBB encourages consumers to be extremely cautious when dealing with unsolicited callers. You should never feel pressured to take an action or give out personal information to a bank or agency. When in doubt, hang up the phone and call the official source at a number you have confirmed to be theirs to verify unexpected or unusual claims.
Overall, it's best to not answer at all when you don't recognize a caller's number. If it's important, they will leave a message. In addition to increasing the risk of getting tricked into sharing personal information, spammers will sell contact information for individuals who answer calls, resulting in more unsolicited calls.
Call claiming to be your grandchild? Might be an emergency scam. Older adults are targets of emergency scams and other ploys. This trick begins with a phone call from someone posing as a grandchild, niece or nephew, or other young family member. Newer technologies may even cause the caller to sound just like your relative.
Scammers research victims using social media and often know family names, travel plans, and other details. The phony grandchild will claim to be out of town and in an emergency -- anything from a car accident to wrongful arrest. The scam artist will urge you to send money ASAP and to not tell Mom or Dad.
Too good to be true claims. Most scammers use common tactics to get your money or personal information. Keep an eye out for the following too-good-to-be-true claims:
› "Free," "low cost," or "buy one, get one" deal
› Request for unusual payment types (i.e., prepaid debit cards or wired funds)
› Claims that you only pay postage or administrative fees to get an item or service
› Pressure to act now and/or aggressive tones
› Deals that must be secured with a credit card or bank account information
› Sure-fire investment opportunities
› Charities that send 100% of your donation directly to the victims
Avoid door-to-door contractors by finding trustworthy, licensed contractors. Older adults often need extra help around the house and may hire someone to complete a renovation project and landscape work. However, never hire someone who just shows up at the door and don't let them in or around your home for an inspection. Instead, if you need repair work, use BBB.org to search for BBB accredited businesses and ask friends and family for recommendations. Research the companies, keeping a close eye on past reviews or complaints. Always make sure the contractor or company is properly licensed and never pay in full up front. Be wary also of someone who says they've spotted issues on your property that need repair. They may have caused the issue to begin with as a ploy to get your business.
Watch out for Medicare fraud. Medicare fraud has cost the American public more than $6 billion, and a large part of that is fraud around "durable medical equipment," such as knee braces or walkers. By making repeated calls, scammers push Medicare recipients into taking "free" medical equipment. They then bill Medicare for it. By law, no one can make unsolicited calls to consumers about durable medical equipment. If you get such a call, just hang up.
Also, be wary of anyone claiming to be with Medicare. A scammer may do this to trick you into sharing your Medicare account information and other personal information -- even your Social Security number.
Do your research before making an investment. Investment cons often target older adults because of their greater financial resources. Confusion about how cryptocurrency works is making investment scams involving this digital currency especially more likely. They frequently prey through religious organizations or other places where members trust each other. Even if you are a savvy investor, you can still fall victim to this scam.
Think before you click. Older adults may be less comfortable with technology making them more vulnerable to phishing schemes and hacking. Links found in unsolicited emails or messages on social media can be especially dangerous. They may look like they lead to an official website, but they will download malware onto your computer that gives scammers access to your sensitive information. Protect yourself by only clicking on links that come from people you know and trust and by keeping your antivirus software up to date.
Be on guard for "sweetheart" swindles. Older adults who are widowed or divorced are frequent targets of romance scams, and these schemes can often take months to develop. If you meet someone online who shows romantic interest in you, don't be too quick to trust them. Con artists can create compelling backstories and then trick you into falling for someone who doesn't even exist. A common romance scam involves charming the victim and then asking for money for medical expenses, family concerns, or other reasons that pull at the heartstrings. Once the con artist receives the funds, they disappear for good.
Reach out to someone you trust. Scammers want victims to feel isolated. Don't hesitate to contact a friend, family member, or organization you trust for advice. A second opinion can greatly reduce your risk.
Take time to research your purchases. Scammers often make unsolicited offers to older adults for medical supplies, anti-aging products, and vitamins and supplements. They might contact you over the phone, as a door-to-door salesperson, or via online messages. They make incredible offers with the goal of getting their hands on your personal information or money. Before you agree to purchase the next "miracle product" that comes your way, take a few minutes to research the company to make sure their products and offers are legitimate. Watch out for "free" trial offers that could result in large, unexpected charges.
Guard your personal information carefully. Never share your personal information with a stranger on the phone, in an email, on a social media network, or anywhere else. Keep careful records of your transactions by reviewing your bank and credit card statements regularly. Check them for accuracy and then shred any documents that include personal information before throwing them away.
BBB offers expanded tips on many of these types of frauds at bbb.org/news and bbb.org/avoidscams. If you or a loved one has been the victim of a fraud, please report it at BBB.org/ScamTracker. You can also use this site to read about schemes that others have reported in our area and throughout North America.
Michele Mason is president of the Better Business Bureau in Chattanooga.