RL124 - Six Common Scams Against Seniors
Today the Retirement Lifestyle Show focuses on financial abuse of older people , including scams by con artists representing themselves as everything from government representatives to tech support, home energy auditors, distressed grandchildren, and even new romantic interests.
For more links and the full show notes keep scrolling down!
Roshan Loungani can be reached at roshan.loungani@aretewealth.com or at 202-536-4468.
Erik Olson can be reached at erik.olson@aretewealth.com or 815-940-4652.
Adrian Nicholson can be reached at adrian.nicholson@aretewealth.com or at 703-915-8905.
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Full Show Notes:
Capitalizing on Technology and Advancements
In a world where technology continues to rapidly develop, many senior citizens are often targeted by scammers due to their vulnerability to adapt to the advances. Oftentimes, scammers would utilize technology to phish information online via ads and pop-ups indicating that their accounts have been compromised and these infiltrators would project themselves as trustworthy agents that can help but in reality gain access to your phone and laptop to retrieve the data off the victim’s accounts. In other cases, scammers would also present themselves as home-improvement installers offering ways to make the lives of senior citizens adaptable by installing new tech in their homes through sales or allegedly good deals and requesting for down payments and advances.
Targeted Through Emotions and Loved Ones
Another prominent method scammers use is through emotional manipulation. They would often present themselves to senior citizens as a relative in need of help or a potential love interest trying to earn access to senior citizen’s assets. In one method, scammers would often play on their victim’s emotions by imposing a great sense of urgency to get assistance or resources from them, pretending to be a grandchild or relative who got into an accident or went to jail and will need money for bail. Other suspects would take great lengths of time to build a relationship with their victims and try to gain their trust in order to infiltrate their accounts.
Imposing Bureaucratic Fear
Since many senior citizens are traditional or law-abiding, scammers are capitalizing on this trait by pretending to be government agents requesting access or verification to their assets. These suspects, especially during tax season, would invoke scenarios that their victim’s account was compromised or have suspicious activities, and in order for the agency to help, they need to transfer all of their assets to a certain gift card to be sent to the alleged government agent.
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