Search
  • roshanloungani

Six Common Scams Against Seniors

Updated: Jul 13

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.


For links to your favorite platform like Spotify, iTunes and so on go here:

https://anchor.fm/roshan-a-loungani/episodes/RL124---Six-Common-Scams-Against-Seniors-e1ku7k4


Select episodes, like this one, can be found on YouTube:

https://www.youtube.com/channel/UC0ZZPM3xk6onXNpb1ceAkCg




Follow Us At:

Podcast Website: https://www.retirementlifestyleshow.com https://www.retirewithroshan.com https://youtu.be/hKVzI87v0tA https://twitter.com/RoshanLoungani https://www.linkedin.com/in/roshanloungani/ https://www.facebook.com/retirewithroshan/ https://www.linkedin.com/in/financialerik/ https://www.linkedin.com/in/adrian-nicholson-74b82b13b/ #retirementlifestylepodcast #fire #podcast #FI #Retire #retirewithroshan


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.



Links and Resources:

  1. Scam Alerts: Avoiding and Reporting Scams | (consumer.ftc.gov)

  2. The United States Department of Justice: Financial Exploitation | (justice.gov)

  3. Preventing Elder Financial Abuse: guide for nursing homes and assisted living communities | CFPB | (files.consumerfinance.gov)

  4. United States Senate Special Committee on Aging | Fighting Fraud: Senate Aging Committee Identifies Top 5 Scams targeting Our Nation’s Seniors Since 2015 | (aging.senate.gov)



All opinions expressed by podcast hosts and guests are solely their own. While based on information that they believe is reliable, neither Arete Wealth nor its affiliates warrant its completeness or accuracy, nor do their opinions reflect the opinion of Arete Wealth. This podcast is for general informational purposes only, and should not be regarded as specific advice or recommendations for any individual. Before making any decisions, consult a professional.

15 views0 comments

Recent Posts

See All