Americans aged 60 and over lost greater than $3 billion to scammers in 2023, in keeping with the FBI.
To put this massive number into context, Taylor Swift’s Eras Tour recently made headlines as first concert tour ever to gross $1 billion.
As a geriatrician – a health care provider who cares for people over 65 years of age – I consider the fraud against older people has epidemic proportions. My patients often tell me that they’ve been deceived.
The consequences will be worse than simply losing money. The experience is traumatic for a lot of, with some victims feel deep shame and, in consequence, self-doubt. This can affect their relationships, undermine their trust in others, and harm their mental and physical health.
Teaching older Americans how one can recognize and avoid fraud – and how one can report such crimes – could help mitigate the impact of this contemporary epidemic.
Fraud against the elderly is increasing
A current FBI report shows how widespread fraud against the elderly is. In 2023, Americans over 60 filed 14% more complaints with the FBI Cybercrime Complaints Centeror IC3 than within the previous yr. Estimated financial losses increased by about 11% over the identical period.
These numbers, as grim as they’re, represent just the tip of the iceberg. For one thing, only about half of the cybercrime reports reported to the FBI included information concerning the victim's age—meaning reported cases of elder fraud are underreported.
In addition, these figures don’t consider the various scams that happen over the phone, by mail or in person. And many scam victims never report their experiences – actually because They are embarrassed, afraid or don't know what to do.
While People of all ages Older persons are particularly liable to becoming victims of fraud.
The FBI has identified that older adults are sometimes targeted because they are likely to be more trusting and polite. She often have financial savings, Homes And have a great credit standing – all of this makes them more attractive to fraudsters.
Older people might also be less comfortable with recent technologies, putting them in danger. Consider that somebody who’s 85 years old could have retired in 2004 – three years before Apple introduced the iPhoneWhile many types of technology have permeated our personal lives, many individuals receive mandatory training within the workplace – for instance, on how one can avoid online fraud.
The wide world of fraud
In 2023 Technical support scam were essentially the most commonly reported variety of fraud against the elderly. Other common scams are Love scam, Online shopping fraud And Investment fraudWhile fraud is most typical within the technology sector, investment fraud is the most costly. Almost half of all reported losses of those over 60 years of age last yr.
Fraudulent call centers are also known to focus on older adults. Such scams consist of 40% of reported cases of fraud against the elderly in 2023, in keeping with the FBI, which suggests at the very least $770 million in losses. Many are using recent technologies similar to artificial intelligence to deceive people more effectively with Fraud with voice clones or “Deepfake” videos.
Call center scammers tell all types of lies. In 2022, greater than 600 people reported being victims of a single timeshare-related scam. They lost nearly $40 million together. And within the second half of 2023, scammers posing as government officials and technical support staff urged victims to liquidate their assets or buy precious metals – reported losses amounted to over $55 million.
Combating a fraud epidemic
As with any epidemic, “infection control measures” can assist us contain the spread. Just as vaccines create immunity against viruses, prevention measures can assist people strengthen their defenses to avoid scams. The most vital tool for fraud prevention is learning how one can spot potential scams prematurely. Here are some FBI-approved tricks to show you how to just do that:
• If you think there may be an instantaneous danger to yourself or a loved one, call the police immediately.
• Be wary of unsolicited telephone calls, mail, and door-to-door service offers.
• Do not click on unwanted links that you just receive via email or text message – even when they seem like from people you already know. And never open an email attachment from someone you have no idea.
• If you’ve got any doubts a few person or company, search online for his or her name, email, phone number and addresses, in addition to details of the offers they provide. These days, most legitimate firms have some level of online presence. And whether it is a scam, you could find other have already passed on information about it.
• Never give or send anything to unverified people or firms, including personal information, money, jewelry, gift cards, checks, or wire transfer information.
• Make sure your computer's anti-virus, security software and malware protection are up so far.
• Malicious actors can use pop-ups to spread malware. If you see a pop-up message, disconnect from the Internet and shut down your device. You can enable pop-up blockers to stop you from by accident clicking on a message.
• Do not give anyone you have no idea distant access to “fix” your computer or other electronic devices. This could give them access to non-public information, including details of your bank accounts.
• If you might be asked to misinform your bank about why you’ll want to transfer money or make a withdrawal, it might be a scam. A good company may even not insist that you just keep secrets from family or friends.
• Resist the pressure to act quickly. This is a vital point: scammers often create a false sense of urgency. A good company will make you rethink your financial decisions.
• And most significantly, trust your instincts.
What to do in the event you think you’ve got fallen victim to a scam?
Despite your best efforts, you could fall for a scammer. If that happens, know that you just are usually not alone – and that you may get better. Here are some tips about how one can take care of the aftermath:
• If a criminal gains access to your device or account, take steps to guard your identity. If a bank is involved, contact your financial institution immediately to guard your accounts and monitor your accounts and private information for suspicious activity.
• Contact Your local FBI field officeor, if the crime was committed via the Internet, Submit your tip online.
• When reporting a scam, provide as many details as possible. This may include names, contact information, communication methods, telephone numbers, email and postal addresses, and web sites utilized by the perpetrator.
• Also note the payment methods you used to transfer money – including wire transfers and prepaid cards – and account numbers. Describe your interactions with the scammer and any instructions you received.
• Keep original documents, emails, faxes and communication logs wherever possible.
• Falling for a scam will be scary and stressful. Talk to people you already know and trust to support you during this difficult time. Some support groups are the AARP Fraud Watch Network and that Cybercrime Support Network Peer Support Program.
• If your emotional response is overwhelming, you must talk over with a counselor, therapist or your medical team.
If you or someone you like falls for a scam, you are usually not alone. Not even law enforcement professionals are immune. At the age of 90, former FBI Director William Webster fell victim to a scam – an experience he courageously shared with the world.
I encourage my patients to not be too ashamed to inform what happened. Talking about these experiences is a vital step within the fight against this epidemic.
image credit : theconversation.com