Top 10 Frauds Perpetrated on The Elderly
Frauds committed on the elderly are wide ranging. From small-time scams to large-scale criminal organization schemes, our senior population is among the most vulnerable.
Here are the top crimes currently being committed on seniors
- The Government Imposter Scam: A Fraudster calls, pretending to be from the IRS, Social Security Admin or Medicare. They either ask for immediate payment or PII to further a fraud.
- Tech Support Scam: Preying on a lack of computer knowledge, fraudsters contact a victim to obtain remote computer access. They then offer to “fix” the computer for a fee or gift cards.
- Lottery and Sweepstakes Frauds: Scammers inform the victim they’ve won a prize or cash. However, the victim must pay a fee to unlock the prize.
- Romance Scams: Fraudsters create fake online profiles to con victims into a remote romantic relationship. Then, once on the hook, they request money for “emergencies.”
- Robocalls/Phone Frauds: Criminals use a wide variety of phone scams. From robocall “warranty expiration” to “can you hear me” scams, they’re all designed to defraud the elderly.
- 5. Charitable Donation Scams: Scammers prey on the goodwill of the elderly by pretending to be a legitimate charity, often capitalizing on events in the news.
- Grandparent Scams: Fraudsters pretend to be a grandchild who is experiencing an emergency. They ask for immediate funds to help them out.
- Email and Internet Fraud: These frauds involve phishing scams via email, fake antivirus popups with expensive “solutions” or malware that scrapes the data from a victim’s computer.
- Medicare/Insurance Scams: Perpetrators pose as Medicare or Insurance reps to illicit PII form the victim, then use the PII to bill Medicare for fake services.
- Elder Abuse Fraud: Often carried out by a friend or family member, this fraud is perhaps the costliest. Scammers take control of bank accounts, credit cards, assets, real-estate, and wills.
The $36.5 Billion Problem
According to the National Council on Aging, financial exploitation of the elderly, or elder abuse fraud, costs as much as $36.5 billion a year. The problem is wide ranging and growing.
Now, for every dollar in fraud, financial institutions incur $4 in costs. Your institution must protect itself and your senior clients from elder abuse fraud.
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