The online world has the potential to be a delightful space, however, it is also filled with scammers who prey on vulnerable individuals.

As we age, we become more vulnerable to digital fraud. This is advantageous for scammers, as they view older populations as easy targets with potentially large sums of money to steal. Seniors are increasingly targeted due to the belief that they may have less knowledge about digital safety and may not recognize the warning signs of a scam. According to the FBI’s report cybercrime losses from individuals over the age of 60 amounted to $3.1 billion and 88,262 incidents. These figures showed an 82% increase from the previous year, but it is likely that many more cases went unreported. If you have retired and do not have any other source of income, being a victim of these scams can have a severe impact on your financial stability. Therefore, if you are a senior citizen or a family member who is worried, please continue reading.

Beware of These 10 Fraudulent Schemes

The internet has the potential to be a fantastic platform, but it is also filled with malicious individuals who aim to gain access to your personal data and funds. Here are a few of the most prevalent tactics used:

1. Phishing

Phishing is a type of fraudulent activity that involves tricking individuals into revealing personal information, such as passwords or credit card numbers.

One of the biggest issues plaguing the modern internet is phishing, which can pose a serious threat. Phishing can occur through unsolicited emails, phone calls, or social media messages, where the scammer pretends to be a legitimate source and asks for personal information like login details. Clicking on a link or opening an attachment could allow the scammer to take over your accounts, while downloading malware through these actions could result in the theft of more data or the locking of your computer.

2. Deception in romantic relationships

According to the FBI, fraudsters generated $734 billion in profits through romance scams. These scammers use dating sites to create fake profiles and establish relationships with vulnerable individuals, with the intention of deceiving them into giving them money. They often claim to need funds for medical expenses or to visit their loved one, but will always find an excuse to avoid video calls or in-person meetings.

3. Healthcare Coverage for Seniors

The individual posing as a Medicare agent attempts to obtain sensitive personal and medical details that can be later sold for the purpose of perpetrating health insurance fraud. This deceitful act can be carried out through various means such as email, telephone, or face-to-face interactions.

4. Technical assistance

A well-known scam that is conducted over the phone involves the impersonation of a reputable organization, such as a technology company or telecommunications provider. The scammer will claim that there is a problem with your computer and may contact you unexpectedly or prompt you to call a supposed “helpline” after a harmless but concerning pop-up appears on your screen. The fraudster may deceive you into granting them access to your computer, and then attempt to exploit you by convincing you to purchase unnecessary “protection” or “upgrades” for your device, or by stealing your financial information.

5. Fraud in online shopping

In order to deceive innocent users, scammers will set up online stores that appear to be legitimate. They will then lure people to visit these stores through various methods such as phishing emails, unsolicited texts, or messages on social media. These fraudulent stores often advertise extremely discounted prices. However, the items being sold are usually either fake, stolen, or completely non-existent. The true intention behind these stores is to obtain your credit card information.

6. Automated Calls

Robocalls use automated technology to make a large number of nuisance calls simultaneously. These calls may include a pre-recorded message offering free or heavily discounted items, or they may use scare tactics, such as claiming the recipient is facing a lawsuit. If the recipient responds, the scammers will attempt to gather personal and financial information.

7. Impersonation by the Government

Similar to tech support scams, these fraudulent activities are commonly carried out by call centers located in south Asia. The total losses due to these scams reached a staggering amount of $1 billion. In this particular scheme, the swindler will make a phone call pretending to be a representative from the IRS, Medicare, or any other government agency, and will demand payment for unpaid taxes or other dues. They will use aggressive tactics to warn the victim that failure to comply could result in arrest or other severe consequences.

8. Deception in Lottery Schemes

A scammer will contact you unexpectedly, stating that you have won a lottery. They will ask you to pay a small processing fee or tax in order to receive your winnings. However, there is no actual prize and your money will simply disappear.

9. Scam Targeting Grandparents

Receiving an unexpected call, a con artist poses as a family member in trouble. The typical approach is to ask “Hi Grandma, do you recognize my voice?” and then continue with a fabricated story to convince you to give them money. Usually, they will ask for a money transfer, gift cards, or payment through a cash app. They may also urge you to keep this exchange confidential. In some variations, the scammer may pretend to be a police officer, doctor, or lawyer aiding your grandchild. With advancements in AI technology, known as deepfakes, they may even imitate your grandchild’s voice more accurately in what is referred to as “virtual kidnapping scams.”

10. Deceptive Investment Schemes

Cybercriminals are expected to generate the most income, with a staggering $3.3 billion, through get-rich-quick schemes that promise high returns with low risk, primarily through investments in cryptocurrency. However, these schemes are often built on an unstable foundation.

Tips for Ensuring Your Safety

The methods used by scammers may vary, but the recommended precautions remain largely unchanged. Keep the following in mind to protect yourself:

It is often true that when an offer seems too good, it is not genuine.

Be suspicious of any unexpected contact. If you choose to respond, do not reply directly to the message. Instead, research the organization and contact them separately via phone or email to verify.

Remain composed, even if pressured on the phone. And refrain from sharing any personal details.

• Do not rely on Caller ID as it can be manipulated.
• Utilize multi-factor authentication for your accounts to decrease the risk of someone accessing your login information.
• Avoid sending money through wire transfer, payment applications, gift cards, or cryptocurrency, as there is no way to retrieve it in case of fraud.
• Be cautious of clicking on links or opening attachments in emails, texts, or social media messages.

Steps to take if you have fallen victim to a scam

If you suspect that you have fallen victim to a scam, it is important to take the following steps to protect yourself and others:

• Contact the Local Authorities and Infoguard Cyber Security:

Report the incident to the local authorities and seek assistance from Infoguard Cyber Security, a leading provider of cybersecurity services in the USA. They can help you assess the extent of the scam and provide guidance on mitigating the impact.

• Notify Your Bank and Change Passwords:

Contact your bank immediately if your financial information was compromised. It is also advisable to change your passwords, especially if you have shared them with the potential scammer.

• Reach out and Report to the FTC:

If necessary, to report the incident to the Federal Trade Commission (FTC) through their online platform for fraud reports.

• Educate and Protect Older Family Members:

Have a conversation with older family members about common scams and the importance of cybersecurity.

It is crucial to be proactive in addressing scams and spreading awareness to protect ourselves and our loved ones from falling victim to such fraudulent activities. Let us empower each other to stay informed and secure against cyber threats.