What are some of the most common scams targeting older Americans?
Scams often involve impersonation of an institution or government agency like the IRS, Medicare, or Social Security. Fake technical support scammers contact you with claims of a breach at your bank or financial institution.
A good friend and client is in his mid-60s, is a single Notre Dame graduate, and is a retired university English professor. He talked incessantly about his gorgeous, accomplished girlfriend. She has sent him photos, but he had never met her in person, nor via video chat.
Fast forward to earlier this year. They are no longer an item. He reluctantly admitted that she was attempting to scam him. He did send her about $1,200 to help get her 9-year-old daughter into a music school. When she hit him up about 10 times so she could move, he figured it out and cut the ties. From what we pieced together, this was an AI-assisted romance scam.
How should families react to all the recent headlines about system vulnerabilities?
A security breach at an institution doesn’t automatically mean that your accounts have been hacked. However, it does mean it’s time to change your login credentials.
Set up account notifications for withdrawals, transfers, password changes, and anything to do with your accounts. Never respond to an unsolicited email from a site or financial institution with which you do business. Don’t call the number provided in the communication or click the provided link. Take the time to log into a verifiable site and call a verifiable number with questions.
What are ways in which you work to make people more cautious about scams?
Communication and education are critical. I have open conversations about financial fraud, anonymously citing actual situations where a scammer attempted to separate them from their money. Recounting others’ experiences seems to really drive the point home. We also insist that all clients designate a trusted contact we can reach if we notice unusual activity or have concerns about possible financial exploitation.
Removing the stigma that they are “stupid” if they are scammed is paramount. Many victims are embarrassed to admit they’ve been deceived, and that embarrassment can prevent them from seeking help.
