What you can do to protect yourself and elderly relatives
Cybercrimes are on the rise, but there are many steps you can take to protect yourself and your older loved ones. Sitting down with your loved ones and going over strategies to protect themselves online can go a long way.
For starters, remind them before sending money online to always double-check the recipient’s information. Contact them to confirm that important details, like their address, phone number and bank account information are correct.
Strengthening your online privacy and safety settings is also critical. For example, limiting who can send Facebook messages to your or your family member’s inbox could help keep scammers out.
Emphasize that it's crucial to report suspicious activity, like requests from strangers to share your personal or financial information. If someone shares a suspicious link with you, don’t click it. Instead, report the message and block their profile.
If you think you or your loved one has become a victim of a scam, file a report with the Federal Trade Commission (FTC) at FTC.gov. Note that victims who are at least 60 years old and need help filing a report can contact the National Elder Fraud Hotline at 1-833-372-8311.
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Find the best rate for youMost common scams targeting seniors
While cybercrime is on the rise, the ways online thieves target older adults and trick them into giving them money are becoming increasingly varied and sophisticated.
The gift card scam is one of the most common ways scammers steal money from older Americans. Often, a thief will send you a text or social media message impersonating a tech company or government organization, saying that you owe them money and that something bad will happen if you don't immediately pay them with a gift card.
However, when you send the scammer the barcode number and pin on the back of the gift card, they take the money and run. To avoid this scam, remember that no legitimate organization will ask you or your elderly relative to pay them in gift cards.
Another method thieves use to steal money from older people is the grandparent scam. It happens when someone calls you impersonating your grandchild. Older adults may get an unexpected call from someone impersonating their grandchild, saying they’re in danger or trouble and need you to send money to help them. One sign that this is a scam includes a person asking for payment in gift cards or crypto.
Older Americans should also watch out for Medicare scams, which often involve someone pretending to be a Medicare representative to steal your personal information. To guard against this scam, Medicare.gov recommends only giving your Medicare number and other personal info to trusted people, like your doctor or insurer.
Older adults lost around $1.9 billion due to fraud in 2023, according to the most recent data from the FTC. It’s important to arm your loved ones with the information they need to prevent them from becoming a statistic.
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