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April 15, 2022 • Schneps Media
sponsored by
New York
Protect Yourself From
Scammers Preying on Seniors
Due in part to the COVID-19 pandemic,
financial scams specifically targeting
elderly New Yorkers are on the rise, with
nearly $5 billion stolen from the nation’s
older adults in 2021 alone.
These scams can be emotionally and
economically devastating, with older adults
often unable to regain lost funds and left in
particularly vulnerable positions if they have
medical emergencies or loss of housing.
“With increasing frequency, con artists
are devising new and devious ways to
steal your hard-earned money, including
tax scams, tech-support scams, social media
scams, sweepstakes and lottery scams,
grandparent scams, and many more,” said
Wilson Guzman, Associate State Director of
Community Engagement of AARP New York.
“Your best weapon against fraud is vigilance.
Immediately shred sales and cash-withdrawal
ATM receipts, paid credit card statements
and utility bills, expired warranties,
unsolicited credit card offers, and canceled
checks that are not tax-related. Also, remove
and shred pharmacy labels before tossing
empty prescription bottles.”
Some of the most common financial
scams that target the nation’s elderly population
are government imposter scams, the
grandparent scam, medicare/health insurance
scams, computer tech support scams,
romance scams, sweepstakes and lottery
scams, robocalls and internet and email
fraud.
The most prominent of these scams are
romance and internet scams. Romance
scams target older adults using dating apps
or online services. Romance scammers then
create elaborate fake profiles to lure unsuspected
seniors and exploit them for money.
This type of scam also relies on the scammer
depending on the victim to be too embarrassed
or ashamed to report the scam, and
the scammer can therefore continue to exploit
and rob victims.
Internet scams are also common ways
to con the older adults into unwillingly falling
victim to financial exploitation. Internet
scams rely on the idea that most older
adults generally lack critical online literacy
skills. Internet scammers rely on pop up ads
that simulate virus detection or offer fake
services claiming to rid computers of viruses
for exorbitant fees. Once the individual has
given the scammer their credit or debit card
information, these scammers can drain entire
bank accounts.
“A lot of ID theft happens online,” Guzman
said. “Here are five things you can do to
keep yourself safe: Check your credit report
annually by requesting a free copy at annualcreditreport.
com. Second, establish online
access to your financial accounts to monitor
them regularly and set alerts for activity on
these accounts. Third, enable a 2-factor authentication
process. Fourth, use unique
passwords for every online account. Finally,
use a VPN for public Wi-Fi protection.”
Another scam is related to email use,
dubbed “phishing”. This scam sends emails
or texts that seem legitimate - coming from
a bank, credit card company or an online
store - and ask for personal information like
a social security number for “verification”. In
actuality, these scams are stealing information
from an individual to access funds or to
sell the information to other sources on the
dark web.
With so many avenues and opportunities
to financially scam someone, older adults
need to be vigilant and informed on how to
combat these crimes and keep their finances
safe.
“Shredding old documents is one of
the best defenses to protect yourself from
Identity theft,” said Guzman. “Thieves will
go through any length, including rifling
through dumpsters and other trash receptacles.
It is one of the main tricks of the scammer’s
trade. Shredding community events
will allow consumers to discard sensitive
documents safely and securely. On the other
hand, shredding documents yourself is
time-consuming, and if you don’t do it properly,
papers can still be pieced together.
BY ISABEL SONG BEER
Schneps Media Reporter
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