I struggle to keep up with technology. It seems like I was just getting into Facebook when people started talking about Twitter. And by the time I figured out what Twitter was all about, my kids were talking about Snapchat.
Modern technology is doing a lot to make our lives so much better. Who could have imagined a few years ago that I’d be able to type something right here at my kitchen counter and that a few minutes later, you’d be able to read it?
Sadly all of this new technology makes it a lot easier for conmen, thieves, and scammers to get ahold of our hard earned cash. Watch the video above to hear about one of the latest scams targeting older people.
Cases of fraud, scams, cons are on the rise. Technological inventions and advancements are giving thieves and conmen new ways of getting people to part with our hard-earned money. Money can be wired electronically and so it is easy for thieves, fraudsters and conmen to pose as legit people whom you should make out a payment to. It is even sad that these people whose main aim is to take what does not belong to them, target the elderly people in the community. This is mostly because they so many older people are vulnerable, lonely, insecure and sometimes unfamiliar with new technologies.
That is why The Seniors Center created this blog: to search for constructive solutions to the most critical issues facing America’s senior citizens. Through TheSeniorsCenter.blog, we offer educational programs about scams, frauds, and cons targeting senior citizens — and the best ways to avoid becoming victims.
How to Prevent elder Fraud
There are a number if ways in which older people can avoid falling into the hands of fraudsters, conmen and thieves.
- Avoid giving out Information or money based on an email.
Phishing emails is a common thing where someone sends emails randomly and those that reply back become victims of fraud, or scams. They draft messages and disguise them to look like they are from a genuine site. They then demand to be paid money maybe as a bill or for some other use. Before sending money to anyone just confirm the information received on mail with a phone call or any other form of communication for authenticity.
- If possible seek the services of a trusted Financial advisor
As we age, our memory suffers and new technologies come forth. This definitely affects our financial decisions and most fraudsters count on that for their plans to succeed. That way if you need to make an unauthenticated payment, the financial advisor can easily check out for the red flags. Take it as a double security check to protect you.
- Always authenticate information received on phone before sending money
Unless it is someone you know and trust, you should always countercheck and ensure that the person on phone is who they say they are.
- Prepare necessary legal documents in advance
Some of the most important documents include power of attorney, which appoints someone or some people who will act on your behalf when need arises. It will be hard for any fraudster, conman or even thief to successfully get his way through these people as appointed by you.
While only 35 percent of American population is over 50, 57% of all fraud is fraud victims are 50 or older. This shows that older Americans are the most vulnerable hence targeted by fraudsters, creating awareness is the best way of combating this statistic.