The targeting of seniors for financial fraud and scams is on the rise. It is estimated that 86% of older adults are approached by scammers in some way. Out of these only about 10% report the scam.
We all deserve to feel safe as we age, but currently older adults report higher rates of scams than younger populations. This is an injustice that we can all prevent and address through awareness, social support, and reporting. These scams not only impact the individuals who experience theft, but also the broader community. Lost incomes from scams can compromise a person’s standard of living, especially when we are older and may be living on a fixed income. It can also cause physical and emotional stress which can cost our broader society in healthcare and social service costs.
What are the most common scams that impact Seniors?
Telemarketing Fraud: Hiding behind anonymity, this scam involves pretending to work for a legitimate business to request personal and financial information.
Identity Theft: Someone steals your personal information for criminal purposes. Theft can be done by mail theft, phishing, or computer spyware. claiming fraudulent activity with your credit card. By invoking fear this scam obtains the necessary information to exploit one’s identity.
Prize Scam: Someone offers a prize such as money or a car, but you must submit a payment to cover costs such as taxes or shipping in order to obtain the prize.
Romance: A scammer convinces you to enter a virtual, online relationship so they can gain your trust and affection. This can occur through email, fake profiles on social media and dating sites. Eventually, they may ask you for money for travel, a medical emergency or family assistance – making it seem urgent or like an emergency.
Grandparent Scams: A phone call from someone pretending to be your grandchild and in distress.
What should you do if you have been impacted by a scam:
- Tell someone you trust
- Call the non-emergency police line to report it.
- Report it to the Canadian Anti-Fraud Center
- Call your bank to report it and follow the steps they advise
Resources:
www.eapon.ca
www.antifraudcentre.ca
www.cyber.gc.ca