Seniors are losing billions to scams — here’s how to stop fraudsters in their tracks | #datingscams #romancescams

Beyond these factors, Census data suggests one in three older adults now live alone and experience social isolation (6). Research from the University of Michigan shows seniors who live alone are far more likely to be in a vulnerable position, with higher percentages reporting a disability and lower mental or physical health (7).

The FTC says scammers try to exploit trust by pretending to be from a bank or a government agency, including the FTC. The goal is to create a sense of panic or urgency by claiming someone else is using the victim’s accounts and pressuring them to reveal sensitive information.

As scam activity reaches record highs, it’s more important than ever for seniors and their family members to be vigilant of any suspicious activity.

Read More: 5 essential money moves to make once you’ve saved $50,000

To prevent falling for senior fraud, first recognize a scammer’s typical playbook.

Many of these schemes start with an unsolicited phone call, email, or text asking for personal information or financial details. The FTC says scammers will often create pressure by claiming a situation is urgent, such as a compromised bank account or a link to illegal activity. The goal is to push victims into acting quickly before they have time to verify the request, so always be extra suspicious about these types of messages.

One clear red flag is any demand for an unusual payment method, especially gift cards and cryptocurrency. The FTC says fraudsters prefer these transaction methods because they’re more difficult to trace and reverse.

But besides recognizing the signs of a scam, be sure to protect personal and financial information from ever leaking out unintentionally. For example, shred documents with sensitive data and use two-factor authentication (2FA) on all online financial accounts to create an extra buffer between you and criminals.

But prevention isn’t all on a senior’s shoulders. Family members and trusted friends play an important role in protecting older loved ones from fraud.

Regularly checking in on recent calls and emails can help identify potential scams before they escalate. Better yet, set up account alerts for large withdrawals or purchases to make monitoring suspicious activity quicker and easier.

In some cases, families may establish trusted contacts with financial institutions or help seniors manage their online accounts. These strategies provide even more oversight while still allowing older adults to feel independent.

For those who believe they’re already entangled in a fraud, act quickly to minimize the damage. First, contact the bank or credit card company to stop or reverse suspicious transactions, then place a fraud alert or credit freeze with credit bureaus to prevent additional accounts from being opened.

You can then report fraud to the FTC fraud reporting at reportfraud.ftc.gov (8) and the FBI Internet Crime Complaint Center (IC3) at ic3.gov (9).

As a final safety tip, seniors can call the National Elder Fraud Hotline whenever they need guidance and help finding resources. Be sure to add their number, 1-833-372-8311, to your speed dial for any emergency situations.

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NBC-4 Los Angeles (1); FBI (2); FTC (3, 4, 5, 8); United States Census Bureau (6); University of Michigan (7); IC3 (9)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.