Experts have issued a warning over the latest bout of scams that are targeting older people and has been coined ‘elder fraud'.
This is where fraudsters target parents, grandparents, and those from the elderly community, due to the fact that they are generally less tech-savvy.
Fraudsters often take advantage of this group, so understanding what to look out for, can help younger generations to make their older family members aware.
READ MORE: 270kg satellite falling to Earth and there is a chance it could kill someone
In line with the latest fraud news, cybersecurity expert Brandon King from Home Security Heroes has prepared a list of tips to spot and prevent fraud.
What is elder fraud and who are the targets?
Fraudsters target senior citizens in ‘elder fraud’ by tricking them into handing over personal information and offering false financial benefits.
Criminals are usually strangers, but in some cases, they are known to the elderly, like family, friends, or colleagues. Victims across the globe have been known to lose their savings and suffer devastating consequences as a result of falling victim.
Older adults are a prime target for fraudsters because they normally target people in retirement or who are heading for retirement. This is because they know they’ll have a steady income, great credit history, and more savings than younger people.
What to look out for
Grandparent scams
Scammers often pose as the victim’s grandchild to dupe seniors into sending money urgently for emergency expenses like overdue rent or car repairs.
They often ask for secrecy, and in one case, an elderly woman in the US was scammed of €20,000 by someone posing as law enforcement in 2019.
Romance scams
Romance scams often target women 50 and above, but men can be victims too. Scammers will usually target seniors who have lost their spouses and are looking for companionship.
An example of this would be perpetrators requesting money transfers or gift card vouchers sent to an email address.
False charity scams
Fraudsters may pose as representatives from a real charity or create fictitious charity organizations. They can make calls, text, or send emails and in some cases, they may even visit seniors in person at their doors.
False charity schemes usually happen after a significant event, like a health crisis, global campaign, or natural disaster.
Tips to prevent seniors from being scammed
According to Mr. King, the best way to keep your elderly loved ones protected from these types of scams is to:
Stay connected to your loved ones to prevent isolation, which makes them more vulnerable to scams
Warn them never to share sensitive information and explain why
Help them create strong, unique passwords and avoid reusing them
Encourage your parents to name you as a Trusted Contact Person to speak with their financial advisors if there are concerns
Warn other family and friends if one of your loved ones has experienced a scam attempt. Discuss how to prevent fraudulent attempts
Ways they can protect themselves include:
Limiting online shopping to trusted retailers and check for secure websites
Never clicking on suspicious links in emails, social media messages, texts, or take calls from fake caller IDs
Monitoring monthly banking statements for signs of identity theft or unauthorized accounts. Shred statements before disposing of them
Protecting social media accounts by only accepting friend requests from people they know, updating privacy settings, and using multi-factor authentication. Delete messages from strangers and avoid odd payment types.
What to do if someone you know has fallen victim to elder fraud
If an elderly person you know has been scammed, it's important not to panic and to stay calm.
Document everything that has happened, including phone call logs, text messages, and emails. Report the scam to the Competition and Consumer Protection Commission and the person's bank and credit card providers.
File a report with the local gardai and change all passwords to stronger ones, including social media accounts and investment profiles, setting different passwords for each site and enabling 2-Factor Authentication.
READ NEXT:
Ireland to record hottest day of the year so far this week amid glorious Met Eireann forecast
Wild scenes at Crucible as protesters storm snooker tables during World Championships
House next to where Sophie Toscan Du Plantier was murdered for sale for the second time in two years
Listeners in tears over Christy Dignam's 'heartbreaking' interview with Ryan Tubridy
Get news updates direct to your inbox by signing up to our daily newsletter here
