Elder Financial Fraud- What It Is and 7 Steps To Make You A Difficult Target

Each year, millions of senior Americans fall victim to some type of financial fraud or confidence scheme, including romance, lottery, and sweepstakes scams, to name a few. Criminals will gain their targets’ trust and may communicate with them directly via computer, phone, and the mail; or indirectly through the TV and radio. Once successful, scammers are likely to keep a scheme going because of the prospect of significant financial gain.

According to the FBI, seniors are often targeted because they tend to be trusting and polite. They also usually have financial savings, own a home, and have good credit—all of which make them attractive to scammers.

Additionally, seniors may be less inclined to report fraud because they don’t know how, or they may be too ashamed at having been scammed. They might also be concerned that their relatives will lose confidence in their abilities to manage their own financial affairs. And when an elderly victim does report a crime, they may be unable to supply detailed information to investigators.

With the elderly population growing and seniors racking up more than $3 billion in losses annually, elder fraud is likely to be a growing problem. Below are some of the most common types of fraud:

There are several methods criminals will use:

Here are 7 Steps To Make You A Difficult Target

Use a password manager
Strengthen your login credentials and enable 2-factor authentication
Activate a lock or password function on your cell phone
Protet your email account by changing passwords or enabling 2 factor authentication
Use anti-virus on your Computer, tablet etc
Secure access to social media acounts by changing your password regularly and enabling 2 factor authentication
Consider Freezing your credit Credit Freeze FAQ's