The Stats


    In the year 2022 alone, over 88,000 people over the age of 60 fell victim to fraud, totaling in over $3 billion lost. The most common types of the fraud that was committed was tech support (17,000+ victims), non-payment/non-delivery (7,000+ victims), and personal data breach (7,000+ victims). Call center scams especially target people over the age of 60, “preying” on their lack of knowledge in technology and expenses. Call center scams have sky-rocketed since 2018; with just under 10,000 victims in 2018, to now over 20,000 victims in the year 2022. (2022 Elder Fraud Report, 2022). By staying informed about how much fraud happens around the US, you and your loved ones can be better prepared.


Most Common Types of Elder Fraud

  • Tech Support
    • The scammer will impersonate a technical support service and try to offer "help" on your various devices. This scammer usually contacts by phone, email, or SMS messages.
  • Personal Data Breach
    • The scammer will gains access to sensitive or confidential information, using it for financial gain, which can go undetected easily without proper protocols.
  • Romance
    • The scammer will use various dating apps or social media platforms to form relationship with individuals. They will gain this individuals trust by chatting with them for several days or weeks. Once trust is established, the scammer will create a fake crisis and, ultimately, ask for money.
  • Credit Card/Check
    • The scammer can either be a random individual or someone you know. The scammer often uses real and fake information to gain more of your personal data from authorized personnel.
  • Spoofing
    • Scammers interact with the individual via email, SMS message, or website URL, pretending to be a trusted source. Common trusted sources spoofers use are Amazon, PayPal, and Google.
  • Phishing
    • Similar to spoofing, phishing scammers communicate with individuals via email, pretending to be a trusted source. The scammers will try to gain sensitive information via email, like passwords, SSN's, or credit card numbers.
  • Government Impersonation
    • The scammers will pretend to be from a governmental agency, asking for money or personal information via robocalls, texts, or emails. Scammers usually tell the individual their is a "urgent problem" and demand money from the individual.

How to Protect You or a Loved One from Elder Fraud

  • Chose a financial advisor carefully.
    • When choosing a financial advisor, make sure to do a background check, see if they are legally able to practice, and ask for opinion from others if they are a trusted professional.
  • Protect your personal financial information.
    • Whether this be your PIN number, passwords to different accounts, or personal information, be sure to change passwords often and don’t give out information to somebody you don’t know/trust.
  • Monitor your banking activity.
    • This can be the simplest way to catch fraud in the act. Check your bank statements each month and check your spending history. If you happen to find something suspicious, report the activity immediately to your financial institution.
  • Avoid posting personal information on social media.
    • Do not post your address, DOB, or other personal information online. Scammers can easily access this information, and potentially use it to help their scam operation.


    By being informed about elder fraud and taking proactive steps to protect ourselves and our loved ones, we can make a difference in financial exploitation. Knowledge is power, and together we can create a safer environment for our elders. If you or someone you love has fallen victim to elder fraud, contact us at BankIowa for assistance with your accounts.

Resources:

Fraud Against the Elderly (fdic.gov)