Ten frauds with elderly victims – How to keep your money safe

We’re all getting old. This is good news for those who see many potential victims in a rapidly ageing society. Cheaters look at the elderly because they suspect that they have more money, but perhaps less digital knowledge to identify the warning signs of fraud. “In 2022, over 60 years old reported to the FBI 88,262 cyber-crime incidents that led to $3.1 billion losses, an 82% increase compared to last year, while there are still more incidents that have not been reported,” says Phil Muncaster from the team of the global digital security company. The impact of these frauds may be disastrous if you are unable to replace the savings you lost to cyber-criminals. So if you are an elderly citizen or just a concerned relative, read below. 10 scams to watch The internet can, of course, be a wonderful place. But it’s also full of crooks trying to steal your personal information and money. According to Muncaster from ESET these are some of the most common scams: 1. Phishing – Electronic fishing Phishing is the scourge of modern internet. You receive an email “fishing” or a message on the phone/social media. The fraudster pretends to be a company representative or a civil servant and asks you to provide information such as account login details, or asks you to click on a link/open an attached file. The first can allow cybercriminals to understand your accounts, while the second can lead you to download malicious software designed to steal more data or lock your computer. 2. Romantic scams According to the FBI, romantic frauds in 2022 contributed $734 billion to cyber-criminals. Cheats will create fake profiles on dating sites, become friends with lonely people and build a relationship, aiming to extract as much money as possible. They may ask for health money or to travel for an emergency. Needless to say, they will always find an excuse not to appear on video calls or meet you in person. 3. Health coverage scams The fraudster plays the representative of an insurance fund in order to extract personal and medical information that can be sold to others to commit health insurance fraud. He can do this by email, phone or even in person. 4. Technical support scams In one of the oldest phone frauds, the imposter pretends to be a representative of a technology or telecommunications company, telling you that something is wrong with your computer. This can happen suddenly, or you may be asked to call on some “help line” once an emerging window appears on your computer. The con man can cheat you into giving him access to your computer. They will try to find a way to make money from you – for unnecessary services or for “upgrade” your computer or by intercepting financial data. 5. Cheats with Online Markets Cheats create online stores that look legal and then attract users to visit them via emails “fishing”, SMS or social media messages. Species often have reduced prices with incredible offers. However, the products are either counterfeit, stolen or non-existent and the real goal is to extract your card data. 6. Phone calls fraud ‘Robotic’ calls are based on automated technology to call at the same time a large number of recipients. A recorded message can be used to offer free or with great discount goods. Or it can be used to scare the recipient and force him to respond, as for example to tell him that he is the object of an imminent judicial prosecution. If you answer, the fraudsters will try to obtain your personal and financial information. 7. Cheats with public service employees As with technical support frauds, these are usually carried out by telephone centers based in southern Asia. Combined casualties exceeded $1 billion in 2022. In this version, the imposter will call pretending to be from the IRS, insurance fund or other state agency and will require unpaid taxes or other payments. It will threaten that non-payment can lead to arrest or other sanctions. 8 Of course, there is no prize and your money will disappear. 9. Cheats with grandchildren – relatives A crook calls you unannouncedly pretending to be a relative who is in danger. He usually starts by saying something like “Hey Grandma, do you know who I am?” and then goes on with a tearful story in order to convince you to give cash for help. They will usually request money transfer or payment via a cash application. They may ask you to keep everything secret. In some variations of this subject, the imposter pretends to be a police officer, a doctor or a lawyer who tries to help your grandchild. Developments in artificial intelligence software may even allow them to more accurately imitate your grandson’s voice to commit what has prevailed to be called “a virtual kidnapping scam”. 10. Investment fraud Investment frauds yielded the highest profits for cyber criminals in 2022, over $3.3 billion. They are related to fast enrichment systems that promise low risk and guaranteed returns, often through investments in cryptocurrencies. How to stay safe Although fraud tactics may change, advice on best practices remains fairly stable. Muncaster from ESET suggests that you remember the following to stay safe: – If an offer is too good to be true, it’s usually not. – Treat all communication from strangers with suspicion. If you want to answer, never answer a message directly. Instead, search for the service or company that sent the message and call or send a separate email for confirmation. – Stay calm, even when you’re being harassed on the phone. And don’t give any personal information. – Use multiple agent identity check on your accounts to mitigate the threat if someone steals your passwords. – Never send money through wire transfer, payment applications, or cryptocurrencies, as there is no way to ask for it back in case of fraud. – Do not click on links and do not open attached files in emails/objects/social media. What to do if you fall victim to fraud If you think you may have been a victim of fraud, contact the police and your bank. It is also a good idea to change your access codes to your accounts if you think they may be in the possession of a cyber criminal. If you read this text and have elderly relatives for whom you are concerned, take time to discuss the usual scams. Technology can often be frightening if we do not fully understand it.