Scams targeting older people: how can they protect themselves from financial fraudsters?

Elderly people are prime targets for financial scammers. These criminals take advantage of our older parents’ naivety and use all sorts of dishonest schemes to defraud them. As sons or grandsons, we are responsible for our grandparents’ safety and must protect them from these unscrupulous fraudsters. In this article, we present a few precautions to consider in order to protect them from financial scams.

1.    Beware of new technologies

Scammers tend to think that elderly people are less comfortable with new technologies. This is not always the case, but it is true that our grandparents can be easy targets online. Scammers know this and do not hesitate to use new technologies to defraud elderly people. It is therefore important to educate our parents about how to use the internet to make their various payments, and above all, to teach them how to secure their different online bank accounts. As a precaution, always ask your elderly parents to seek your help when they want to make purchases online. 

2.    Act when fraud occurs

Once the money has been transferred, you have little, if any, chance of getting it back, especially if you have been dealing with a scammer, needless to say. However, even if you are unable to recover your money, know that financial fraudsters will eventually be identified and arrested. In this case, it is strongly recommended that you report the fraud to the police as soon as it has occurred so that the relevant authorities can act quickly. The police will be able to act even more effectively if your elderly parent provided personal information during the transaction, which could lead to identity theft. At the same time, you must alert the bank, the bank-transfer service, and the credit company your parent used to carry out the transaction. These actions may lead to the fraudster’s arrest, so do not hesitate to act—it concerns both your safety and that of others!

3.    Verify the identity of the person you are speaking with

Financial fraudsters compete in ingenuity to achieve their goals, and some do not hesitate to impersonate representatives of major brands to carry out their scams. We particularly remember the scammer who pretends to be a Microsoft employee and asks to take control of your computer remotely because it supposedly has been infected with a virus. An elderly person may tend to panic and disclose all sorts of sensitive information to the scammer, such as their bank card details or Social Security number. In situations like this, always require the person you are speaking with to prove that they really work for the company they claim to represent. If in doubt, you can even call—Microsoft, for example—and ask whether that employee actually works for them.  

4.    Watch out for fake calls

Fraudsters never run out of ideas and use all sorts of Machiavellian schemes to defraud elderly people. One of the most common tricks involves receiving a call from a supposed long-lost relative asking for money. These fake calls come from all sorts of dishonest people who play on their victims’ empathy and emotions. If you encounter such a situation, ask the person you are speaking with a few trick questions to expose them. Ask whether they knew that a certain cousin had died—when she is still alive—whether they remembered your birthday, or whether they know your cat’s name! The fraudster will inevitably end up stammering vague answers, and their attempted scam will fall apart.

5.    Beware of promotional prices

Our elderly parents often have a lot of time on their hands and spend a great deal of time surfing the internet to pass the time. They may come across online stores offering promotional prices on luxury goods. Once the purchase has been made, our grandparents may receive counterfeit goods instead of the branded item they thought they had bought. It is therefore important to educate our elderly parents about the many scams carried out through these so-called luxury boutiques and remind them to beware of promotional prices, which are often nothing more than disguised scams.  

Protecting our grandparents from financial scammers: everyone’s responsibility

Protecting our grandparents from financial scams is everyone’s responsibility. Elderly people are indeed easy targets for financial fraudsters, who do not hesitate to take advantage of their vulnerability to defraud them without scruples. By following the few tips outlined in this article, you will protect your elderly parents from financial fraudsters and enable them to enjoy their assets safely.