It’s easy to assume that a scammer won’t target us, but we seniors need to be vigilant. Here are seven reasons why we might be more susceptible to scams
1. Scammers Are Master Storytellers
Scammers excel at crafting convincing stories and personas that can bypass our internal defenses. It’s their profession, and they often exploit current events or public emergencies to deceive us. For instance, there was a case where a man was scammed out of $11,000 from his Chase bank account. The scammers were so convincing that he believed he was speaking with Chase’s customer service. Unfortunately, Chase refused to refund the money because the bank wasn’t at fault—the scammers were. Read his story here
2. We May Act in Haste
Scammers often create a sense of urgency, pressuring us to act quickly without giving us time to think. They might present offers with limited-time deadlines or claim that bills are overdue. It’s crucial to pause and think before making any decisions. A common scam involves receiving a call from someone claiming to be your grandchild who has been arrested or kidnapped. They ask you to pay bail or ransom immediately. With today’s AI, scammers can even mimic your grandchild’s voice. Don’t fall for it.
Here’s a “60 Minutes” report on how some seniors got scammed by this.
3. The Lure of Free Stuff
Scammers frequently dangle the prospect of free items or high investment returns to lure victims. It’s easy to be tempted by these offers, but it’s important to ask why someone would give away something for free. And if the returns are so high, why aren’t they investing their own money? If you knew of a fool proof investment where you could make a bunch of money, would you spend your time convincing others to invest also? Of course not.
Be cautious of offers that seem too good to be true, such as the infamous “Nigerian Prince” scam, which continues to evolve in new forms, like through Venmo or CashApp.
4. We Tend to Trust Authority
Scammers often impersonate government officials or professionals like lawyers or company executives. They use official-sounding language and familiar names to deceive us. For example, you might receive a call claiming there’s a warrant out for your arrest, and that sheriff deputies are on their way. The caller then demands immediate payment to avoid arrest. Remember, legitimate authorities would never call to warn you before an arrest.
5. We May Be Distracted, But Scammers Are Not
On days when we’re not feeling well or are tired, we may be more susceptible to scams due to a lack of focus. Scammers, on the other hand, are always focused on their goal. For instance, if you own a domain or run a website, you may receive emails that appear to be from your hosting company, claiming your credit card has been declined and your domain is about to expire. These emails can look very convincing, but they’re often scams designed to steal your information. I operate this site and a couple of others, and I get these all the time.
6. We’re Naturally Inclined to Help
Scams that involve requests for help exploit our empathy. Stories of personal tragedies or public emergencies can pull at our heartstrings, making us more likely to assist even when we suspect a scam. Before donating to a cause, especially through platforms like GoFundMe, make sure the request is legitimate.
7. Scammers Pretend to Care
Romance scammers, for example, invest time in building trust through messages, making us feel understood and valued. They gradually manipulate us, eventually asking for money to help with some fabricated tragedy. If you receive suspicious messages from someone claiming to be a romantic interest, be wary.
What to Do if You Get Scammed
If you fall victim to a scam, the unfortunate reality is that there may be little recourse. If a scammer drains your savings, don’t expect your bank or the government to reimburse you. However, if you recognize a scam attempt, it’s important to report it. While it may not always lead to immediate results, reporting can help prevent others from falling victim.
- If someone pretends to be your bank, contact your bank immediately to inform them.
- Share your experience on social media to warn others.
- Never make payments to claim a “prize.”
- Be cautious of offers promising unrealistic financial gains.
- If the scammer has your personal details, change all your passwords.
- Adjust your social media privacy settings to limit who can tag you, and be cautious about accepting friend requests from people you’re already connected with.
- Report the scam to relevant authorities, such as the Cyber First Aid website in Europe or the Department of Justice website in the U.S.
In Conclusion
Seniors should never assume they are immune to scams. Fraud can happen to anyone, regardless of their tech-savviness or intelligence. Stay vigilant, informed, and cautious to protect yourself and your assets.
