Become an Elder Ally by Warning About Senior Fraud Scams

December 12, 2024 | Tanya Johnson

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Nearly 20 years ago, Dr. Elizabeth Podnieks founded World Elder Abuse Awareness Day. A passionate advocate for seniors, she would have no doubt been alarmed at the staggering number of scams pulled on unsuspecting seniors in this year’s FBI warning. 

In 2023 alone, the bureau’s Internet Crime Complaint Center clocked a 14-percent increase in reports of crimes against people older than 60, generating potential losses exceeding $3.4 billion (with a ‘B’!). 

Sadly, Dr. Podnieks passed away earlier this year. No doubt her legacy is living on in the efforts of elder allies around the globe who make it their business to look out for and prevent these scams.

Take Time to Increase Your Awareness of Elder Fraud

Anyone can join the ranks of people protecting elders from financial abuse, fraud and scams. All it takes is a bit of awareness about what’s going on out there in the Wild Wild West of the World Wide Web—and a willingness to share your knowledge with those most vulnerable to these crimes. 

To that end, here are four of the most common crimes we see perpetrated against elder Iowans:

Romance Scam: Bad guys (and gals) pretend to be interested in a relationship with elderly victims, who are more likely to experience loneliness and a heightened desire for companionship. The criminals typically find their victims on dating sites or through social media. 

Tech Support Scam: Scammers pose as software representatives and offer to fix nonexistent computer issues for seniors who aren’t as familiar with the ins and outs of technology. The criminals gain remote access to victims’ devices, which often contain sensitive personally identifiable information (PII) that can be used to open financial accounts or make large purchases in the name of the victim. 
 
Cryptocurrency Scam: Seniors are convinced to withdraw often large dollar amounts in cash from their accounts and then deposit that cash into a cryptocurrency ATM or kiosk. As soon as the money is deposited, fraudsters transfer it to their own cryptocurrency accounts.
 
Investment Scam: Complex financial scams, such as pyramid and Ponzi schemes, promise senior victims low-risk investments with guaranteed returns. Real estate investing is becoming particularly promising, as fraudsters have learned several new tricks for conning people out of property while convincing other victims to invest. 
 
Best Practices for Staying Off an Elder Fraudster’s Radar
 
Sharing your knowledge of common scams is one thing; sharing tips for avoiding them is even better. Here are a few best practices to share with members of older generations to keep opportunistic fraudsters at bay:

  • When you recognize scam attempts, immediately end all communication and block the phone number. 
  • If an investment or other type of financial offer is sent your way, search online for the person or business that made the proposed offer. You may learn if others have been scammed 
  • Always discuss with family or friends before proceeding with an investment to ensure you are not being scammed.
  • Resist pressure to act quickly. Scammers create a sense of urgency to lure victims into immediate action.
  • Be cautious of unsolicited phone calls, texts and mailings. For example, your bank will never contact you via these methods and ask for sensitive account details or login information.
  • Never send money, gift cards, checks or wire information to people or businesses you are not familiar with. Be cautious even of people you do know making out-of-the-ordinary requests. AI voice and image generators are getting pretty good at sounding and looking like real people you may know. 
  • Disconnect from the Internet and shut down your device if you see a pop-up message or locked screen. 
  • Never open an e-mail attachment from someone you don’t know or forwarded to you.
  • If someone gains access to your accounts or PII, contact Bank Iowa and other financial institutions you do business with immediately. There are things we can do to mitigate the risks of identity theft and account takeover. 
     
    Bank Iowa is Happy to Help Shut Down Elder Fraud
     
    Friends and family can be tremendous allies to their senior community, so can your bank. If you or a senior in your life is unsure about a person, business or situation, get in touch with our team. Bank Iowa employees are trained to spot suspicious activity and fraud. We also have helpful resources and contacts to walk you through any potentially scammy situation, no matter how unique (or embarrassing). 
     
    We want the seniors in our community to know they are not alone. Bank Iowa is happy to lend expertise to any strange circumstance elder Iowans find themselves in. Nothing makes us happier than shutting down a fraudster, especially one who intentionally targets the most vulnerable community members.