Elder Scams and Senior Fraud is Growing in 2023: How to Protect Your Family

The elderly are particularly vulnerable when it comes to scams and other forms of fraud. As people age, they become more trusting and have a tendency to let their guard down. Unfortunately, this can make seniors easy targets for scammers who use a variety of tactics to swindle them out of their money. 2023 is expected to see an increase in elder scams and senior fraud due to the current economic conditions. Scammers are taking advantage of people's uncertain financial situations, making it important for families to take steps now to protect their elderly loved ones from becoming victims of these scams. In this blog post, we'll explore some of the most common senior frauds and what you can do as a family member to prevent your loved one from becoming a victim.

What is Elder Fraud and how prevalent is it?

Elder fraud is any type of scam or fraudulent activity that targets seniors. This can include scams that target seniors specifically, as well as any type of fraud that takes advantage of the fact that seniors are more likely to have certain vulnerabilities, such as being less likely to be aware of or able to defend against fraudulent activity.

Elder fraud is a growing problem in the United States. According to a report from the Consumer Financial Protection Bureau (CFPB), Americans over the age of 60 lost an estimated $2.9 billion to financial exploitation in 2014 alone. And this number is likely even higher since many cases of elder fraud go unreported. According to Consumer Affairs, seniors targeted by fraudsters suffer an average loss of $34,200.

There are many different types of elder fraud, but some of the most common include identity theft, investment scams, and reverse mortgage scams. Seniors can be targeted both online and offline, and by people, they know as well as strangers. It’s important for seniors and their loved ones to be aware of these dangers and take steps to protect themselves from becoming victims of elder fraud.

Top signs of Senior Scams?

As our population ages, unfortunately, scams targeting seniors are on the rise. Here are some signs to watch out for if you think your loved one may be the target of a scam:

1. They receive unexpected calls or visitors from someone claiming to be from a government agency or utility company demanding payment for outstanding bills.

2. They are asked to wire money or send a check to pay for goods or services That they never received.

3. They receive calls or emails from someone claiming to be a family member or friend in need of money urgently.

4. They are offered free prizes, vacations, or investments that sound too good to be true.

5. They are pressured to give personal information like Social Security numbers or bank account information over the phone or online.

If you see any of these red flags, take the time to talk to your loved one about what happened and help them report it to the proper authorities if necessary. Scammers often prey on seniors because they know they can be more trusting and less likely to realize they’re being scammed until it’s too late. But by staying alert and aware of these warning signs, you can help protect your loved ones from becoming victims of fraud.

Trends for elder crimes in 2023.

As people live longer and healthier lives, elder crime is on the rise. Here are some of the trends for elder crimes in 2023:

1. More elders will be targeted online. Scammers will increasingly use social media and other online platforms to target elders. They may pose as family members or friends or offer fake products or services.

2. More elders will be targeted by door-to-door scams. Scammers will go door-to-door, offering phony services or trying to sell overpriced products. They may also try to trick elders into giving them personal information or money.

3. Robocalls will continue to be a problem. Robocalls are automated calls that often target seniors with scam offers. The caller may pretend to be from a government agency or a legitimate company, and try to get the elder to give them personal information or money.

4. Financial abuse will continue to be a problem. Seniors are often targeted by scammers who try to steal their money or property through deception, fraud, or force. This can include schemes like identity theft, investment scams, and lottery scams.

5. Physical abuse will continue to be a problem. Unfortunately, some elders will be victims of physical abuse at the hands of their caregivers or others who exploit them for financial gain. This includes things like neglect, financial exploitation, and physical assault

How to protect your elderly relatives and friends?

As our population ages, unfortunately so do the opportunities for scam artists and criminals. Seniors are often targeted by scammers because they are thought to have a substantial amount of money saved up, and they may be more trusting or less tech-savvy than other age groups. If you have elderly relatives or friends, it's important to be aware of the danger of elder scams and senior fraud, and take steps to protect your loved ones from becoming victims.

Here are some tips on how to protect your elderly relatives and friends from elder scams and senior fraud:

1. Talk to your loved ones about the dangers of elder scams and senior fraud. Make sure they know what to look out for, and that they should never give out personal information or money to someone they don't know.

2. Help them stay up-to-date on technology, so they can better spot online scams. Show them how to use security features like two-factor authentication, and help them understand how to spot phishing emails or fake websites.

3. Keep an eye out for unusual activity in their accounts or changes in their behavior. If you notice anything suspicious, don't hesitate to reach out to their bank or credit card company for help.

4. Help them create a budget and stick to it, so they're less likely to fall for "too good to be true" investment schemes or other financial scams.

What Government Agencies are in charge of elder crimes?

There are a few government agencies that are in charge of elder crimes. The Department of Justice is one, as well as the Federal Trade Commission, and the Securities and Exchange Commission. All three of these organizations have been cracking down on elder fraud in recent years.

The Department of Justice has created a special task force to investigate and prosecute elder fraud cases. The Elder Justice Initiative was launched in 2010 and has since brought charges against hundreds of defendants in elder fraud cases.

The Federal Trade Commission has also been actively working to protect seniors from fraud. In 2018, the FTC launched Operation Stop Scams, a nationwide effort to crack down on fraudulent telemarketing scams targeting seniors. To date, Operation Stop Scams has resulted in over 100 arrests and $14 million in restitution for victims.

The Securities and Exchange Commission has also taken steps to protect seniors from investment fraud. In 2019, the SEC launched the Senior Investor Task Force to investigate the financial exploitation of seniors. The SEC has also published investor education resources on its website to help seniors avoid investment scams.

How do notary publics protect elders from fraud?

The first step in protecting elders from fraud is education. Family members should educate themselves on the types of elder scams and fraud that are common in their area. They should also familiarize themselves with the signs that an elder may be a victim of fraud.

Once elders and their family members are aware of the dangers of elder fraud, they can take steps to protect themselves. One important step is to appoint a trusted family member or friend as a financial power of attorney. This person will have the legal authority to manage the elder's finances if they become incapacitated.

Elders should also avoid giving out personal information, such as their social security number, to anyone who they do not know and trust. They should also be cautious about responding to unsolicited requests for money, whether by phone, mail, or email. If an elder receives a suspicious call or email, they should contact their family member or friend before taking any further action.

Finally, elders should keep all important documents, such as their will and power of attorney, in a safe place where only trusted individuals have access to them. By taking these simple precautions, elders can protect themselves from becoming victims of fraud.