Perhaps you think you’re too smart to be scammed. Or believe you’re immune from being the target of fraud. Or you’re sure you’d never fall for some kind of swindle. Well, it’s nice to be confident but in the current environment, you’d also have to be really lucky not to be the target of some malevolent behavior intended to swindle you out of your money. All across the country, from Montana to Michigan, seniors are collectively losing millions of dollars each year to perpetrators conspiring to trick you into revealing personal info or opening up your computer to malware that will grab your personal data. Just last week, the US Attorney in Western Pennsylvania announced the indictment of two brothers who targeted seniors and convinced them to reveal personal info so that funds were stolen from their accounts, never to be seen again. In fact, Next Avenue labeled this growing web of fraud and deceit the “scamdemic” as tens of thousands of victims across the country reported losses of close to $2 billion to the FBI in 2021, a 74% increase in reported losses over the prior year. So if you haven’t been hit up, consider yourself fortunate.

Not so fortunate is former FBI and CIA director William Webster, who at the age of 98 has made a Public Service Announcement describing a lottery scam that was attempted against him and his wife. Despite their refusal to play along, they were threatened and harassed in an ongoing way until finally the perpetrator was caught and convicted. Webster’s wife Lynda, whose own father was previously the victim of a fraud that cost her family a small fortune, commented that since she and her husband came forward with their story, “we’ve heard stories of millions of dollars stolen, lives threatened and even suicides.” 

Why are older adults targeted for these scams? As the FBI has made clear, “Seniors are often targeted because they tend to be trusting and polite. They also usually have financial savings, own a home, and have good credit—all of which make them attractive to scammers.” Moreover, the social isolation and loneliness of many seniors make them vulnerable to strangers who reach out with friendly solicitations or even suggestions of romance. In fact, romance scams are among the most common frauds perpetrated against older adults. Some of the other common scams include tech support scammers who gain access to your computer by claiming to fix non-existent problems, government impersonators claiming to be from the IRS or the Social Security Administration and demanding immediate payment of supposedly back-owed amounts (pro-tip: these government entities would never call you that way and furthermore, if they ask for payment via a gift card, you know for sure it’s a scam), or fake websites set up to lure you into online shopping frauds. And if you get a call from “Medicare?” Medicare doesn’t call people out of the blue either, even if their caller ID in some way suggests they are calling from Medicare. Best to let such calls go to your voice mail system rather than pick up the phone. If you do answer the phone, never answer “yes” to any question you are asked, as your response may be recorded and subsequently used to defraud you. What about those grandparent scams where the caller tries to trick you into believing it’s one of your grandchildren in trouble? Yep, those are still happening and still successful.

Are there ways to protect yourself or your older loved ones from these swindles? There’s possible legislation in the works to beef up education and add additional investigators, better technology, and improved training for those who may be able to prevent such frauds, but the legislation has not yet been passed by the full Congress. There are researchers attempting to create tools to screen for seniors who may be at particular risk, but those tools are not yet available. There are companies such as Walmart that are trying to implement artificial intelligence software to detect gift card purchases that may be tied to fraudulent schemes. But currently, the best defense is to be vigilant: Do not engage on the phone, by text or over email with anyone whose identity you don’t know or whose requests sound suspicious; always resist pressure to respond quickly to any requests for money or information; never give out or share any personally identifying information to an unverified person or business; make sure your computer security and anti-virus software are active and up-to-date; enable pop-up blockers to ensure you never accidentally click on a pop-up; place available security protections on all of your financial accounts and finally, if you are concerned about fraud or believe you have been defrauded, report it: contact the FBI, which has special investigators working on cybercrimes. While many seniors are not inclined to report fraud because they are ashamed of being swindled or concerned that loved ones will think they can no longer live independently or handle their own financial affairs, it’s imperative to keep a light shined on this difficult and often devastating topic: Too many have lost too much- and it’s a problem that continues to only get worse.