In recent years, the elderly have been recurrent victims for scammers worldwide. Given their age, they are usually seen as easier victims. Moreover, scammers trick them over the Internet as they are less tech-savvy.

However, these are not the only factors that boost the number of elderly scams. Seniors are also on scammers’ radar for another reason – loneliness. This burdensome feeling enhances scammers’ success rate. Let’s delve deeper into this topic.

Are There Really So Many Scams Involving Seniors?

The short answer is yes. Unfortunately, there is a huge number of scams among all ages. And according to official data, it keeps on growing every year. Only in the US, scams affecting the elderly are 12 times higher than anticipated. Additionally, the total loss it caused is over $36 million.

The Importance of Companionship

Statistics also show that seniors who live alone are more common victims. Surprisingly? Not really. Even seniors who have a partner their age are less prone to communicate with strangers. Especially on the Internet.

Having someone around means sharing daily experiences. Hence, those who have companionship can also get feedback and recommendations. This way, someone around them can spot a scam and warn them. Yet, those who live alone don’t enjoy this privilege.

Moreover, seniors often feel embarrassed to say they were scammed. In conclusion, these scams might be more prolific. But as some victims don’t report the incidents, some remain undiscovered.

The Role of Social Isolation in Becoming a Scam Victim

It goes without saying that anyone can be the victim of a scammer. Some scammers are cunning enough to trick even young sharp adults. Furthermore, many of them are versatile enough to target all age groups.

However, some conmen have a predilection for the elderly because they know how to deal with them. Just like nurses or caretakers who work extensively with this age group, they have some strategies. Therefore, they know when and how to approach seniors.

Moreover, they know what emotional buttons to push to get closer. Gradually, they manage to get their victims’ interest and trust. Then, they feel comfortable to act.

Aging and Decision Making

As studies show, aging can affect a person’s ability to think and make rational decisions. This doesn’t only happen to people who suffer from cognitive decline. Aging usually comes with decreased problem-solving and logical thinking abilities. Therefore, even financial decisions are harder to make. Scammers know this and profit to the full.

Aging and Loneliness

Being old and alone not only brings emotional problems. But financial ones too. The elderly are often more prone to depression due to solitude. And one good cure for solitude is socialization. But they often do it with the wrong people.

Not many seniors have their beloved ones close by. Therefore, in the absence of a significant one, they socialize with just about anyone. Unfortunately, that someone is sometimes a scammer. Seniors are more receptive to scams because they are more willing to talk.

Seniors often provide criminals with more information about themselves than necessary. In return, scammers pretend to engage with interest. Then, they ask for a donation or urge seniors to buy a product. Since the victim felt there was a genuine connection with the criminal, they comply.

Common Types of Scams Affecting the Elderly

Scams targeting the elderly can take different forms. Usually, they have some similar patterns. The author approaches the victim slowly. Then, they patiently listen and communicate with them before asking for something.

Here are just some of the most popular scams among the elderly:

Online phishing scams
Donation scams
Online romance scams
Grandparent scams

The latter is quite a common scam that deserves a bit of extra attention. In these schemes, the authors usually pretend to be the victim’s grandchild. Of course, they can also choose a friend or a more distant relative.

The whole scam revolves around an allegedly critical situation. Scammers call the victim, usually late at night or early in the morning. They pretend to be their grandchild. Alternatively, they claim to be someone who’s next to them at that moment. The point of the call is to say the person is in a troubling situation. For example, they:

– had an accident and are at the hospital

– were kidnapped

– were arrested

– are stranded in a foreign country

The point is that the person needs a money transfer and needs it urgently. Consequently, some seniors pay hoping to help their beloved one. In the end, they find out from the real person it was all just a lie.

Closing Thoughts

There are many scams affecting the elderly nowadays. The best way to prevent them is through constant contact. Seniors need our company more than anyone. This tackles the problem of loneliness. Moreover, it helps us keep them informed on how to avoid scams.

Post by, Mount Equity Group Japan