Scammers are increasingly targeting adults over the age of 60.

The FBI reports that scams on the elderly have amounted to $4.9 billion in losses, a 40% increase from a year prior.¹

People perceive victimhood as shameful, prompting many analysts to suggest that the actual figure of losses is much higher. The advance of AI is heavily contributing to the increase in scams. So it is important to know how to identify a potential scam and take prevented measures to protect your hard-earned financial assets.

Set limits on withdrawals.

Banks will let you place these agreed-upon limits and set up fraud alerts as a method of protecting yourself. Establish a contact banks can reach in case of suspicious transactions. Also, always independently verify the phone number you are dealing with when discussing financial matters.

Reporting potential fraud to the police may also be helpful.

Discard documents with important financial information by shredder. One dark, albeit odd, example occurred where a widower in his 90s noticed a lower than expected figure in his account balance. Upon investigation, a man was going through the elder’s garbage and found voided checks with banking and routing numbers, and used that information to forge and cash phony checks.

Scammers may attempt to build confidence with their victim, or pretend that exigent circumstances exist that necessitate handing over important financial information. If you ever find yourself speaking with an unknown entity about financial matters, make sure to stay calm and ask yourself if this is a legitimate scenario. Oftentimes, a clearer mind will prevail.

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