Welcome to another Fraud Friday!
National Senior Fraud Awareness Day is observed on May 15 every year. The United States Congress declared this day to promote awareness of fraudulent schemes older adults often fall prey to. I have chosen to make the focus of May Fraud Fridays all about Senior Fraud. What is alarming about Senior Fraud is that elderly Americans lose approximately $36.5 BILLION dollars annually because of it! Scammers take advantage of the elderly, luring them in and preying on vulnerabilities. The fact that there are people in this world who solely wake up in the morning with the intent to defraud and take advantage of our senior population is despicable. Seniors may be more trusting, more susceptible to emotional manipulation, might have accumulated wealth over the years, even may be isolated from family and friends. All of these factors play into why our elderly seem like easy targets for criminals. Each Friday this month I will take a deep dive into common scams that targets the elderly. Some of these we have gone over before, but it never hurts to have a refresher. The more we know about senior fraud, the better we can educate our elderly customers and family members. Below are some of the schemes that seem to burden our nation’s elders. Of these 10, I have seen and dealt with over half in just one year of being in the fraud department.
- Grandparent Scams
- Government Impersonation Scams
- Tech Support Scams
- Charity Scams
- Lottery/Sweepstakes Scams
- Romance Scams
- Caretaker Fraud
- Medicare/Health Insurance Scams
- Home Repair Scams
- Investment Scams
If you feel that someone you know has been a victim of Senior Fraud, please do not be afraid to report it! File a complaint with local law enforcement or the FBI’s Internet Crime Complaint Center (IC3) at ic3.gov. Share this information with family and friends, you never know when it is your parent or grandparent who could potentially fall victim to a scam. Let’s all work together to help safeguard our elderly population!
Tara Montgomery
Exchange Bank of Alabama
Fraud Specialist
