3 Scams Seniors Need to Watch Out For

Each year, scammers target millions of elderly Americans in fraud schemes. In 2023, the FBI reported Florida ranked second in the country for most elder fraud complaints. Seniors are generally more polite, more trusting, and have a diverse financial portfolio, making them perfect targets for criminals.

Thanks to these criminals, elderly Floridians lost nearly $300 million in 2023. Since the agency’s recovery rate is only 40% to 70%, it’s clear our most vulnerable population needs protection.

Here are three common financial scams targeting seniors to watch out for, and tips on how they can protect themselves.

The “Grandparent” Scam

The “grandparent” scam involves a criminal calling or texting an elder posing as a child, grandchild or other relative, then expressing an immediate financial need. The scammer will create an urgent scenario or a dire situation, pressuring the victim to act quickly.

They will request a money transfer through a specific, difficult-to-track method, like Western Union or MoneyGram. More savvy scammers will even encourage seniors to use digital programs like CashApp.

The “Romance” Scam

The “romance” scam is a favorite amongst scammers. Perpetrators create fake social media profiles on popular apps, then use them to communicate and gain the trust of their prey before stealing the victim’s money.

The Jacksonville division of the FBI reported Floridians lost more than $62 million to romance scams in 2023.

Robocalls and phone scams:

Robocalls and phone scams are especially tricky thanks to new artificial intelligence technology.

Robocalls and phone scams have included the following:

Warranty claims for cars, insurance, and other big ticket items that consumers need to call about
Threats and discussions about an impending lawsuit you should respond to
Callers pretending to be a law enforcement agent or department, like the Sheriff’s office, needing sensitive information.

These were already getting harder and harder to spot. Unfortunately, scammers have taken this to another level with artificial intelligence. Now, they’re capable of recording your voice and using it against your loved ones, for an even more full-scale scam attempt!

How Elderly Victims Can Fight Back

Before the scam:

A crucial mistake seniors make when confronted with a scam is feeling pressure to act immediately. Scammers use social engineering – a manipulation tactic – to use emotions like fear, sympathy, and curiosity against you.

If you feel like you’re being targeted by a scam, the best thing to do is…nothing.

Sometimes patience is your best weapon. Don’t make any sudden or urgent decisions. Hang up the phone, take a minute, then call the family member or friend you suspect the scammer is pretending to be. It’s always better to verify before sending money to anyone.

If you’ve already been scammed:

Don’t be ashamed. Anyone can be scammed if the right circumstances are present. It’s best to report early because the longer you wait to report, the less likely it is that you’ll get your money back.

If you are an Acheiva member and notice suspicious activity on your account, contact our toll-free service center at 800-593-2274. We’ll help you report the fraud and provide assistance in restoring your accounts.

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