BBB tip of the week: Risk of scams decreases with age

Grandparents Day was held in September and it has recently been shown that older consumers are the least likely to be ripped off. However, this does not mean that scammers do not target this demographic. Senior scam victims reported higher median losses, likely due to different types of scams targeting seniors and their access to larger financial resources.

Scams targeting the elderly

Grandparents or emergency scams. This tip begins with a phone call from someone posing as your grandchild, niece or nephew, or another young family member. Scam artists look for victims using social media and often know family names, travel plans and other details. The phony grandson will claim to be out of town and in an emergency – be it a car accident or an improper arrest. The scammer will ask you to send money as soon as possible and not to tell his parents anything.

Against investment These disadvantages often target the elderly because of their greater financial resources. They often have longstanding links with groups – for example, through a religious organization or ethnic group – where members trust each other. Swindlers are masters of persuasion, and they often learn the weaknesses of their targets and adapt their arguments accordingly.

Romance scamsWidowed or divorced seniors are frequent targets. These exploit single people who are looking to connect with someone and can often take months to develop to the point where the money changes hands. The emotional harm done to the victim can be even more painful than the monetary loss. Scammers create compelling antecedents and identities in their own right, then make you fall on someone who does not exist.

Tips to avoid these disadvantages

Get another perspective. All of the above disadvantages work because the target is ashamed – or is under pressure – and keeps the scam secret. If you have been targeted by something that looks suspicious, ask for an outside opinion.

Do your research. If something seems strange – a new romance asking for money or an emergency out of the ordinary – look for it online. The scammers often reuse pictures or stories. BBB.org/Scam Tracker is a good place to read about the experiences of others.

Know what your family members share online. Older people may be exposed to emergency scams and other schemes because they are not familiar with information about themselves and their families available online.

Resist the urge to act immediately. Scammers will almost always require you to act before you have time to think. Do not give in to the pressure.

If you've been scammed, help others avoid being a victim by reporting what happened on the BBB Scam Tracker.