National Senior Fraud Awareness Day is observed annually on May 15 to raise awareness about the rising number of fraudulent scams targeting older adults in the United States. Established by the U.S. Congress in 2018, this day aims to highlight the growing incidence of scams aimed at seniors. Various scams, including tech support fraud, government impersonation scams, grandparent scams, romance scams, Medicare fraud, and sweepstakes scams, often target older adults. These fraudulent activities can result in significant financial losses and emotional distress for victims.
Recent Trends in Senior Fraud
In 2023, seniors in the U.S. lost more than $3.4 billion to fraud, marking an 11% increase from the previous year. The most prevalent scam reported was the tech support scam, where fraudsters pose as technical support agents to gain access to victims’ computers and financial information.
How to Protect Seniors from Fraud
To safeguard older adults from scams:
- Resist pressure to act quickly: Scammers often create a sense of urgency to prompt immediate action.
- Be cautious of unsolicited communications: Avoid engaging with unexpected phone calls, emails, or door-to-door service offers.
- Never share personal information: Do not provide gift cards, checks, or wire information to unverified individuals or businesses.
- Be wary of email attachments: Only open attachments from known and trusted sources.
- Examine email details carefully: Hover over the sender’s email address to see if it changes or reveals a suspicious domain. Examine the domain for alternate spellings that mimic legitimate ones. For example, an email from [email protected] (with an “r” instead of an “m”) is a scam. Also, typos in the body copy of the email are also a red flag.
- Discuss online interactions: Regularly talk with senior family members about their online and phone communications to identify potential scams.
How to Report Fraud
If you or someone you know has been targeted by a scam, report it to the appropriate authorities:
- Federal Trade Commission (FTC): reportfraud.ftc.gov
- FBI’s Internet Crime Complaint Center (IC3): ic3.gov
At EKS Associates, protecting our clients’ financial security and personal information is our top priority. Please remember: we will never call, text, or email you to ask for your online login credentials, passwords, or other sensitive information. If you ever receive a suspicious communication that appears to come from us, or if something doesn’t feel right, contact your Wealth Advisor directly before taking any action. We’re here to help you stay informed and safe.
By staying informed and vigilant, we can help protect our senior community members from fraudulent activities and ensure their financial security.
