The holiday season, while joyous, is also a period when financial scams and fraud are rampant. The increase in online shopping and donation appeals creates more opportunities for scammers to exploit individuals. The emotional nature of the season, especially for those who may feel lonely or isolated, further exacerbates the risk.
One alarming statistic is that scams targeting people aged 60 and older resulted in over $3.4 billion in losses in 2023 alone, according to the FBI. This staggering figure underscores the importance for increased awareness and vigilance.
Area Agency on Aging staff often hear stories from older adults about scams they’ve encountered. One example involves a classic Grandparent Scam. A woman received a distressing call from someone pretending to be her grandson. The caller claimed to be in jail and urgently needed money for bail. Acting out of concern for her family, she sent several thousand dollars via wire transfer, only to later realize it was all a scam.
Another common scam is the Tech Support Scam. An older man was contacted by an individual posing as a representative from a well-known tech company. The scammer convinced him that his computer was infected with a virus that required immediate attention. Trusting the supposed expert, he granted remote access to his computer. Unfortunately, this led to the theft of his personal information and a significant financial loss.
The holiday season also sees a rise in Charity Scams. An older couple received a call from someone who claimed to represent a charitable organization. The scammer used emotional appeals to solicit donations, tugging at the couple’s heartstrings. Moved by the plea, they donated a significant amount of money, only to discover later that the charity was fake.
To help older adults stay safe this holiday season, Area Agency on Aging is participating in Home for the Holidays: Protect Your Wallet, a national campaign led by the Eldercare Locator and USAging. This year’s campaign provides guidance to older adults, caregivers and families on avoiding financial scams and fraud.
To help older adults and their families avoid these scams, the Eldercare Locator campaign provides these valuable tips for preventing financial fraud and scams. First, it is important to be cautious of offers that seem too good to be true or that pressure you to act quickly. If a phone call solicitation makes you uncomfortable or suspicious, don’t hesitate to say “no” or hang up.
Never send money using gift cards or wire transfers directly to a seller or unknown person. It is also crucial to avoid clicking on suspicious links or attachments in text messages, emails, websites, or social media. Be wary of companies asking you via phone or email to update your password or account information, as this could be a phishing attempt.
Keep your personal information in a safe and secure place, away from unauthorized individuals. Do not share account numbers, passwords, credit card details, or Social Security information with anyone. Monitoring your financial accounts by setting up alerts for unusual activity is a proactive way to stay informed. Additionally, reviewing your financial statements more frequently during the holidays can help you catch any inconsistencies or fraudulent charges early on.
By following these tips, older adults and their families can better protect themselves from financial fraud and scams during the holiday season. The Eldercare Locator also provides resources for older adults and their families to stay informed and protected. They can contact the Eldercare Locator by voice, videophone, or text at 1-800-677-1116, chat at eldercare.acl.gov, or email at eldercarelocator@USAging.org.
By raising awareness and providing practical tips and resources, the Home for The Holidays: Protect Your Wallet campaign empowers older adults and their families to protect themselves from financial fraud and scams, ensuring a safer and more enjoyable holiday season for all.
Christine Vanlandingham is CEO of Region IV Area Agency on Aging in Southwest Michigan. Questions on age or independence services? Call the Info-Line for Aging & Disability at 800-654-2810 or visit areaagencyonaging.org. The Generations column appears each weekend in The Herald-Palladium.