Financial abuse is on the rise, and it comes in many forms. Scammers are everywhere, trying to take advantage of people and gain control of their finances. This is especially true for the elderly.
Financial abuse can happen in person, over the phone, and online. Cyber exploitation is something that people need to be especially aware of.
Elderly people are inherently vulnerable and trusting, which makes them a popular target for criminals. The elderly are more prone to trust people. The problem is even worse online since older people often lack confidence and skills with computers. Having not grown up with the technology, they may not fully understand how email, apps, and browsers work. Tech-savvy fraudsters often exploit these vulnerabilities.
Cyber exploitation has grown rapidly since COVID-19, as people, especially the elderly, began worrying more about health and finances. The problem is that The United States population is aging in an environment where digital technology prevails. These technologies were created to make life easier for the population as a whole, but they were not made for the needs of older adults.
Financial exploitation can have devastating effects on older adults. Older adults who have retired or become disabled will likely not be able to recover their losses. This can lead to a decrease in financial security, independence, and even physical well-being.
Using a computer and using the internet can open up an older person’s world, but it can also cause their world to come crashing down if not used properly. If you have elderly parents, grandparents, or other loved ones, you will want to protect them from the dangers of going online. Read on to learn about how cyber exploitation works and what you can do to keep your family safe.
Examples of Cyber Exploitation
Cyber exploitation can happen in a number of ways, such as the following:
- Phishing scams. This involves using emails to get personal information, like Social Security numbers or credit card details. Once the information is provided, the scammer can commit identity theft or financial fraud. Scammers have posed as IRS agents during tax season, tricking seniors by claiming their taxes are overdue.
- Tech support scams. A scammer contacts an elderly person claiming to be from a tech company, saying their computer is infected with a virus. The scammer then asks for remote access to their computer, which allows them to steal sensitive information. Many seniors have been tricked into giving remote access to their computers, leading to significant financial losses.
- Romance scams. An elderly person may be contacted on a dating site or social media by a scammer pretending to be a potential romantic partner. Over time, the scammer builds trust and eventually asks for money. The scammer then disappears once the money is sent.
- Grandparent scams. A scammer pretends to be a grandchild or other relative in distress, often claiming they have been arrested or are stuck in a foreign country. They urgently ask the elderly person to wire money. This has caused seniors to be scammed out of thousands of dollars.
- Health insurance scams. Scammers pretend to be Medicare representatives and ask seniors for their personal information or offer fake health services or equipment. The scammers then use the information to commit identity theft.
- Fake charity scams. An elderly person is contacted by a scammer posing as a representative of a charity. The scammer solicits donations for a fake cause, pocketing the funds instead of using them for charitable purposes.
- Lottery and sweepstakes scams. Scammers inform an elderly person that they have won a lottery or sweepstakes but need to pay taxes or fees upfront to claim their prize. The victim wires money but never receives the prize.
- Investment scams. Elderly people are targeted by fake investment opportunities, such as real estate, gold, or cryptocurrency schemes. Scammers convince them to invest their life savings in fraudulent ventures, often wiping out retirement funds. Many seniors have lost their retirement savings to fraudsters who promise high returns on investments.
Preventing Cyber Exploitation
Here are some tips for preventing cyber exploitation and keeping your elderly loved ones safe:
- Education and awareness. Educate the elderly on common signs of scams, such as unsolicited emails, offers that seem too good to be true, or requests for personal information like passwords or credit card numbers. Teach them to verify websites before entering sensitive information and only use trusted sources for online activities.
- Limit exposure to scams. Install apps or tools that block robocalls and filter spam emails. Educate your loved ones about the importance of privacy settings and being cautious about friend requests or messages from strangers. Encourage them to use only well-known, secure online platforms for shopping and banking.
- Promote strong security practices. Encourage the use of strong, unique passwords for different accounts. Help set up a password manager to securely store passwords and simplify account access. Ensure that your loved one’s devices are protected by up-to-date antivirus and anti-malware software.
- Use secure networks. Help secure your loved one’s home network by using a strong Wi-Fi password and setting up a firewall on their router. Educate them about the risks of using public Wi-Fi networks without a Virtual Private Network (VPN).
- Provide monitoring. Encourage regular review of bank accounts, credit card statements, and online activity for suspicious transactions. Help set up account notifications for unusual activity, such as large transactions or login attempts from unfamiliar locations.
Contact Newman Law Group Today
The elderly are vulnerable to online exploitation. Many are not wary about internet use and tend to believe everything they see, which can be worrisome and concerning.
The team at Newman Law Group, LLP can assist you if your loved one has been a victim of cyber exploitation. We offer more than 30 years of experience, and we truly care about your clients. Schedule a consultation today by calling (916) 352-3181 or filling out the online form.
