Seniors and scams
How to talk to your members about safeguarding themselves and their loved ones
Seniors lose around $2.9 billion every year to scammers, according to the Senate Special Committee on Aging. These unscrupulous fraudsters often use high-pressure sales pitches and sophisticated techniques to trick even the most educated seniors into becoming their victims.
As a representative of your credit union, the types of scams you may see are most likely financial in nature. In this article, we will discuss some of the more common scams targeting seniors and what you and your staff can do to inform your members and prevent them from becoming victims.
Common Financial Scams Targeting Seniors
Romance scams. Seniors, especially those who feel lonely or isolated, can be vulnerable to scammers, making them prime targets for romance scams. These occur when seniors befriend and strike up romantic connections with people they meet online, who then request money for any number of reasons. Seniors aged 60-69 who have been targets of romance scams lost an average of $6,688, and seniors aged 70-79 lost an average of $10,000. These scams result in the largest financial losses from scams targeting seniors.
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