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Simple Tips to help Older Americans Spot & STop Fraud

Anyone can be targeted and victimized by fraud, and with Artificial Intelligence (AI) and new technology, scams have become even harder to spot and avoid. 

Today, scams aimed at seniors are on the rise and the financial losses are increasing.  According to the FBI, over 100,000 senior citizens reported getting scammed last year, losing over $3.4 billion to criminals, including $7.4 million lost by Rhode Islanders over the age of sixty.

Recently, criminals have used AI technology to replicate loved ones’ voices to make it seem like a family member, friend, or neighbor was in dire need of money. 

Here are some tips on how to identify scams and stop fraud: 

  • NEVER divulge personal information to unknown callers over the phone. That includes bank account information, Social Security number, passwords, and one time passcodes. Criminals are master manipulators and may try all different techniques to access your money.  But ‘when in doubt, don’t give it out.’
  • Be wary of ‘urgent’ notices that claim your account or computer has been ‘compromised.’ Scammers try to create a false sense of urgency.  No legitimate entity will contact you over the phone and urge you to pay with crypto currency, gift cards, or precious metals.
  • Designate a trusted contact person to help protect you from online scams and never be embarrassed to ask that trusted source for help or report a possible scam.  If you get an online pop-up message claiming that your phone or computer contains a virus, contact your trusted source first, NOT the number on the screen.
  • Always be skeptical of unsolicited prize or investment offers or unexpected requests to pay bills over the phone.
  • Don’t be afraid to hang up the phone! If someone you don’t know calls you demanding an immediate form of payment, ask them to send you a letter or e-mail instead and then hang up on them (and call your trusted source).

The U.S. Senate Special Committee on aging recently released a special report on the rising rates of fraud and scams being perpetrated against older Americans. Here is an excerpt from the report which breaks down common scams used to steal people's money and personal information. 

click for examples of common scams & more Tips for avoiding fraud
download Tips from the U.S. Senate Special Committee on Aging