In the past few years, older adults have reported a significant increase in financial loss due to scams. In 2022, adults aged 60+ lost $271 million to business impersonation scams, $159 million to tech support scams, and $139 million to romance scams (2020). Today, we’ll look at an overview of a few of these scams, shedding light on how they work, what the scammer wants, and how to stay safe.
Social Security Imposter
How it works
To perpetrate the Social Security imposter scam, scammers call, text, write or email potential victims, posing as representatives for the Social Security Administration. They might use the names of real employees, or send fake documents “confirming” their identity. Social Security imposters will say that our Social Security Number (SSN) has been used in a crime, or otherwise compromised, and has been suspended. This is a lie.
To “reactivate” our SSN, scammers will ask us to confirm it, and possibly pay a fee, often with gift cards, money transfer or cash by mail, as they’re harder to track. They’ll try to create a sense of urgency, by instructing us to do this immediately, or face harsh consequences like arrest or bank account suspension. This causes us to react out of fear, rather than thinking rationally, making us more likely to be victimized.
End goal
The ultimate goal of the Social Security imposter scam is to manipulate us into revealing our Social Security Number and other personal information, which can be misused for identity theft. Another goal, like most scams, is to trick us into giving them money.
Staying safe
- The Social Security Administration won’t:
- Threaten legal action if we don’t pay a fee immediately
- Demand payment via gift card, wire transfer, cryptocurrency, or other unconventional methods
- Suspend our Social Security Number
- Contact us and include information that contains our personal details
- If we suspect we’re talking to a scammer, hang up or ignore messages.
- Don’t act in fear. Disconnect, breathe, and talk to someone trusted.
- Never send money or give away financial details to anyone. The Social Security Administration will never require action that
- Report the scam to ssa.gov/report.
What to do if scammed
- Stop all contact with the scammer immediately.
- Inform Equifax, Experian, and TransUnion so a fraud alert can be added to our credit report.
- Report the incident to IdentityTheft.gov (managed by the federal Trade Commission) to get a step-by-step.
Tech Support Scams
How it works
Tech support scams are conducted either online, or over the phone. The premise is the same. We may get pop-up messages or a phone call telling us that our computer has dangerous viruses and malware. Scammers will pose as reputable tech companies, using logos and names of big brands to instill trust. They’ll say that they need to access our computer remotely right away, otherwise it’ll be ruined forever. This is to discourage us from seeking a second opinion, or researching further. They might also say that they have tech solutions package we need to buy.
End goal
The goal of tech support scams is for scammers to gain access to our computers, or get money by convincing us to pay for “tech solutions.” If scammers get into our computers, they can steal valuable information, like banking details, passwords, and important documents. They can also install malware to track our actions, like keyloggers that record what we type.
Staying safe
- Remember, legitimate tech support won’t contact us unless we ask them to.
- Hang up on callers claiming to be tech support, and avoid clicking on pop-ups.
- Seek tech support through official channels, like through anti-virus software providers official website.
- Unless we initiate a tech support request, we should never give anyone remote computer access.
What to do if scammed
- Use legitimate security software to run a scan, and remove anything it deems harmful. Get help from a professional if needed.
- If we bought fake tech solutions or services, we should contact our credit card company or bank to reverse the charges and keep an eye on our accounts for suspicious charges.
- Change all passwords to make each one strong and unique.
- Report the scam to the FTC at gov/complaint.
Romance Scams
How it works
Romance scams rely on human empathy and the need for love to exploit victims. Scammers contact people through dating apps and other social media platforms. Pretending to be someone else (commonly called catfishing), they engage in online relationships, often over a period of months or years. Romance scammers often claim to have professions that require secrecy and make it hard for them to visit. Common occupations include military officer, offshore oil rig worker, and international org employee. This creates a bond, and a false sense of security and love. Eventually, they’ll make up stories about emergencies or financial issues in hopes of getting money. They might say their child is sick and they need money for medical bills, they have expensive legal fees, they need money to visit us, etc.
End goal
Cash is the main motivation for romance scams. Once scammers get it, they may disappear, leaving victims heartbroken and confused. Or they may stick around to continue their manipulation and get more money.
Staying safe
- Be cautious when starting online relationships online.
- Never send money to someone without having met them in person.
- Use reverse image searches to verify the authenticity of profile pictures.
What to do if scammed
- Stop talking to the scammer and block all contact.
- Talk to a trusted loved one about the relationship and concerns. People who genuinely care about us often have a less biased perspective, especially if we’re blinded by love.
- Report the incident to the dating app/social media platform support team.
- If money was involved, contact the bank or company used to send money. Explain the situation and ask for charges to be reversed.
- Report to the FTC.
Key Takeaway
In the era of the scammer, healthy skepticism offers a layer of protection against victimization. Always verify unexpected communication and claims before providing personal information. Stay informed about scammer tactics, stay calm, and prioritize critical thinking over emotional reactions.
Sources
https://www.ice.gov/features/LoveOnline
https://www.ftc.gov/business-guidance/small-businesses/cybersecurity/tech-support-scams