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Common scams include the "grandparent scam," where a caller pretends to be a grandchild needing emergency money, and prize or giveaway scams.
Contrary to popular belief, a new government report shows that younger Americans are more frequently scammed than older people. The Federal Trade Commission's 2022 Consumer Protection Data Spotlight reveals that Americans aged 30-39 are defrauded at a rate of 176 per 100,000, compared to 132 for those aged 70-79.
Even though older Americans are scammed less often, their financial losses are higher. The FTC reported that people in their 70s lost twice as much as Millennial's, with losses increasing by 60% for those over 80.
How to stop scams. To stop a scam, you must first learn to spot one. The more you know, the more you’ll protect yourself and your extended family. The main hallmarks of cons to watch for and detect include the following elements:
- Claims of significant financial gains
- Promises of financial security
- Scare tactics or efforts to trigger fear
- Slim details of how a promoted venture works
- Considerable pressure to make a rapid decision or commitment
- Gift cards requested for fund transfers
Be proactive in avoiding scams. Encourage older relatives and neighbors to establish a buddy system, pairing up with a friend or family member to review all offers or solicitations together for greater objectivity. Use family gatherings, like spring trips or picnics, to discuss new scams and how to spot them, potentially saving younger and older family members.
Almost one-third of imposter scams reported involving someone posing as a government representative. The new Federal Trade Commission Infographic shows how to spot, stop and report government imposter scams. The infographic provides additional advice, detailing the top contact methods and payment requests scammers use. The main infographic takeaways are to never give information or money to anyone who contacts you through social media and never make a payment to someone you don’t know, especially by gift cards or mobile app payments.
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If you still need to enroll, please consider doing so at your next opportunity.