Today’s seniors benefit from all sorts of technology products and services. A surprising number of older adults have even become skilled gamers. However, while technology offers many benefits, it's important to be aware of potential risks, warns Wayne K., chief information officer at The Goodman Group.
“As the world becomes increasingly digital, people are also becoming more connected,” he notes, and “increased connectivity comes with its own set of risks. It is crucial to educate and protect yourself from threats.”
According to FBI data, reports of fraud targeting seniors increased by 14% in 2023 compared to the previous year, and their losses totaled more than $3.4 billion. The FBI believes the numbers are likely much higher, as only about half of formal fraud complaints list age. In fact, 63% of Americans ages 50 or older have experienced some type of digital security incident.
Seniors are Targeted More Often
Wayne says that older adults are popular with scammers for several reasons:
- Financial assets: Older adults have often accrued significant retirement savings, so they are attractive targets.
- Trusting nature: Older adults may be more trusting of strangers and therefore more vulnerable to con artists who build rapport.
- Less tech-savvy: Seniors who aren’t fully familiar with the latest digital security practices are more susceptible to tech-based scams.
- Independent living: Older adults who live alone may not have a support network to help identify possible scams.
- Cognitive changes: Memory challenges can also make it harder to detect potential scams.
Common Fraudulent Approaches
Being aware of digital scams helps protect your money and personal information that can be used for identity theft. Two approaches favored by hackers are:
- Social engineering: This is a non-technical method that tries to trick you into breaking your normal security procedures to divulge personal or financial information. This type of scam is one of the greatest threats because it relies heavily on human psychology or emotions to influence your decisions.
- Phishing: Tech scammers contact you by sending email or text messages appearing to be from a trusted source. The goal is to acquire money, to gain direct access to your personal data or login information, or to install malware on your device that opens the door for future unauthorized access to your device.
How To Protect Yourself
Scammers are very sophisticated. Even if you have taken some steps to secure your devices, and you know to be on the lookout for potential scams, it is always worth reviewing your efforts to ensure you are as well-informed and well-protected as possible.
Tips to Identify Phishing
- The phone number or email address is unknown or seems off
- The grammar is inconsistent or unnatural
- The message is a scare tactic, such as: “Uh, oh! There’s a problem with your account.”
- You are asked to log in or open a link
Banks and government agencies, including the IRS, contact people via postal mail. They never call, text or email you asking for information such as:
- Bank account number
- Social Security number
- Login usernames or passwords
- Debit or credit card number, PIN or expiration date
Strengthen Your Passwords
Passwords that are easy to remember are usually easiest to hack. Instead, follow expert advice on how to create strong passwords. If you think one of your passwords has been compromised, change it immediately.
Choose multi-factor authentication whenever possible. More steps to access your accounts make it harder for hackers.
Safeguard Your Information
When it comes to personal information, Wayne stresses, “Don’t give it away!” He also recommends:
- Monitor your financial accounts frequently
- Don’t answer your phone unless you recognize the number
- Question information presented to you digitally
- Always use a reputable source of contact information
- Use just one credit for day-to-day charges and pay it off monthly
- Don’t post personally identifiable information on social media
- Keep phone and other device software updated
- Make sure your personal computer’s antivirus program updates automatically
Stay smart and stay safe out there! With these simple steps, you can enjoy all that technology has to offer while keeping the scammers at bay.
For more information on protecting yourself from digital scams or reporting abuse, visit:
