Author: Sarah Marshall, Digital Marketing Specialist
What exactly is elderly cyber financial crime and financial fraud?
Elderly cyber financial crime and financial fraud are types of crimes that target the elderly population. These crimes involve using technology to defraud or scam elderly individuals out of their money or personal information.
Who is affected by these crimes?
These crimes can affect anyone who is considered elderly. Elderly individuals may be more vulnerable to these types of crimes due to a lack of familiarity with technology and the internet, as well as a tendency to be more trusting and less likely to report suspicious activity.
What measures can be taken to prevent elderly cyber financial crime and financial fraud?
To prevent elderly cyber financial crime and financial fraud, there are several measures that can be taken. Some of these measures include:
- Education: Educating elderly individuals on how to identify and avoid potential scams and fraudulent activity.
- Monitor statements: Encouraging elderly individuals to monitor their bank and credit card statements regularly to identify any suspicious activity.
- Provide and educate: Providing elderly individuals with tools and resources to protect their personal information, such as secure passwords and two-factor authentication.
- Use caution: Encouraging elderly individuals to be cautious when sharing personal information online, and to only share information with trusted sources.
- Make contact: Encouraging elderly individuals to contact their bank or financial institution immediately if they suspect fraudulent activity.
What are some common types of elderly cyber financial crime and financial fraud?
- Social engineering scams: This particular type of cyber-crime is growing quickly and involves criminals posing as family members, friends, or trusted individuals in order to gain access to personal or financial information.
- Phishing scams: This is when criminals send emails or messages that appear to be from a legitimate source, such as a bank or government agency, in order to trick the individual into sharing personal information or clicking on a malicious link.
- Tech support scams: These scams involve criminals posing as tech support representatives who claim that the individual's computer or device is infected with a virus or malware. They then offer to fix the issue for a fee, which often involves gaining access to the individual's computer and stealing personal information.
- Investment scams: These scams involve criminals offering fraudulent investment opportunities to elderly individuals, often promising high returns or guaranteed profits.
- Sweepstakes and lottery scams: This involves criminals contacting individuals and informing them that they have won a large sum of money in a sweepstakes or lottery. They then ask for personal information or a fee in order to claim the prize, which does not actually exist.
- Romance scams: By pretending to be a trustworthy friend or potential lover, the scammer builds a relationship with the victim and takes advantage of that emotional connection to get them to send a sum of money.
What should you do if you suspect that an elderly individual has fallen victim to cyber financial crime or fraud?
Here are some steps that can be taken:
- Contacting local law enforcement and reporting the incident.
- Encouraging the individual to contact their bank or financial institution to report the fraudulent activity and freeze their accounts if necessary.
- Contacting credit reporting agencies to alert them of the fraud and request a fraud alert be placed on the individual's credit report.
- Help the individual change their passwords and secure their online accounts.
- Provide emotional support to the individual, as they may feel embarrassed or ashamed about falling victim to the scam.
Learn more on how we can work to minimize the damage caused by cyber financial crime and fraud and help elderly individuals feel supported and protected.