Being non-digital natives and having money in the bank make baby boomers go-to targets for scammers. But fear not, knowledge is the best defence. Today, we’re revealing 14 common scams aimed at older folks and offering insights to help protect against them.
14. Charity scams
Baby boomers are usually a target for charity scams. Fraudsters pretend to be a charity and steal donations as well as personal information. They always state that the money will go towards the victims of a recent natural disaster, overseas famine, or something else along those lines. Of course, if you send them money, they will disappear with it.
13. Funeral scams
This is one of the saddest forms of scams targeting older folks. Fraudsters scour recent obituaries and call the loved ones, pretending to be from the funeral home where (they say) the arrangements have been/are being made. Next, they’ll claim they need a financial deposit to secure those arrangements…
12. Pension scams
Pension scams are real! There has been an increase in the number of baby boomers falling for this particular scam. Fraudsters encourage you to transfer your pension to obtain better returns. They often mention this is a quick offer, so you have to decide immediately. Another red flag is when they offer a free pension review.
11. Online shopping
One of the most popular scams is online shopping. Many people pretend to be legitimate online sellers. They set up a fake website and try to rip off shoppers. Since baby boomers’ nature of trusting, they tend to fall for this devastating scam, and they realise it when it’s too late.
10. Non-existent prizes
You’re highly likely to have had one – or hundreds – of these land in your email inbox already. The premise is generally always the same: you can win a prize by clicking a link in the message. When you do, surprise surprise, the so-called ‘company’ running the ‘giveaway’ wants some sensitive financial information from you.
A key giveaway for these scams is that the emails often look unpolished and unprofessional. If in doubt and/or you’re really keen to enter, try searching for the competition online rather than clicking the link supplied.
9. Posing as a family member
This scam’s becoming increasingly common, too – particularly on WhatsApp. The intended victim will receive a message that’s supposedly from a family member. Vague, ambiguous wording such as ‘it’s your oldest child’ is meant to lure the recipient into thinking it’s genuine contact from a loved one. The unknown phone number and ‘friend’s bank account’ that you’ll be asked to deposit funds into are sure-fire signs that this one’s a scam.
8. Phishing for info
Phishing emails, phone calls, or text messages ask the person they’re addressed to for financial or personal information. It will be claimed this is needed for some purpose, such as to regain access to a recently locked account. If you get one of these, try logging in as usual (the long way round rather than by clicking any links they provide) before believing the email is from whoever they claim to be.
7. Asking for an admin fee
You may also receive emails from people asking you to pay a small fee. This, the messages claim, is merely so that a far larger sum of money can be released to you. It could be – so they say – an inheritance or perhaps a big prize. Of course, it’s a scam, often characterized by poor grammar plus unbelievable sums of money being mentioned.
6. Love and friendship scams
You meet your dream partner online, who then claims that they can give you exactly the kind of lifestyle you’ve always wanted. Expensive cars, big houses, and well-paid jobs are mentioned as part of the package. Alas, if it sounds too good to be true, it usually is. Sadly, such scammers prey on the vulnerability of lonely people, who might be desperate for somebody’s love/attention.
5. Incredible investments
Baby Boomers are often seen as rich pickings with high amounts of disposable income – hence the “incredible investment opportunity” scams. It could be gold, rare coins, gems, investments, trading…you name it. If you want to make an investment, then do the research yourself rather than taking up something offered to you out of the blue. That way, you’re less likely to get conned.
4. Technical support
This type of scam often involves a random/unexpected phone call or email. The person on the line might claim there’s something wrong with your computer, for instance, or your router, and tell you they’re going to help fix it. What they really want is for you to give them access to something they can then hold for ransom (e.g., pay them X amount of money or you won’t be able to get back into your computer).
If a call like this comes out of nowhere and you’ve had no such problems, then hang up right away. Even if you have had issues, call the company who deals with it yourself rather than acting on an unsolicited call.
3. Parcel deliveries
This type of scam skyrocketed during the global pandemic. Here’s how it works: someone will contact you claiming that you missed a delivery. They’ll then ask you to pay a fee and/or fill in personal information before your parcel can be released. Once again, never click any links sent to you in messages or emails! Check directly with the company’s official website if you’re unsure.
2. Property purchase
If you’re buying a property, beware. There are all sorts of potential scams that can befall both buyers and sellers. For example, some fraudsters simply pretend to be the homeowner, “sell” the property at a discount to do things quickly, and then run away with the cash. Other hackers might intercept emails between a client and their lawyer before intercepting the money used to buy the house. Be diligent, and patient, work with professionals and look out for anything claiming a change of bank details for your lawyer.
1. Cash machine tampering
One of the top scams right now cannot be found on your computer or your phone. Instead, it’s your local ATM you need to check carefully. The fraudster will either find a way of trapping dispensed cash so you cannot remove it, or they’ll alter the card slot so that it reads and retains your card details. It’s not always the simplest one to spot, but give a wide berth to any machines that look as if they might have been tampered with. And, of course, always keep an eye on your bank balance.
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