- ORIGINAL NEWS
Op-ed: Financial fraud targets older adults, especially women. How to recognize and prevent it
- SUMMARY
As technology becomes more prevalent, financial scams are increasing, particularly targeting older adults.
Among them, women are more susceptible due to factors like loneliness, social isolation, and potential cognitive decline.
These scams range from email phishing to impersonations, aiming to manipulate victims into revealing sensitive personal and financial information.
The scale of the problem is significant.
FBI data indicates that Americans over 60 lost an alarming $3.1 billion to cyberfraud in 2022, with an average loss of over $35,000 per victim.
To combat this, it’s crucial to recognize warning signs like suspicious emails, vague email signatures, false urgency, and requests for personal information.
Early planning and proactive measures are essential.
Consider organizing support networks, engaging in security audits by adult children, and establishing legal protections like durable power of attorney for finances and successor trustees.
As our financial transactions become increasingly digital, vigilance and awareness remain vital in safeguarding the well-being and independence of our older loved ones.
- NEWS SENTIMENT CHECK
- Overall sentiment:
negative
Positive
Negative
“In 2022 alone, more than 88,000 adults over 60 fell victim to financial scams, according to the most recent FBI Elder Fraud Report.”
“Elder fraud schemes are diverse, ranging from email phishing to impersonation scams, each designed to deceive and manipulate their targets into handing over sensitive personal and financial information. “
“As fraud tactics become more sophisticated, avoiding them can be challenging for those who don’t recognize the warning signs, which often include:”