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8 Financial Scams To Beware Of As A Retiree /
Finance
Financial scams to beware of as a retiree Around the world, elderly adults lose over $3 billion each year to financial scams.
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inancial crimes are often not reported or can be extremely challenging to prosecute, so for fraudster’s they’re thought of as “low-risk, high-reward” offences which can be committed with not a lot of set-up required. Scammers naturally target older adults as they are most technologically deficient, at a vulnerable stage in their life and have the most money saved up in their bank accounts. This can be a devastating and traumatic experience for anyone, so we’ve identified 8 common financial scams that older adults fall victim to:
1
The Government Agent Scam
These scammers call you saying they’re from a government agency like the ATO, ASIC or even Medicare and then threaten you with Jail time and deportation if you don’t pay them “unpaid taxes”. Or they may threaten to close down your Medicare/government benefits if you don’t give them your personal information. Sometimes these scammers call from phone numbers and postcodes similar to that of the government agency, just to add another layer of authenticity.
2
The “Grandchild” Scam
Someone will call you saying “Hi Grandpa, do you know who this is?” When the grandparent guesses the name of a grandchild, the scammer is in. From this point on, they build rapport and quickly ask for some money for some urgent issues like “car servicing, rent, or even food) – they say not to tell anyone in the family. Once they’ve got the money transfer, that money is never to be seen again.
3
The Computer Support Scam
These type of scams exploit elderly people’s lack of knowledge about computers and their lack of understanding of cybersecurity. A simple pop-up window or blank screen notification pops up on your phone or computer saying your
JUNE - JULY 2022 ACTIVE RETIREES |
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computer needs a clean, or a fix, or an update. A phone number provided for customer support connects directly to the scammer who then would either request remote access to your device or charge a bogus fee for not having done anything.
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