We all age. That's good news for cybercriminals, who see plenty of potential victims in a rapidly aging society. Scammers put on eye the elderly, because they suspect that they have more money, but possibly less digital knowledge to spot the warning signs of a scam.
"In 2022, over-60s reported 88.262 cybercrime incidents to the FBI resulting in $3,1 billion in losses, an 82% increase over the previous year, and there are even more unreported incidents," says Phil Muncaster from the team of digital security company ESET.
The impact of these scams can be devastating if you don't have the ability to replace the savings you lost to cybercriminals. So if you're a senior citizen or just a concerned relative, read on.
10 scams to watch out for
The internet can, of course, be a wonderful place. But it's also full of scammers trying to steal your personal information and money. According to Muncaster from ESET these are some of the most common scams:
- Phishing – Electronic fishing
Phishing is the scourge of the modern internet. You receive a phishing email or message on your phone/social media. The scammer pretends to be a company representative or a government official and asks you to provide information such as account credentials, or asks you to click on a link/open an attachment. The former can allow cybercriminals to take over your accounts, while the latter can lead you to download malware designed to steal more data or lock down your computer.
- Romantic scams
Σύμφωνα με το FBI, οι ρομαντικές απάτες το 2022 απέφεραν 734 δισεκατομμύρια δολάρια στους κυβερνοεγκληματίες. Οι απατεώνες θα δημιουργήσουν ψεύτικα προφίλ σε websites dating sites, they will befriend lonely people and build a relationship, aiming to extract as much money as possible. They may ask for money for health issues or to travel for an emergency. Needless to say, they will always find an excuse not to appear on video calls or meet you in person.
- Health coverage scams
The fraudster impersonates the representative of an insurance fund in order to obtain personal and medical information that can be sold to others to commit health insurance fraud. He can do this by email, phone or even in person.
- Scams of technical support
In one of the oldest phone scams, the scammer pretends to be a representative of a technology or telecommunications company, telling you that something is wrong with your computer. This may happen suddenly, or you may be asked to call a "helpline" as soon as a pop-up appears on your computer. The scammer can trick you into giving them access to your computer. They will try to find a way to get money from you - for unnecessary services or to "upgrade" your computer or by stealing financial information.
- Shopping scams Online
Fraudsters create online stores that look legitimate and then lure users to visit them via phishing emails, SMS or social media messages. Items are often discounted with incredible deals. However, the products are either fake, stolen or non-existent and the real goal is to steal your card details.
- Telephone scams
"Robotic" calls rely on automated technology to call a large number of recipients at once. A recorded message can be used to deliver free or deeply discounted goods. Or it can be used to frighten the recipient and force them to respond, such as by telling them they are the subject of an impending lawsuit. If you answer, scammers will try to obtain your personal and financial information.
- Frauds with employees of government services
As with tech support scams, these are usually run by call centers based in South Asia. Combined losses exceeded $1 billion in 2022. In this version, the scammer will call pretending to be from the IRS, social security fund or other government agency and demand unpaid taxes or other payments. He will threaten that failure to pay may result in arrest or other penalties.
- Lottery scams
A scammer calls out of the blue telling you that you won a lottery and all you need to do to claim your winnings is to send a small amount of money up front. Of course, there is no prize and your money will disappear.
- Scams with grandchildren - relatives
A scammer calls you unannounced pretending to be a relative in danger. It usually starts by saying something like "Hey grandma, do you know who I am?" and then proceeds with a sob story to get you to give cash for help. They will usually ask for a money transfer or payment through a cash app. They may ask you to keep everything a secret. In some variations on this theme, the fraudster pretends to be a police officer, cphysician or attorney trying to help your grandchild. Advances in artificial intelligence software may even allow them to more accurately imitate your grandchild's voice to commit what has come to be called the "virtual kidnapping scam."
- Investment scams
Investment scams generated the highest profits for cybercriminals in 2022, over $3,3 billion. They are associated with get-rich-quick schemes that promise low risk and guaranteed returns, often through cryptocurrency investments.
How to stay safe
Although scammers' tactics may change, best practice advice remains fairly constant. Muncaster from ESET suggests keeping the following in mind to stay safe:
- If an offer is too good to be true, it usually isn't.
- Treat all communication from strangers with suspicion. If you want to reply, never reply directly to a message. Instead, look up the service or company that sent the message and call or email them separately to confirm.
- Keep your cool, even when you're being harassed on the phone. And don't give out personal information.
- Use multi-factor authentication on your accounts to mitigate the threat of someone stealing your passwords.
- Never send money via wire transfer, payment apps, or cryptocurrencies, as there is no way to claim it back in case of fraud.
- Do not click on links or open files attached to messages email/text/social media.
What to do if you fall victim to a scam
If you think you may have been a victim of fraud, contact the police and your bank. It's also a good idea to change the passwords on your accounts if you think they may be in the possession of a cybercriminal.
If you are reading this and have elderly relatives you are concerned about, please take the time to discuss common scams. Technology can often be scary if we don't fully understand it.
