The International Day of Older Persons is celebrated on Tuesday, October 1st and Check Point® Software Technologies Ltd. (NASDAQ: CHKP), a leading AI-powered, cloud-delivered cybersecurity platform provider, highlights the need for stronger measures and preventative efforts to protect the senior community from cybercrime.
Cybercrimes against the elderly are on the rise, with criminals increasingly targeting this demographic due to their understandable vulnerabilities. According to the FBI report on the cyber crime 2022, a significant number of seniors lost a staggering $3 billion to cybercrime, an 11% increase from the previous year. The most common types of cyberthreats targeting seniors appear to be online phishing, tech support scams, and social engineering attacks.
The economic impact of this type of cybercrime is heavy – according to the Statistica, in 2023, people age 60 and older in the United States lost more than US$1,2 billion to online investment scams, an increase of US$990 million over the previous year. Tech support scams ranked second, costing victims an estimated US$590 million. Emotional fraud followed in third place, accounting for nearly US$356 million in losses that year. A recent 2023 study by Pro Senectute, an organization for the elderly, reveals that almost 80% of people over the age of 55 in Switzerland have experienced some form of fraud. Worryingly, 20% of elderly Swiss citizens have lost a total of about 675 million Swiss francs (about $739 million) over the past five years. This represents a sharp increase, with annual losses increasing by more than 60% compared to figures from the first study conducted five years ago.
Most older people are not very computer savvy as they were not as readily available as they were in the past, unlike today where everyone lives in a digital world that includes everything from banking to medical appointments. As the subject of cyber security has not been as prevalent in the past, seniors are unfortunately less aware of cyber threats and, in many cases, lack the tools and experience to detect attacks and fraudulent actions. In today's world where personal information is stolen or even sold on the Dark Web, cybercriminals can easily use it to take advantage of this vulnerable age group.
Looking to overcome the challenges faced by preventing senior cyber risks, Check Point Software explores emerging threats, the psychological aspects that make this age group more vulnerable, and also offers practical advice on how to navigate the internet safer. .
Table of Contents
Emerging Threats Targeting the Elderly
Cyberattacks on the public and businesses come in many forms – such as ransomware and hacktivist to more common social engineering scams such as financial or romance scams.
When looking at common cyberattacks experienced by seniors, phishing remains one of the most prevalent. These scams often come in the form of emails or messages that appear to come from legitimate sources such as banks or government agencies, tricking victims into revealing sensitive information. The exhibition FBI Internet Crime Report 2022, highlighted phishing as the most reported crime among seniors, with more than 300.000 formal complaints.
Another common means of targeting seniors is tech support scams. Such are related to fraudsters posing as technical support agents from well-known companies such as Microsoft or Apple. They often contact seniors through phone calls or pop-up notifications on their computers, claiming that their devices are infected with malware. The goal is to convince the victim to pay for fake services or for the attacker to gain remote access to their computer either to steal information or install malware. In 2022, tech support scams cost older Americans more than $588 million; a sharp increase from previous years.
Social engineering attacks are another very common means of tricking seniors into parting with their personal or financial information. Social engineering attacks manipulate victims into breaking normal security procedures, often by exploiting emotional triggers such as fear, urgency or a false sense of trust. For example, scammers may pose as grandchildren who need money or claim to be a charity seeking donations. These attacks are particularly effective against older adults who may be less familiar with the rules of digital communication or willing to help their family members.
The psychological frailties of older adults
Seniors are often targeted by cybercriminals as their community is seen as an "easy target", with less knowledge or experience of online tools, making them more susceptible to fraud.
Somehow, it is also assumed that older people generally have a more trusting nature. Older people, especially those from generations that grew up without the internet, tend to trust authority figures and formal communications more. This trust can make them easy targets for scams impersonating reputable organizations.
Many seniors experience social isolation, which scammers take advantage of by posing as friendly voices over the phone or online. This emotional manipulation can lead to quick compliance with requests, especially in romantic scams or fraudulent investment schemes.
But the main reason is a lack of digital literacy, as although many seniors have embraced technology, they may not be aware of the latest cyber threats or understand basic security measures, making them more vulnerable to such sophisticated scams. With hackers harnessing artificial intelligence to create more realistic emails or even fake videos, the older generation is at the mercy of these unscrupulous criminals, who want to profit from their personal and financial information.
Means of Prevention
To help seniors protect themselves from further online attacks, Check Point suggests some key tips to ensure their optimal safety:
- Safe browsing: Always remind seniors to verify the authenticity of websites before entering personal information. Look for a lock symbol in the address bar, which indicates a secure connection.
- Beware of phishing): Seniors should be wary of spam, emails or texts that ask for personal information or promise rewards. Verify the legitimacy of the sender before any response.
- Account protection: If seniors receive suspicious requests to change their passwords or account information, they should not act immediately. Remind them to report such requests to the bank or service provider using official contact details to verify the authenticity of such requests.
- Download apps safely: Download apps only from trusted sources like Google Play Store or Apple App Store to avoid any malware.
- Identifying suspicious activity: Always alert for messages that create a sense of urgency, such as requests for immediate payment or account verification. Scammers often use urgency to trick victims into acting without thinking.
- Security of financial data: No sharing sensitive information like credit card numbers over the phone unless the call is initiated by you and you trust the person on the other end. Particular attention should be paid to any form of pressure to provide such details, regardless of the circumstances e.g. To benefit from a flash sale or some investment.
- Use ATMs wisely: Always choose ATMs located in well-lit, secure areas to minimize the risk of credit card information being stolen by skimming devices.
- Cyber Security Awareness Training : Several countries have special cyber teams that focus on educating older adults about online threats. The UK's National Cyber Security Center (NCSC) runs 'Cyber Aware' campaigns, the US Cyber Security and Infrastructure Security Agency (CISA) offers targeted workshops and Singapore's Cyber Security Agency (CSA) engages older people through public outreach programs to educate them on such online threats.
