As people age, they become less able to identify scams, especially on the internet. Financial elder abuse lawyers in Ontario see these kinds of situations all the time, and it may shock you to hear that around $3 billion per year is stolen from seniors through scams each year.
Financial scams often go unreported, but they can ruin a senior’s life savings and financial well-being. Our family courts lawyers in Ontario detail the most common kinds of scams that seniors have been falling victim to in recent years.
Government Scams
Any call from the government would be taken seriously, and scammers use this to prey on the elderly. They may pose as the IRS, Social Security Administration, or Medicare, and they can threaten arrest if the elder does not pay their “taxes.” They may also tell the senior that their Social Security or Medicare checks will be cut off if they don’t give up additional personal information, and this information is then used to commit fraud.
IT Scams
Scammers can prey on the elderly’s lack of knowledge about computers by bombarding them with pop-up ads which then download viruses onto the computer. These scams can often tell the user that their computer or smartphone has been compromised and that they must download virus protection software or call a support number. The average tech support scam is about $500.
Sweepstakes and Lottery Scams
This scam is very common and has been going on for years. In this situation, the scammer will call or email the victim, telling them that they have won a prize but that they must put down a deposit in order to claim it.
Romance Scams
This is perhaps one of the saddest scams, as it preys on lonely old people. In these scams, a fake profile will message the senior on social media or within a dating app and ask for money after a rapport is established.
They often pretend to be overseas or out of town and ask for money to buy a flight home. Just like with a traditional catfish, these scammers ask for money repeatedly over a long period of time while also making the person feel like they are close to the scammer. In 2019, nearly $84 million dollars was given to these kinds of scammers.
