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Why do financial scams target the elderly?

On Behalf of | Dec 8, 2022 | Elder Law |

Your aging parents raised you never to take advantage of anyone else. They suffered no fools when they were younger, but you’ve noticed a shift in recent years. They are a lot more trusting and naive than they used to be. This isn’t necessarily bad, but it can make them more susceptible to scams.

Why do many scams target the elderly and what can you do to protect your aging parents?

The perception of money

Many elderly people have worked hard their entire lives so that they can retire. This creates a perception that they are sitting on a lot of money. The problem is, the expenses of living don’t just stop for elderly people, and they don’t have the same income coming in. They typically need every penny of their savings to survive. Scammers don’t see it this way. They see elderly individuals as people with property, assets and savings that can be stolen.

A lack of computer literacy

Computers are still a relatively new technology and while there are plenty of elderly individuals who are tech-savvy, many are not. Thus, cyber scammers are generally willing to take their chances with elderly people. Some common scams include email phishing scams where an elderly individual is asked to pass on their personal details. For instance, a false claim of a lottery win that asks for bank details so that the winnings can be transferred.

What are your options?

If you feel that your aging parents are susceptible to scams and are no longer in a position to manage their own finances, you do have options. Talking to someone with experience in the field of elder law will be of great benefit.