How Scams Affect Seniors

When people are asked what age groups are most susceptible to telecommunications fraud, a common answer is senior citizens. However, according to Protecting Older Consumers: A Report of the FTC (Federal Trade Commission), adults aged 60 and above are actually the least likely of any age group to report losing money to fraud. The kicker is that when they do experience fraud, it statistically results in higher losses than any other age group.

According to the FTC, some of the most popular scams out there specifically target seniors. Here are three in particular to look out for.

Medicare scams

There are several different kinds of Medicare scams. The most common is a scammer impersonating a government official and telling their victim that they need to replace their Medicare card. In doing so, they ask their victim for their current Medicare number, which can be used to obtain personal information such as Social Security number, financial account numbers, or insurance information. It can also be used to bill false services to Medicare.

Another Medicare scam involves fraudulent promotional calls or fake ads that offer large discounts on health insurance but are really intended to obtain personal information. Learn more about Medicare scams from the FTC here.

Grandparent Scams

Grandparent scams refer to scammers who call senior citizens pretending to be their grandchild in an emergency crisis. The details of said emergency may vary (car accident, legal peril, robbery, health problems, etc.), but all of them share one thing in common: The “grandchild” needs money from their grandparent immediately to help solve their problem.

Learn more about grandparent scams from the FTC here.

Social Security Scams

This scam refers to scammers who call victims telling them that their Social Security benefits are ending or their Social Security number will be suspended unless they pay immediately. Payments are often requested via untraceable methods such as wire transfer, cryptocurrency, or even gift cards. The scammer is usually seeking money, personal information, or both and may sometimes even threaten the victim with getting arrested if they don’t comply.

Learn more about social security scams from the FTC here.

How To Protect Yourself

The FTC recommends the following:

“Just hang up the phone on unwanted calls. Consider call-blocking services to reduce the number of unwanted calls you get. Ask your phone carrier about call blocking.”

Additionally, you can use Whois by SIPSTACK, the world’s most advanced caller ID and CNAM lookup tool.

How SIPSTACK Fights Fraud

Using the latest technology and machine learning, SIPSTACK’s systems authenticate all activity in real time against variables that affect your security. When a carrier implements SIPSTACK’s Smart CNAM, they are able to customize a threshold for calls to pass through, based on their specific needs. At SIPSTACK we take an active role in ensuring we are building a secure and connected tomorrow. Contact us today to learn how you can protect yourself from spam.