One focus of the Zwaanendael Women’s Club, the local affiliate of the General Federation of Women’s Clubs, is the mental health of the elderly. Your recent article, “Elder Scams: Don’t Take the Bait” (Sept. 24) highlights some of the many scams targeting seniors.
Why are these various scams proliferating? It has been reported the Baby Boomer generation has $84 trillion to leave to their heirs. While probably an exaggeration, the perception is that elderly Americans have a lot of money. Willy Sutton robbed banks “because that’s where the money is.” Today, scammers see the average aging Baby Boomer as a bank with no alarms or guards. That’s why, according to the FBI, people over 60 lost more than $3.4 billion to scammers in 2023.
While your recent article lists several forms these scams take, a person does not have to identify the type of scam to avoid being taken in. Consider these simple rules:
- If it’s too good to be true, pass. If the email says you won a prize, but you can’t get it unless you pay, delete the email
- It’s never urgent. If pressured to send money quickly, take your time and investigate
- Be ready to say no and hang up. You don’t have to be polite
- Be suspicious. If a company you know requests by phone or email to update passwords or account information, do not respond or click a link in the email. Instead, go directly to the company’s website to update if necessary
- Never send gift cards or wire transfers to a stranger or to a seller
- Do not click on suspicious links or attachments in emails, text messages or websites
- Regularly review bank and financial statements to identify unusual activity.
For further guidance on avoiding financial scams, go to the National Council on Aging website: ncoa.org/older-adults/money/management/avoiding-scams.
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