Scams against the elderly on the rise. What you need to be aware of

IDAHO FALLS, Idaho (KIFI) - Local financial experts are speaking out about online scams targeting the elderly.

According to the Internet Crime Complaint Center, adults over 60 lost $3.4 billion to scams in 2023. Over 101,000 parents and grandparent lost their retirement fund, savings, or money from their bank account in the last year.

"We see people come in (who have been scammed) and we talk to people almost on a daily basis and multiple times a day," Westmark Credit Union representative Aaron Brown told Local News 8.

Brown says the most common scams targeting the elderly happen more often online.

"They're (adults above 60 are) trying to use some of the tools that are available to them. But, they're being taken advantage of in that same aspect," said Brown. "It's no longer just checks or cash. There's so many electronic payment methods and methods of getting into your banking account online."

Here's what the financial experts at WestMark Credit Union want you to know.

Romance Scams

In a romance scam the scammer attempts to establish a relationship as quickly as possible, endear themselves to the victim and gain trust.

"They (scammers) target individuals who they're able to identify through social media that may be alone. They start reaching out to those individuals and trying to establish new relationships and help them feel needed," said Brown.

From there, the scam artist will ask for money. Brown says the scammer will often say they are outside the U.S. and need money to enter the country.

Tax Scams

In a tax scam, a scammer will mislead you about tax refunds, credits and paryments. Brown says they'll often try to pressure you into sending them money, personal, financial or employee information by impersonating the IRS.

"They take advantage of people's fear... portraying to be the IRS and saying 'you owe taxes, we're going to come after you'," said Brown.

Emergency Scams

Experts say scammers may also impersonate members of law enforcement or a federal agency.

"People will receive a phone call indicating that somebody, has been arrested or that they're about to be arrested," said Brown. "Or there's a warrant out (for their arrest) and they demand money."

Brown says the scammer's goal is to scare you into paying immediately, real law enforcement and federal agencies won't call and threaten you.

Avoiding a scam

According to the FBI, here are some ways to avoid falling victim to a Romance Scam.

• Be careful what you post and make public online. Scammers can use details shared on social media and dating sites to better understand and target you.
• Research the person’s photo and profile using online searches to see if the image, name, or details have been used elsewhere.
• Go slowly and ask lots of questions.
• Beware if the individual seems too perfect or quickly asks you to leave a dating service or social media site to communicate directly.
• Beware if the individual attempts to isolate you from friends and family or requests inappropriate photos or financial information that could later be used to extort you.
• Beware if the individual promises to meet in person but then always comes up with an excuse why he or she can’t. If you haven’t met the person after a few months, for whatever reason, you have good reason to be suspicious.
• Never send money to anyone you have only communicated with online or by phone.

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