The rise in fraud and scams targeting the elderly is a growing concern. Our seniors, many of whom helped build the very society we live in, are now vulnerable to heart-wrenching schemes that not only strip them of their financial security but also their sense of dignity and trust. In Episode #1192 of the Arete Coach Podcast, we explore the emotional and technological methods scammers use and why it’s essential for communities to work together to protect the elderly.
A Personal Story: My Mother’s Ordeal
A few months ago, a fictional tale in the movie The Beekeeper depicted a chilling scam that targeted an elderly woman, turning a routine customer service call into a full-blown financial attack. For me, that storyline hit closer to home than I ever expected.
Just this past weekend, my 84-year-old mother, Peggy Sorensen, nearly fell victim to a similarly sophisticated scam. The scam began innocently enough, with a notice that her Norton antivirus software was set to auto-renew for $495. Concerned, my mother called the number provided, unknowingly stepping into a carefully orchestrated con.
The scammers used manipulative tactics to gain access to her computer and even simulated depositing $20,000 into her account, leaving her in a state of panic and confusion. They preyed on her compassion and honesty, convincing her to attempt to withdraw money to “return” the supposed overpayment. Thankfully, a vigilant bank employee recognized the signs of fraud and intervened, but the emotional toll it took on my mother was immeasurable.
Her story, though personal, is becoming all too common for elderly people across the country.
The Growing Threat of Elder Fraud
The scam my mother faced is part of a larger crisis—one that is growing in frequency and complexity as scammers harness advanced technologies like AI to manipulate their victims. Fraudsters prey on the elderly because they are seen as more trusting, compassionate, and often less familiar with modern digital systems.
According to the Federal Trade Commission (FTC), reports of fraud targeting older adults have skyrocketed in recent years (FTC Issues Annual Report to Congress on Agency’s Actions to Protect Older Adults, 2023). From tech support scams to fake medical bills and imposter scams, elderly individuals are losing billions of dollars annually to these criminals.
The emotional manipulation we saw in The Beekeeper is now mirrored in real-life cases like my mother's. Scammers exploit the vulnerability, playing on the desire of older adults to help others or avoid confrontation, creating a whirlwind of panic that leaves victims questioning their own judgment.
How Scams Operate: The Tactics of Emotional Manipulation
The emotional and psychological tactics used by scammers are designed to overwhelm logic. In my mother’s case, the scammer pretended to make a mistake by depositing $20,000 into her account, then begged her to return the money to avoid losing his job. This appeal to her emotions was carefully planned to push her into a rushed decision.
The introduction of fake calls from spoofed “bank fraud departments” further solidified the scam, creating a sense of urgency and authority that even someone with my mother’s extensive professional background found difficult to question.
These scams work because they tap into human psychology—especially when it comes to those who may be more isolated or concerned about being a burden to their families. Scammers manipulate their victims’ desire to help, avoid embarrassment, or correct a perceived wrong. Understanding these tactics is key to preventing future victims.
The Role of Technology in Modern Scams
Technology has become a double-edged sword. While it has connected us and simplified many aspects of daily life, it has also become a powerful tool for fraudsters. AI and machine learning now enable scammers to create more convincing scripts, mimic human conversation, and even clone voices.
In some cases, elderly individuals receive what seem to be legitimate calls from loved ones in distress—calls created using voice-cloning technology. These scammers use data from social media and public records to impersonate grandchildren, urging elderly victims to send money for emergency bail, hospital bills, or other fabricated crises.
Tech support scams, as in my mother’s case, take advantage of confusion and concern around cybersecurity, convincing victims to hand over access to their devices, personal information, and bank accounts.
A Community Effort: How We Can Protect the Elderly
Elder fraud is not just a personal or family issue; it’s a societal problem that requires collective action. Executive coaches, business leaders, families, and communities must come together to create awareness and offer practical solutions.
Educate Your Loved Ones:
Talk openly with elderly family members about common scams and the tactics fraudsters use.
Encourage them to verify information by calling companies or individuals directly before taking action.
Help them set up secure passwords, two-factor authentication, and monitor their accounts for suspicious activity.
Leverage Technology Safely:
Ensure that seniors have up-to-date antivirus software and know how to spot phishing emails or suspicious links.
Consider using trusted apps to monitor their online transactions or block suspicious calls.
Create a Safe Space for Open Dialogue:
Many seniors may feel ashamed or embarrassed if they fall victim to a scam. It’s essential to create a supportive environment where they feel comfortable discussing concerns without fear of judgment.
Involve Financial Institutions:
Banks play a critical role in detecting fraud, as seen in my mother’s case. Financial institutions should continue training their employees to recognize the warning signs of fraud and take proactive measures to prevent elderly customers from becoming victims.
Practical Steps for Fraud Prevention
There are tangible steps individuals, families, and communities can take to protect elderly loved ones from falling victim to scams:
Do not trust unsolicited communications: Whether it’s a phone call, email, or text, encourage your loved ones to be skeptical of any contact they didn’t initiate. If they’re unsure, they should hang up and call the company or person directly using an official phone number.
Use credit cards instead of debit cards: Credit cards offer better fraud protection than debit cards, which can drain an account immediately.
Be cautious with remote access: Never allow unsolicited tech support to take control of a computer. If there’s a concern, contact trusted family members or professional technicians.
Monitor accounts regularly: Set up online banking alerts to notify of large or unusual transactions and review account statements carefully.
Encourage skepticism of too-good-to-be-true offers: Whether it’s a lottery, prize, or investment opportunity, remind your loved ones that if it sounds too good to be true, it probably is.
We Are All Beekeepers
As executive coaches and community leaders, we have a responsibility to safeguard the vulnerable—just like beekeepers, who protect their hives from predators. Scammers may be relentless, but through awareness, education, and action, we can create an environment where our elderly are protected, their trust in the world around them preserved.
Sharing stories like my mother’s and those of countless others who have fallen prey to fraud isn’t just about caution; it’s about empowerment. By learning from these experiences, we can arm our communities with the knowledge to protect themselves and their loved ones.
The Main Takeaway
Fraud targeting the elderly isn’t just a private battle—it’s a societal issue that requires a collective response. Whether you’re a family member, a caregiver, a business leader, or an executive coach, we all have a role to play. Let’s become the beekeepers in our communities, watching over our elders and ensuring they can navigate the digital world with confidence and security.
References
FTC Issues Annual Report to Congress on Agency’s Actions to Protect Older Adults. (October, 2023). Federal Trade Commission. https://www.ftc.gov/news-events/news/press-releases/2023/10/ftc-issues-annual-report-congress-agencys-actions-protect-older-adults.
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