How to protect your elders from fraud

Criminals like to target the elderly because they are not sure what’s considered safe in this modern, technologically-driven world.

We have a look at what elder fraud is by considering some real-life examples, and we then offer some tips on how you can protect the elders in your life.

Tip: Look at your elder’s credit score to spot signs of fraud. Sign them up with CreditSav.

What does “elder fraud” entail?

Femada Shamam, CEO at The Association for the Aged (TAFTA), says that in recent months they have seen a definite increase in incidents relating to elder fraud.

A common tactic, Shamam explains, is to contact elders in their homes with the intent of stealing their personal information.

“Scenarios differ, but the majority of criminals try to defraud older people by bombarding them with technology they’re unfamiliar with. They also try to deceive them by offering their ‘assistance’ in some way, and they bargain on older people’s trusting nature,” says Shamam.

In a recent incident, an elder was contacted telephonically by her “bank” to discuss her account.

“Unfortunately, she provided her details. Thankfully, with the help of a TAFTA social worker, she was able to report the incident and has just received her funds back from the bank, following an investigation,” says Shamam.

However, her account was frozen until the end of the investigation, and she could not access her own money for the duration of this ordeal.

“In another incident, a ‘charming gentleman' visited one of our smaller homes and offered free loaves of bread to all residents in memory of his late mother,” says Shamam.

“He then told some of the residents that he owned a shop and offered to buy their old jewellery. He took away their possessions, promising to return with payment the following day, but never returned,” she explains.   

Shamam also encountered a case in which “bank staff” called to set up appointments with elders to replace their bank cards with new cards as per “bank regulations”. Their intent was to defraud these elders by stealing and using their perfectly functional bank cards.

“Thankfully, throughout all TAFTA homes, an efficient network of staff forewarns other staff of potential risks. These proactive measures ensure that we're able to avert more disastrous situations from occurring,” says Shamam.

She says that elders who live alone are more vulnerable to these scammers, so TAFTA has embarked on an education drive through their social work team to highlight potential risks to older people.

How can you protect your elders?

Shamam provides the following tips for younger adult caregivers, friends, and relatives, to protect their elders from potentially severe financial and emotional distress.

• Install a call-identifying app on their phone. If they are still unable to identify the caller, advise them to ignore the phone call.
  If the call is taken and the caller claims to represent their bank or a government entity, have them ask the caller to phone back at another time, and immediately contact you. You can then contact the person to verify any requests.
• For elders who use email, recommend that they never click on links that may enable a hacker to access their personal details.
• Tell your elders to never – under any circumstances – pass on personal, identifying details via email or phone.

“Older people are particularly vulnerable to what is known as ‘imposter fraud’ – fraudsters claiming to be a friend, colleague, or close connection to a loved one in distress seeking urgent help in the form of financial relief,” says Shamam.

For example, the caller may identify themselves to your parents as a friend of yours, who you've asked to call on your behalf to urgently transfer money into your account.

“Consider creating a code word to prevent this type of fraudulent activity from taking place, so that if you are in need or in danger, this code word can be used to verify the request,” says Shamam.

“In a world where technology has become such a ubiquitous tool, opportunities are rife for fraudulent activity. It’s imperative that older people are made aware of the potential for criminal intent to prevent them from falling victim to these crimes,” she says.

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