Did You Know?  About 20 percent of older Americans fall prey to financial exploitation losing on average $3 billion every year, according to a study from the AARP Public Policy Institute.

Unfortunately, older adults are attractive targets for financial exploitation because they tend to possess wealth that has, in most cases, been accumulated over their lifetime through hard work and saving.

Here are a few scams targeted towards older adults and tips on how to avoid them.

Medicare/Health Insurance Scams

Medicare fraud is all too common. Criminals pose as Medicare or medical supply representatives to obtain personal information or provide bogus services and use the information to bill Medicare or assume an identity to perpetrate fraud.

Another scam popular during the COVID-19 pandemic centers around a FEMA program to assist with funeral expenses. While this is a legitimate program, and you can reach out to FEMA to apply for these benefits, you should note that:

• FEMA will not contact you until you call or apply for assistance.
• The government won’t ask you to pay anything to get this benefit.

A good rule of thumb: Never share personal or financial information with anyone who contacts you out of the blue.

Zoom Phishing Emails and Internet Fraud

At the onset of the pandemic con artists registered thousands of fake Zoom-related internet domains to send phony emails, texts, and social media messages to trick consumers into clicking on bogus links related to purported “account suspension” or “meeting” notices. Those that took the bait inadvertently downloaded malware (malicious software) on their computer, potentially exposing their personal information to potential use by fraudsters.

Internet scammers are also known for sending fake text messages that claim trouble with an internet account, credit card, bank account or shopping order. Many even contain realistic looking logos to lure you into clicking on a link and sharing personal information. Click here for more tips on how to protect yourself from online fraud.

Tip: Avoid clicking on links from unsolicited emails or texts. If you suspect a problem with an account, contact the bank or service provider directly.

Telemarketing/Phone Scams

Seniors may feel uncomfortable “hanging up the phone” or simply saying “no” to unsolicited calls, but it also leaves the door open to criminals posing as company representatives. Three notable examples include:

1. The pigeon drop where con artists pretend to share found money in exchange for a “good faith” payment drawn from the contacted person’s bank account.
2. The fake accident ploy where con artists create a false narrative that a loved one has been injured in an accident and needs money for medical expenses.
3. Charity scams where con artists solicit funds on behalf of a charity for which they are not affiliated with or is not legit.

Remember, if it’s too good to be true it probably is.

Scams are always changing. The Federal Trade Commission has a “scam alert” page with information about the ever-changing ways that scam artists target consumers, at consumer.ftc.gov/scam-alerts.

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At First Guaranty Bank, we’ve taken a proactive approach to detecting and preventing financial fraud against older customers through routine employee training and the use of technology to spot red flags and report suspicious activity to authorities. Additionally, we sponsor the Senior Housing Crime Prevention Foundation. Their programs protect and educate residents and staff at local senior housing facilities on how to prevent elder financial abuse.

As trusted stewards of our customers' financial data, feel free to reach out to us. Our community bank employees are trained on the latest fraud prevention techniques. They can help you spot potential scams and take appropriate measures to protect your account if you suspect you have been a victim of financial fraud.