Ashton Bingham and Art Kulik, the dynamic duo behind YouTube channel Trilogy Media take on scammers and fraudsters like never before. From epic glitter bomb pranks to doorstep confrontations, these two will stop at nothing to take down scammers.
Elder fraud is on the rise – These are the most common scams
Here’s a stat that blows me away: One in every 10 seniors is a victim of identity theft each year. Americans over the age of 60 lost $3.4 billion in fraud schemes in 2023. That’s almost an 11% increase from the year before, and things are only getting worse.
As much as 68% of elder fraud cases start with personal information that’s leaked online. (I use Incogni to fix that problem for me, but more on them later.) Let’s dive into which scams hit the hardest and what you and your loved ones can do about it.
A troubling trend
Things aren’t looking any better this year, by the way. From January to May, $1.6 billion in elder fraud losses were reported to the FBI’s Internet Crime Complaint Center (IC3) — almost $300 million more than during the same stretch last year.
So, why do criminals target older adults? It all comes down to money. Crooks rightly assume many older folks have a bigger nest egg and own real estate.
Older adults are also less likely to report fraud, especially when they feel ashamed. For every case of elder fraud reported, as many as 44 cases aren’t. If they do want to report it, many scam victims don’t know where to start and stall out after contacting their local police department.
Worst of the worst
Here are the top reported elder fraud schemes, according to the FBI:
- Tech support scams: Fraudsters pose as tech support agents to trick victims into handing over personal info or paying for scam services.
- Data breaches: Everything from passwords to Social Security numbers end up posted for sale on Dark Web marketplaces.
- Romance scams: Scammers woo their targets and manipulate their emotions to get their money.
- Investment scams: Promises of high returns from trading everything from crypto to real estate with little risk, all that go bad.
- Non-payment or non-delivery scams: Victims order something online and then receive a cheap imitation or nothing at all.
- Government impersonation scams: Bad guys pretend to be police, IRS agents, Medicare employees and others in positions of power.
In 2023, tech support scams were the most widely reported type of elder fraud. Roughly 18,000 victims ages 60 or older reported incidents to the IC3. Investment scams were the costliest, with a staggering $1.2 billion in losses.
‘Yikes, OK. What can I do about it?’
Be on the lookout for the common warning signs of a scam, such as unsolicited calls or texts, strangers contacting you on social media, requests for personal information, offers that sound too good to be true, pressure to act quickly, and demands for payment through unconventional methods (e.g., gift cards, gold bars or wire transfers).
As federal student loan payments are set to resume, watch out for scammers
Repaying a hefty student loan can take years and a lot of hard work. With so many people impacted by the COVID-19 pandemic, last year the government put a pause on federal student loan repayments.
Now the Coronavirus emergency relief program is set to come to an end in just over a month and those payments will resume. Need to save money? Tap or click here for how to get a student discount at Apple (and you don’t need a student ID).
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Scammers are impersonating FBI agents. Don't let your family fall for it
Some robocalls are easy to spot. When a robotic voice warns your Netflix account is locked or that a credit card you don’t have has been compromised, it’s obvious you should just hang up.
But not all scam calls are so easy to spot. Thieves are always coming up with clever ways to trick victims out of their personal data and rip them off. Thankfully there are some steps you can take to stop scam and robocalls on your own. Tap or click here for ways to stop them in their tracks.
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Gen Z is losing more money to online scams than boomers: Constant internet use makes them comfortable doing business online. For fraudsters, it’s the perfect opportunity to lure them into fake employment opportunities, sketchy online purchases, or investment or crypto scams. Last year, Gen Z lost an average of $155 per person to online scams (paywall link).
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3 tricks fooling would-be investors out of money
The holiday season is that time of the year where we slip into traditions and spend countless hours trying to find the perfect gifts. That includes figuring out how to pay for them.
The good news is that there are ways to help make ends meet, even during the holidays. Tap or click here for 10 ways to make extra money online.
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Our team of writers, editors and producers are proud to bring you coronavirus news and tips you can trust. To help keep this news free, become a member and sign up for our ad-free newsletter, The Current.
People across America are staying indoors to protect themselves from COVID-19, but that doesn’t mean they’re safe from economic strife. More than 10 million Americans have lost their jobs in the last three weeks and scammers seem hellbent on making the economic pain even worse.
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This file type is the most used in cyberattacks
Phishing emails with malicious attachments or links are a favorite of the cybercriminal. These types of attacks can be a very effective tool for fraudsters, especially in tricking the untrained eye. But among all the file types that can be used for duping potential victims, this well-known format is the most popular for cyberattacks. Read on and you might be surprised.
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