In an article by MarketWatch, Molly Mason Jones Chair in Psychology Stacey Wood shares insights on how to recognize and respond to common financial elder abuse scams.
Wood says scammers use many channels to target older individuals, including postal mail, fake sales calls, emails, job sites, and deep fakes on social media. Imposter cases are also increasing, with scammers posing as representatives from the IRS, Microsoft, Social Security, and other credible sources. It’s crucial to be aware of these methods and to act quickly when you suspect something is amiss, Wood notes.
“First, contact your banking institution to activate additional protections and add a trusted third party to your accounts. You should also contact authorities, such as local law enforcement, the Federal Trade Commission, or the Better Business Bureau,” she says. “It’s important to understand that you are not alone.”