Fraud Knows No Age Boundaries – Under 40 Are the New Vulnerable Target

Fraud against seniors gets all the attention. BUT Millennials (24 – 40) are closing in fast as they are reporting money lost to fraud 25 percent more than Generation X’s and Boomers. And, Generation Z’s (11 – 23) are right behind them. Fraud against these groups comes from the new technology.          

 

Scammers use digital interactions such as texts and robocalls to target Millennials, Generation Z’s are pursued via social media requests, chat bots, and other technologically advanced tactics. Generation Z’s grew up with technology and they are comfortable with receiving messages from “friends of friends,” influencers and others they don’t know but have come to trust. 

 

During the pandemic people were isolated, which made them even more susceptible to “get rich quick” schemes. Generation Z’s know people on Instagram and Tick Tok who have thousands of followers and believe they’re making money. But not all are. They fall into easy traps of send me $100 and I’ll turn it into $1,000 – or some variation. We all know that “if it sounds too good to be true” it is. But when people want more and see others who have “done it,” they are easy prey.

 

Cybersecurity experts say Millennials and Z’s are particularly vulnerable because social media is part and parcel to their lives. They build their community, create relationships, gather information, form beliefs, get jobs, shop, and more. Scammers capitalize on familiarity and the instantaneous movement of money.

 

In April 2021, Javelin Strategy hosted a seminar that identified the four demographic groups of fraud victims, the tactics used by scammers, and the triggers they employed. Their summarized findings are below. Use this to educate yourself and your family. 

 

Generation Z’s

  • Tactics
    • Social media friend requests
    • Chat bots
  • Triggers
    • P2P (peer to peer) payment messaging (Venmo, Square, Paypal)
    • Social friend requests
    • Mule networks

 

Millennials

  • Tactics
    • Robocalls
    • Texts
  • Triggers
    • Rewards
    • Parcel tracking
    • P2P (peer to peer) transfer confirmations 

 

Generation X’s

  • Tactics
    • Emails
    • Robocalls
    • Texts
  • Triggers
    • Financial information
    • Interest rates
    • Parcel tracking

 

Boomers

  • Tactics
    • Robocalls
  • Triggers
    • IRS
    • Healthcare
    • Social security

Scammers are quick to understand and adjust to generational consumer trends and behavioral patterns. They use that knowledge to be one step ahead of their victims. They are in the business of knowing when their targets are the most susceptible. Fraud tactics are designed so they are believable. The tactics are different for each group, so they need to understand risks and how to identify scams – not an easy task. Use this information to keep your family safe.

Whatever it takes, The Seniors’ Answer® is here to make your life as carefree as possible.
Our mission is to make your life simple, secure, reduce stress and get things done. We specialize in helping all aspects of the day-to-day of busy professionals, families and seniors. We have a team devised to tackle and manage concerns that many may have. If you have questions or need information about you or your loved one’s life management issues, please reach out to us. We are here to make your life simple, secure and stress-free. We are available 24/7. Call us at 305-646-1833 or email us at Corrine@theseniorsanswer.com.

Parent’s Driving – It Could Cost Them (and You) More Than They Know

In 2018 there were 45 million licensed drivers in the U.S. 65 and over – a 50% increase over 1999. That year 7,700 seniors were killed and nearly 300,000 went to emergency rooms! According to research, adult children would rather talk to their parents about sex or funeral arrangements than driving. But there is a way that may be easier.

Families with older drivers should keep an eye out for signs that could indicate its time to address it. Signs are scrapes on the side(s) of the car, broken exterior lights, someone calling and saying the senior was driving in the wrong lane, etc.

Recently a friend of mine from Washington state told me how her mother willingly stopped driving and this may work for you. I researched her method and found it to be valid for families in all states. She was with her mother during an appointment with her eye specialist. The doctor told her that she should no longer be driving. Even after receiving this news, she downplayed the severity and said “well, I only drive to my daughter’s place anyway and it’s a short drive.” Worried about her mother, she called her car insurance provider on behalf of her mom and was told that an insurance company can refuse to cover any accident and demand medical records once a medical professional makes their diagnosis. Once her mother learned she would no longer be covered, she hung up her keys and quit driving for good.

In our research with insurance companies, we learned that this is commonplace. Senior drivers who had who had been told to get off the road by a medical professional and had serious accidents were forced to pay the bill themselves, sometimes losing their savings and in one extreme case, their home! Don’t let this happen to your loved-one.

Raise the subject with your loved-one and ask them if you can go to the next doctor’s appointment to discuss. Also, have a list of alternative transportation options that are available in your area. Some include Uber and Lyft but also “freebie,” no-cost trolleys, local senior transportation. You can also coordinate rides with other families to their activities who are going to the same events such as religious services/events, community events, book clubs, bingo, bridge, poker, etc. You can arrange deliveries for groceries and just about everything else.

Keep your loved-ones safe. Use this information and road map for helping them have a long and secure life. And if you need help starting the conversation, call us – we are here for you.

Whatever it takes, The Seniors’ Answer® is here to make your life as carefree as possible.
Our mission is to make your life simple, secure, reduce stress and get things done. We specialize in helping all aspects of the day-to-day of busy professionals, families and seniors. We have a team devised to tackle and manage concerns that many may have. If you have questions or need information about you or your loved one’s life management issues, please reach out to us. We are here to make your life simple, secure and stress-free. We are available 24/7. Call us at 305-646-1833 or email us at Corrine@mypersonalaffairsmanagement.com.