The National Council on Aging recently reported that 92,731 older adults were victims of fraud and scams in 2021, leading to $1.7 billion in total losses. These scams may be especially prevalent during the holidays, when people spend more time shopping online, sharing financial information with various websites, and even rushing through stores.
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Find: Beware Text Alert Scams This Holiday Season: 4 Tips To Protect Yourself
With less time to think about protecting their financial information — or thinking about whether a site is legit before making a purchase — the holiday season becomes a risky time for online shoppers.
Fortunately, there are ways to look out for yourself or protect the older adults in your life from falling victim to scams. The Consumer Financial Protection Bureau has introduced a list of resources to help, too.
Set Up Alerts To Identify Improper Use of Funds
The CFPB reports that illegal or improper use of older Americans’ money, property, or assets is the most common form of elder abuse, affecting up to 17% of people ages 65 and up. The best way to prevent fraud is to consistently monitor your accounts and set alerts for larger transactions.
Thieves often try to process a small transaction first, so you may want to help your grandparent or older loved one set up text notifications every time there is a transaction involving one of their accounts. If anything seems suspicious, they…
