In a previous article, we introduced the fact that one of our largest growing populations is that of the “Baby Boomer” generation (those born between 1946 to 1964). As the Boomers get older, they become susceptible to many of the emerging dirty tricks that exist on the Internet. Phone scams, lottery scams, tech support scams, and a host of other frauds have existed for years. The scammers have adapted by finding new ways to become convincing.

As detailed in a recent copy of the American Association for Retired Persons (AARP) magazine, the scammers use one technique where they gain access to a victim’s bank account, “mistakenly” add money to the account, and then process the “correction,” effectively robbing the victim. This is a new, brazen approach that was previously non-existent. 

Speciously Improved Statistics

While we would like to think that the Boomers would be wiser of and more cautious to such tricks, data provided by the Federal Trade Commission (FTC) indicates otherwise. The sobering finding is that people between the ages of 50 and 69 suffered the most frauds in 2017. While the numbers are moderately “improved” for that age group in recent reports, one reason is because the earlier members (those born 1946-1951) of the Boomer generation are now in the 70+ age group. What’s worse is that, as with all crimes, many fraud victims remain silent for a variety of reasons, so the numbers may actually be higher. 

A Hidden Danger

While the warnings about financial fraud are usually centered on big-ticket money-makers such as the banking scams, there are other scams for more patient fraudsters. While the profits are much less than some of the more common scams, this is of little comfort to the victims.

Magazine subscription fraud is a scam (Read more...)