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“Losing the love was worse than losing the money,” said Kleinart, 70, who lost tens of thousands to a romance scam over several months. Last year, the Federal Trade Commission received over 64,000 romance scams reports that translated into $1.14 billion in reported losses. Romance scams often target lonely and isolated individuals, according to Will Maxson, assistant director of the Division of Marketing Practices at the FTC. Specifically for older people, romance scams are among the most common scams, said Kathy Stokes, director of fraud prevention at AARP. However, she noted people from all ages can fall for a romance scam.

Persons: Kate Kleinart, ”, Kleinart, Will Maxson, “, —, Kathy Stokes, Genevieve Waterman, Waterman, ” Waterman, scammers, it’s, Stokes, Hey, ” Stokes, Charles Schwab Organizations: Federal Trade Commission, FTC, AARP, National Council, Aging, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: Spain

From having a lot of empathy to knowing how to report a scam, experts shared their recommendations for talking about scams:Political Cartoons View All 1239 ImagesKNOW WHICH SCAMS COMMONLY TARGET OLDER PEOPLEKnowing which scams are most commonly used to target older people can help. According to the FTC, common lies by scammers include “I or someone close to me is sick, hurt, or in jail” and “I can teach you how to invest.”Other common scams are investment scams, tech support scams, and impersonation scams. HAVE CONSTANT CONVERSATIONS ABOUT SCAMSOne of the best ways to raise awareness about scams is to talk to each other about them. To keep your older family members safe, Waterman recommends that families talk about scams more often in their day-to-day lives. If you’re looking for guides to avoid scams for older adults, you can find a variety of them on the National Council on Aging’s website.

Persons: Daniel Goldstein’s, hadn’t, it’s, scammers, ”, Genevieve Waterman, Kathy Stokes, ” Waterman, Waterman, Goldstein, they've, it's, Stokes, “, ” Stokes, ’ ”, Charles Schwab Organizations: Federal Trade Commission, National Council, Aging, AARP, FTC, Watch Network, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: scammers, ”

☆ How this 77-year-old widow lost $661,000 in a common tech scam: 'I realized I had been defrauded of everything'
▼ + stars: | 2023-10-08 | by ( Greg Iacurci | ) www.cnbc.com time to read: +19 min

Older adults, many of whom have saved their entire careers for retirement, can have the most to lose. The Covid pandemic was a disproportionate threat to older adults, keeping Americans indoors and quickly pushing them online. Outcomes hinge on a complex web of federal and state rules that govern banking and elder financial fraud. Such "heightened procedures" to protect older adults are part of the bank's duty of care relative to older customers, the lawsuit said. Scammers had her wire funds from her PNC bank account to an account at the now-defunct Signature Bank in New York.

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☆ As Social Security official warns of A.I. fraud risks, one expert says criminal activity is 'here right now'
▼ + stars: | 2023-08-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Courtney Keating | E+ | Getty ImagesWhile scrolling social media, you may find a video of President Joe Biden urging you to sign up for extra Social Security benefits for which you are eligible. The Social Security Administration is working with OIG to take appropriate steps to combat fraud, an agency spokesman said. "The agency has techniques to identify and react to suspicious bad actors," said Social Security Administration spokesman Mark Hinkle. "We look forward to continuing to work with the OIG on the evolution of AI and courses of action regarding AI fraud." Other steps can also help protect your personal financial information and Social Security beneficiaries' monthly income, according to Talcove.

Persons: Courtney Keating, Joe Biden, Kathy Stokes, Stokes, A.I, Gail Ennis, Ennis, Haywood Talcove, Talcove, OIG, Mark Hinkle, Maria Freese, Freese, Boonchai, AARP's Stokes, It's Organizations: Social, Watch, Finance, Big, Social Security, Social Security Administration Office, LexisNexis, Social Security Administration, Solutions, Security, National Committee, Preserve Social Security, Getty Locations: Ennis

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