You've spent your life building your nest egg for retirement, and keeping your money safe is a priority. But sometimes cybercriminals use modern technology to target seniors' savings.
Seniors over age 60 lost over $3.4 billion to online scams in 2023 alone, according to the FBI, and the threat continues to grow. From phishing scams that try to get you to click on unfamiliar links to identity theft, threats can show up in your email inbox or voicemail at any time.
Understanding Common Online Threats
You use the internet and social media to find new recipes for seniors, keep in contact with loved ones, and play games that sharpen your memory. Scams and malicious links can hamper your online activity, but being able to recognize common digital scams helps reduce the risk. Digital threats seniors might encounter include:
- Phishing scams that swap in malicious links for familiar ones to trick people into clicking onto an unsafe or fake site and inputting their personal information
- Impersonation scams in which criminals pretend to be a legitimate business, government representative, or tech support assistant asking for personal data, such as Social Security numbers or birth dates
- Lottery or contest scams that fool victims into sending money to claim a nonexistent prize
- Romance and friendship scams designed to convince lonely victims to send money or goods to a fake persona, often accompanied by promises to meet in person once the money is sent
Create Strong and Unique Passwords
Strong passwords are your first defense against digital scams. Good passwords include a combination of symbols, uppercase letters, lowercase letters, and numbers that are difficult for criminals to guess.
Using different passwords for each account helps prevent someone from getting into all your accounts if one becomes compromised. Changing your passwords regularly also improves security. You can use a password manager on your computer to store your passwords, so you don't have to write them down or remember them all.
Turn on multifactor identification on sites where it's available. This forces anyone logging into your account to also input a code sent via text or email. Even if someone gets your password, they can't log in without having access to that code. Some hackers try calling their victims, pretending to be customer service representatives asking for that code, so you should never give it out to anyone else over the phone. Genuine representatives of the company can access your account from their end without it.
Recognizing Phishing Scams
Phishing scams are a particular type of scam often aimed at seniors. Criminals send emails or text messages that look like they're from a real company or your bank, but the links lead to malicious sites that steal your information. Even the website mimics the genuine one, so it can be difficult to tell if you're actually on the site you want to visit.
The easiest way to check for phishing messages is to look at the sender's address bar. Emails and messages should be from the actual company, not a strange name or string of numbers you don't recognize. Hovering your cursor over the link in an email can show you the actual website address of that link, which might be different from the link you see on the page.
A quick check isn't always sufficient, though. Some hackers can make a fake email address or website look real. To protect yourself from disguised links, avoid clicking on the link directly in the email or message. Instead, open your web browser, and type the company or bank's actual address in the top bar manually, so you know you're navigating to the right website.
Safe Online Shopping
Shopping online can be convenient, but clicking that buy button could also open you up to a cyberattack. To protect yourself, shop only from secure websites, which begin with https:// instead of http:// and have a small lock icon in the browser address bar. Some browsers have safety checks built in and alert you if you click on a potentially unsafe link.
Protecting your personal data while shopping online means only inputting sensitive information, such as credit card numbers and your address, when you're on a secure connection. Public Wi-Fi connections, including the Wi-Fi at coffee shops, could expose your information to others accessing that same connection.
Using credit cards or secure encrypted payment services, such as PayPal, are better options for online shopping than using your banking information or a debit card. After you finish your online transaction, log out of the shopping site completely.
Installing up-to-date antivirus software on your computer also helps protect against cyber threats. With good antivirus software running, even if you accidentally click on a malicious link, the program can halt it before it damages your computer or steals information.
Social Media Safety
Social media scams targeting seniors often involve attempts to make personal connections. Criminals sometimes use information found on a senior's profile to impersonate family members and friends. They might create a fake profile of a loved one and use it to ask for money or information.
Protect your privacy by checking your settings on social platforms and limiting access to posts, photos, and personal information. Most sites allow you to restrict visibility only to people you know. Remember that public Wi-Fi connections may allow someone to see your social media activity even if you have privacy settings turned on.
Individuals who contact you on social media without prior connections may be trying to set you up for a scam. Many online scammers push for quick action because they want to get your money before you recognize what they're doing. Don't send money, bank information, gift cards, or personal property to people or businesses you haven't verified yourself.
Because new threats are always emerging, staying current on scams and cyber threats is essential. Online safety education classes can help you better identify potential threats and learn how to respond to them.
Learn more about how Brandermill Woods, a retirement community near Richmond, VA, tackles online safety and technology access with a free tour. Call us at (804) 621-7328 today to find out more about our secure onsite Wi-Fi and other amenities for Independent Living residents.
