Americans over the age of 60 lost over $3.4 billion to scams in 2023. (Kurt "CyberGuy" Knutsson)
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The states in which scammers stole the most
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Which types of scams occur the most?
A man working on his laptop (Kurt "CyberGuy" Knutsson)
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How do data brokers factor into scams?
Researchers found that elder abuse scams were made possible by personal data being available online. This happens largely thanks to data brokers, which are large companies that make money by selling personal information for the purpose of advertising.
So what can you do about it? Invest in personal data removal services. While no service promises to remove all your data from the internet, having a removal service is great if you want to constantly monitor and automate the process of removing your information from hundreds of sites continuously over a longer period of time. Check out my top picks for data removal services here.
Additional tips to protect against elder fraud scams
As elder fraud continues to rise, it's crucial for seniors and their families to be proactive in safeguarding personal information and recognizing potential scams. Here are some additional actionable strategies to help mitigate the risks.
1. Monitor financial accounts regularly: Set up alerts for any unusual activity on bank accounts and credit cards. Review statements monthly and consider using financial management apps that can help track spending and detect anomalies.
2. Use strong, unique passwords: Create complex passwords that combine letters, numbers and symbols. Avoid using easily guessable information like birthdays. Consider using a GET FOX BUSINESS ON THE GO BY CLICKING HERE
3. Enable two-factor authentication: Two-factor authentication adds an extra layer of security by requiring a second form of verification.
4. Limit sharing personal information: Be cautious about the information you share online and over the phone. Scammers often use privacy settings on social media accounts to limit who can see your information.
5. Verify before trusting: Always verify the identity of anyone requesting personal or financial information. Use official contact numbers to confirm the legitimacy of the request.
6. Be skeptical of unsolicited calls, emails or messages: Get my picks for the best 2024 antivirus protection winners for your Windows, Mac, Android and iOS devices.
7. Report suspicious activity: If you suspect a scam, report it to local authorities or organizations like the Federal Trade Commission. Early reporting can help prevent others from falling victim to the same scam.
8. Stay connected with family and friends: Regular communication with loved ones can help reduce feelings of isolation, which scammers often exploit. Encourage seniors to stay socially active through community groups, clubs or regular family gatherings. Also, be sure to check out five ways tech can help you feel less alone.
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Kurt's key takeaways
Data brokers and the entire system of selling personal information for advertising money have contributed to increased scams against all people in the last few decades. Elder Americans, specifically those aged 60 and over, tend to become victims more frequently due to a lack of tech savviness and higher degrees of income. It's important to be cautious when giving your personal information out online, and we recommend finding a service that can help you keep track of it and remove personal information from the internet.
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