Scams 101 helps the public avoid being victimized

Over 30 participants gathered recently at the Senior Center to hear a presentation entitled “Scams 101” by a representative from the local FBI office and two Waltham police officers, Detective Michael Maher and Captain Jeff Rodley.

The elderly are often targeted by scammers because people over the age of 55 hold 71% of the wealth in the U.S.   

The FBI reports that, in recent years, 4 in 10 people aged 60 and over were victimized, with an average loss of $33,000 per victim. The actual numbers are likely much higher because people often don’t report an incident. They may not know whom to contact, or they think the problem will go away. They may be embarrassed to have fallen victim. 

Rodley encouraged all residents to report any incident of an attempted scam to the Waltham Police by calling the non-emergency phone number 781-893-3700 and asking to speak to a police officer.

Warning signs of a scam

The FBI representative told participants to be aware of the three significant features of a scam operation: a sense of urgency prompting the victim to act fast, a demand for secrecy and a request that money be sent to some location. 

Most scams occur via computer, phone or mail messaging. Some scams are disseminated on TV or radio, prompting victims to contact an illegal entity. 

Examples of common scams are notices of lottery or sweepstakes winnings requiring an upfront payment of taxes before receiving the winnings and romance scams in which a scammer contacts an individual on social media and becomes very friendly before asking for money.  

There are also grandparent scams that can even include AI-generated messages mimicking a grandchild’s voice asking for financial assistance.

Scammers sometimes send fake messages or use phone calls from government agencies such as Social Security to demand money from victims.  

Business emails with altered email addresses asking for payment are also common, as are fake investment opportunities that offer large rewards. These often involve cryptocurrency.

“Phishing” for victims

Maher said the most common types of scams reported to the Waltham Police are phishing scams in which a message is sent by text or email telling the victim to click on a link that connects them to the scammer. These can lead to access to the victim’s personal information, including passwords, or a request for payments to avoid disaster. 

One Waltham senior shared an experience with a tech support scam in which the scammer gained access to private information including her bank account and credit cards resulting in a $17,000 loss.  

There are ways to recoup some of this money when the incident is reported to the authorities, but these are usually partial settlements at best.

Melody Diaz, an audience member who said she had been targeted by an attempted online scam, said the presentation was “very informative.” She lauded the “good interaction” between the presenters and the seniors who shared their stories and gave suggestions on ways to protect themselves.

The best way to avoid any financial loss due to a scam is to ignore any unknown email or phone contacts and to seek the help of a trusted family member or friend or community resource such as the Senior Center when you suspect a scam. 

A video recording of this presentation will be shown on The Waltham Channel WCAC-TV Channel 47 and available on demand at WCAC.org in the coming weeks. 

Another way to help reduce scams, said Rodley, is to “share what you learn!”