Romance scams are among the most devastating forms of fraud, targeting individuals both financially and emotionally. In the United States, older Americans have become particularly vulnerable to these schemes, which often exploit loneliness, trust, and the desire for a romantic partner or new friend. As these scams proliferate, they are leaving lasting emotional scars and financial devastation for countless seniors.
What Are Romance Scams?
A romance scam is when a fraudster creates a fake online persona to build a relationship with a victim, often via a social media or dating platform. Once trust is established, the scammer fabricates an immediate need for money, such as a medical emergency, travel expenses, or investment opportunity, and requests financial assistance. These scams are highly manipulative and often escalate over time, with perpetrators extracting significant sums from their victims.
Older Adults as Primary Targets in Romance Scams
Seniors are disproportionately affected by romance scams due to several factors:
- Social Isolation. Many older adults live alone or have limited social interactions, making them more susceptible to scammers who promise companionship and emotional connection.
- Trusting Nature. Raised in an era when trust was more prevalent, older generations may be less suspicious of online interactions.
- Financial Stability. Seniors may have substantial savings or retirement funds, making them attractive targets for scammers.
- Lack of Digital Literacy. Limited familiarity with online platforms can make it harder for some seniors to recognize the warning signs of a scam.
The Financial and Emotional Toll
According to the Federal Bureau of Investigation’s (FBI) Internet Crime Complaint Center (IC3), more than 100,000 older adults (over the age of 60) submitted reports of internet fraud in 2023. These scams amounted to a loss of over $3.4 billion.
Confidence and romance scams were the third-highest type of internet fraud, with 6,740 reported instances over the past year. These scams cost older adults almost $357 million. Many elderly victims lose their life savings, retirement funds, or even their homes.
The emotional effects can be equally devastating. Victims often feel ashamed or embarrassed, making them reluctant to report the crime. This isolation can lead to depression, anxiety, and a diminished sense of trust in others.
How to Protect Against Romance Scams
For those with aging seniors under their care, understanding the potential signs of romance scammers and how to protect their loved ones is crucial. By staying informed and vigilant, you can help prevent your loved ones from falling victim to these types of scams and ensure they enjoy safe and fulfilling online experiences.
- Engage in Conversations to Protect Aging Loved Ones. Discuss online safety and the risks of romance scams. Encourage your loved one to be wary of anyone who seems to be rushing the relationship or pressuring them to disclose private details.
- Keep an Open Line of Communication. Let them know that they can talk to you about their online interactions without fear of judgment. If they feel uncertain about someone they’ve met online, encourage them to reach out to you for advice. Be empathetic to their situation.
- Monitor Online Activity. Without being intrusive, ensure that seniors are aware of safe online practices.
- Encourage Reporting. Help victims report scams to the FBI, the Federal Trade Commission (FTC), or local law enforcement.Even if the scammer did not succeed in their attempt, call the National Elder Abuse Hotline at 833-FRAUD-11 (833-372-8311) to report the suspected fraud. The hotline has dedicated staff to walk you or your loved one through the reporting process. This past year, the hotline received a total of nearly 60,000 calls and voicemails.
How an Elder Law Attorney Can Help:
An elder law attorney can help put a comprehensive estate plan in place, which can assist families in protecting their aging loved ones against scams.
- Power of Attorney. A Power of Attorney appoints an agent to handle finances on your behalf. This agent can help manage finances, including watching out for suspicious transactions and contacting financial institutions on your behalf. Sometimes, just having a second person looking over things can make the biggest difference.
- Trusts. Putting assets in a Trust allows a trustee to manage assets on behalf of the beneficiaries. Having a person in place to monitor distributions can help protect the assets.
Contact the experienced elder law attorneys at Kurre Schneps to learn how you can protect your friends and loved ones.
