News & Updates
June 2023 | Issue 9
How Money Management Programs Help Prevent Scams
By Darlene Skog

The mission of the Massachusetts Money Management Program is to help individuals sixty and over keep current with monthly bills so they can remain in their homes and maintain their independence. In the course of carrying out its mission, the program also helps individuals to avoid falling victim to financial abuse, fraudulent schemes, and scams. 

Elder financial abuse and fraud ruins the financial security of millions of older individuals each year. Older individuals at all income levels are targeted by identity thieves and scammers. With so many older individuals struggling to make ends meet on tight budgets, even the smallest monetary loss can be financially devastating.

The Federal Trade Commission (FTC) collects extensive data on scams, which show that in 2022 alone, individuals lost a total of $8.8 billion dollars to scams. That same year, they received 2.4 million fraud reports. The types of scams most costly to older adults are:

1.   Impostor Scams – scams where someone is pretending to be a government employee or an employee of a business you’re familiar with, often your bank.
2.   Investment Scams – these generally involve the scammer soliciting investments in real estate or companies that don’t exist, or in some sort of Ponzi or pyramid scheme.
3.   Romance Scams -- con artists fake romantic interest so they can swindle you out of money or steal your identity. This crime typically takes place on a dating app and social media, though they can happen in real life too. 
4.   Online Shopping Scams -- scammers pretending to be legitimate online sellers, either with a fake website or a fake ad on a genuine retailer site.
5.   Tech Support Scams -- programs, web sites, or even unsolicited phone calls that try to scare you into calling a remote tech support number so that they can sell you unnecessary services.

Experts in the field of elder financial abuse, fraud, and scams recommend these nine key steps to take to avoid being scammed.
Kindness, Integrity, Accountability & Teamwork are the Cornerstones of our Success.
Elder Services of Cape Cod and the Islands, Inc., is a registered 501c3 organization. We rely on numerous sources of income in order to accomplish our Agency’s mission and depend on the generosity of our community to help us reach our goals.