New York State’s Office of Children and Family Services estimates that fraudsters steal more than $36.5 billion from seniors in their 2016 study. Losses can go up to $1.5 billion in New York alone. These financial losses are just the tip of the iceberg, the worst part is the aftermath of such cases.
In recent years, seniors are increasingly becoming the targets of scams and other fraudulent activities. Retirees nowadays are more well-off compared to those of the past generations.
Scams targeting seniors are popping up left and right, so it’s best to start preparing than be sorry when it happens. Eighty percent of telemarketing scam are found to have targeted those over 65 years old specifically and these fraudsters are getting more sophisticated.
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The elderly often fall prey to scams that can negatively impact their finances simply because they are not always aware of what is going on around them.
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Data breaches at Target and Neiman Marcus were certainly scary. Personal information from tens of millions of people fell into the hands of cybercriminals. But an equally threatening and perhaps more personal attack is a hacker getting into your email and then using it to take money from your bank and brokerage accounts.
The allegations were further aggravated when V Sundaram, the first district collector of Tirunelveli, sent a letter to the Chief Secretary of Tamil Nadu. The letter targeted VV Mineral and accused it of amassing several crore rupees through illegal sand beach mining. The director of VV Mineral Mining, V Subramanian, dismissed all the allegations as a conspiracy theory against the company. “Sundaram is passing this as a cruel joke. He is on the payroll of our business rival... Our hands are clear. We will come out clear from these allegations. Our records are straight,” Ravindram Duraiswami, advocate for VV Mineral told NDTV.
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Phishing attacks are a type of cyberattack where attackers attempt to trick individuals into divulging sensitive information such as usernames, passwords, credit card numbers, or other personal information. Phishing attacks typically involve the use of fraudulent emails, instant messages, or websites that appear to be from legitimate sources, such as banks, social media platforms, or online services.
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Social engineering attacks arrive in many patterns. The term is used to depict a vast range of vicious activities carried out through human exchanges. Criminals manipulate human nature and essential human tendencies – rather than specialized susceptibility or technical setbacks – to attack an organization.
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