“As we age, elderly people accumulate valuable life experience as well as retirement savings, making them the primary targets for fraudsters.”
According to survey data from the China Elderly Association, people over 60 are the group with the highest rate of telecom fraud victimization, with average losses far exceeding other age groups. Fraudsters exploit elderly people’s unfamiliarity with new technologies, desire for health and longevity, tendency to trust others, and lack of companionship from children. They design various fraud traps specifically targeting elderly people. This article aims to help elderly friends identify common scams and protect the retirement savings they’ve worked a lifetime to accumulate.
1. Common Fraud Types Targeting Elderly People
1. Health Product Scams
This is one of the most common scams targeting elderly people. Fraudsters exploit elderly people’s focus on health and desire for longevity, using false publicity, free gifts, and emotional appeals to induce elderly people to purchase inferior or even useless “health products.”
Real Case: In a Beijing park, 72-year-old Liu met a group claiming to host a “health lecture” with free eggs and rice to distribute. At the lecture, the “expert” highly praised a “miracle health product,” claiming it could cure diabetes, high blood pressure, and other chronic diseases. Liu was convinced by the heated atmosphere and the “expert’s” authoritative image, and spent 80,000 yuan on this product over time. Later, she discovered this “health product” was just ordinary vitamin tablets with none of the advertised effects.
Prevention Tips:
- Health products cannot cure diseases; any claim that health products can “cure” diseases is fraud
- Be cautious of health lectures; don’t be tempted by free gifts
- Purchase health products at legitimate pharmacies or supermarkets, choosing qualified products
- Before making large purchases, discuss with children
2. “Housing for Elderly” Scams
Scammers use “housing for elderly” as a cover to induce elderly people to mortgage their homes, using funds to purchase so-called “high-return” investment products. This scam often causes elderly people to lose their homes and even fall into debt.
Real Case: Shanghai retiree Zhang met a self-proclaimed employee of a senior care company through a friend’s introduction. The employee claimed that by simply mortgaging his house to a designated bank and investing the loan funds in their “senior project,” he could receive high monthly interest while continuing to live in the house. Zhang signed the agreement and mortgaged his 3 million yuan house. Six months later, he received a court summons; the house had already been transferred to someone else’s name, and he was burdened with a loan. Zhang not only lost his house but also fell into debt.
Prevention Tips:
- Legitimate “housing for elderly” is a policy-insured product in national pilot programs with strict conditions and procedures
- Any “housing for elderly” requiring property mortgage and fund transfers is fraud
- Before signing any documents involving property, definitely discuss with children or consult a lawyer
3. Telecom Fraud (Impersonating Relatives, Public Security)
Scammers impersonate relatives, public security, bank staff, and other identities, using phone calls to gain elderly people’s trust and request transfers.
Real Case: In Wuhan, 75-year-old Li received a call from her “grandson,” claiming he was in trouble and needed money to settle the matter privately, or he would be arrested. Li heard her “grandson’s” voice and was anxious, transferring 150,000 yuan to the designated account as instructed. She only discovered it was a scam after contacting her real grandson. Fraudsters had obtained Li’s family information through some channel and used AI voice-changing technology to imitate her grandson’s voice.
Prevention Tips:
- When receiving “family emergency” calls, stay calm, hang up first, and verify through other channels
- Public security agencies will not phone to request transfers, nor will they ask you to transfer money to “safe accounts”
- Bank staff will not ask for your passwords or verification codes
4. Senior Care Facility Scams
Scammers use the construction of senior care facilities as a cover, falsely promote to elderly people, attract investment with high returns. Projects often don’t exist or become烂尾, and investment funds are taken away.
Real Case: A company held “senior apartment” promotional meetings in multiple cities, claiming that investing a certain amount would grant residency rights in the senior apartments, with high annual returns each year. Many elderly people used their retirement savings to purchase, with amounts ranging from tens of thousands to hundreds of thousands. The company eventually ran away with the funds, the senior apartment project became a烂尾楼, and thousands of elderly people’s investments couldn’t be recovered.
Prevention Tips:
- Choose senior care institutions with verified legal qualifications, conduct on-site inspections
- Don’t believe oral promises; all promises should be written into contracts
- Be cautious of advance payments; understand the fund custody situation
5. Miraculous Medicine Scams
Scammers exploit elderly people’s fear of major diseases, selling so-called “folk recipes,” “miracle medicines,” claiming to cure cancer, diabetes, and other difficult diseases.
Real Case: Chongqing retiree Zhao was diagnosed with early-stage lung cancer, and his doctor recommended surgery. He was afraid of surgery and saw an online advertisement for “folk secret recipe for cancer cure.” After contacting, he spent 60,000 yuan on a “course of treatment” of “miracle medicine.” After three months, his condition not only didn’t improve but worsened. Testing revealed the so-called “miracle medicine” was just ordinary Chinese medicine with absolutely no therapeutic effect.
Prevention Tips:
- Seek medical treatment at legitimate hospitals for illnesses; don’t believe “folk recipes,” “miracle medicines,” or “folk secrets”
- Any product claiming to “cure” cancer or other major diseases is fraud
- Purchase medicines at legitimate pharmacies; check for drug approval numbers
2. Psychological Reasons Elderly People Are Easily Scammed
1. Emotional Loneliness
After retirement, elderly people’s social circles shrink, children are busy with work and lack companionship, making them prone to loneliness. Fraudsters exploit this by showing warmth, caring, and concern to gain trust.
2. Information Asymmetry
Elderly people have limited knowledge of new technologies and newer scam techniques; they often don’t understand the pace at which scam methods evolve, making them vulnerable targets.
3. Overconfidence
Some elderly people believe they have rich social experience and won’t be scammed. But fraudsters exploit this psychology to design more sophisticated schemes.
4. Loss Aversion
Elderly people are more sensitive to certain losses (like money in accounts possibly being frozen) than to new gains. Fraudsters exploit this psychology by creating fear to manipulate elderly people.
3. What Children Should Do
1. More Companionship and Communication
Children should communicate more with parents, understand their living conditions, social circles, and financial situation. Visit regularly or call frequently; don’t let parents feel lonely.
2. Popularize Fraud Prevention Knowledge
Regularly share some latest fraud cases and fraud prevention tips with parents. Let parents understand common fraud methods used by scammers. You can share this article with your parents to read.
3. Install Security Software
Install the National Anti-Fraud Center APP on parents’ phones, enabling fraud call and text message interception functions, reducing fraud risks.
4. Manage Financial Entry Points
Understand your parents’ bank account situation; help them set transaction limits; get a dedicated card for daily consumption for your parents, and don’t store too much money in it.
5. Keep Information Updated
Let your parents know that for any money-related matters, contact their children first. Keep your contact information so parents can easily seek help when encountering suspicious situations.
4. Self-Protection Strategies for Elderly People
1. Stay Calm When Encountering Good Things
Any “free,” “discount,” or “high-return” opportunity requires staying calm and discussing with family before making decisions.
2. Don’t Panic When Encountering Matters
When receiving “problem” or “account abnormal” calls, first take a deep breath, hang up, and verify through other channels.
3. Don’t Transfer Money Easily
Regardless of who the caller claims to be, any request for transfers should be approached cautiously, especially to unfamiliar accounts.
4. Don’tcasually Disclose Information
Don’t disclose your bank information, ID information, or family situation to strangers.
5. Seek Medical Treatment at Regular Hospitals for Illnesses
Seek medical treatment at regular hospitals; don’t believe “miracle doctors,” “miracle medicines,” or “folk secrets.”
5. What to Do If Scammed
Tell children immediately: Don’t hide due to fear of being blamed; the earlier you tell, the better chance of recovering losses.
Preserve evidence: Keep chat records, transfer records, the other party’s contact information, and other evidence.
Report to police: Dial 110 for police assistance, providing all relevant evidence.
Contact the bank: If the transfer was made recently, try to contact the bank to see if payments can be stopped.
Seek legal help: Can seek help from local legal aid centers.
Conclusion
Elderly people are the precious wealth of society; the wealth they accumulated through a lifetime of hard work should be enjoyed in peace in their later years. We hope every elderly friend enhances fraud prevention awareness and stays away from various fraud traps. We also hope every child cares more for their parents, visits regularly, and lets love and companionship become the best defense against fraud. If you find this article useful, please share it with more elderly friends and their children, letting more people benefit.
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