Loris Sinanian thought he was reconnecting with an old friend. Instead, he became one of 100,000 seniors scammed annually, a statistic that no one wants to be part of. If only red flags came with neon lights, right?
In a scam targeting seniors, fraudsters pose as old acquaintances, gaining victims' trust before exploiting them. Loris Sinanian, a 93-year-old Georgian, lost $72,000 to such a scheme, highlighting the growing need for stronger safeguards.
How It Works:
The scam begins with a friendly call from a "forgotten" acquaintance who claims to owe a small debt—$100 in Sinanian’s case. Once trust is established, scammers convince victims to grant remote computer access. From there, they create a fake scenario, like a supposed accidental $100,000 overpayment, and pressure victims into returning the “extra” funds.
In Sinanian’s case, he was directed to withdraw $109,000 in cash, box it up with books, and ship it to a New York address.
Who’s Targeted:
Seniors are the primary victims due to:
- Trusting nature.
- Limited exposure to modern scam tactics.
- Loneliness, making them more vulnerable to emotional manipulation.
Real-Life Example:
Sinanian’s scam ended with him losing $72,000 despite police intercepting one shipment worth $37,000. His regret is palpable: “I was very unhappy I was stupid enough to continue,” he said. Unfortunately, many seniors share similar experiences but often remain silent out of shame.
Why You Should Care:
Scammers don’t just steal money—they rob peace of mind. Victims like Sinanian are left doubting their judgment, and families may face financial strain in trying to recover lost savings. With $3.4 billion in senior scam losses reported in 2023 alone, this is a crisis that demands attention.
How to Protect Yourself:
- Be Skeptical: Question unexpected calls, especially those involving money or personal information.
- Verify Claims: Confirm the caller’s story by independently contacting the “friend” or organization they claim to represent.
- Protect Your Devices: Never grant remote computer access unless you initiated the request with a verified technician.
- Consult Trusted Contacts: Always check with family or a trusted advisor before making unusual transactions.
- Report Suspicious Activity: Contact local law enforcement or the FBI if you suspect a scam.
Quick Tips & Updates:
- Quick Tip #1: Scammers exploit loneliness. Regularly check in with senior loved ones to create an extra layer of protection.
- Quick Tip #2: Pro Tip: Banks in Georgia are not legally required to stop suspicious transactions, but they must notify authorities if they suspect elder exploitation. Stay vigilant.
As we advocate for stronger protections, let’s arm ourselves and our loved ones with the tools to spot and stop scams. Education is the first line of defense.
Key Terms Explained:
- Elder Exploitation: Taking financial advantage of seniors through manipulation, deception, or coercion.
- SPEAR Act: A Georgia law allowing financial institutions to delay transactions suspected of fraud for up to 25 days.
- Remote Access: Allowing someone to control your computer from another location, which scammers often exploit.
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