Better Business Bureau of Western PA

Better Business Bureau research has found that seniors have a lower susceptibility to falling for scams, but those 65+ report a higher median dollar loss to fraud.Data used to generate the riskiest senior scams was determined by using the BBB Risk Index to analyze exposure, susceptibility and monetary loss of scams reported to BBB Scam Tracker (BBB.org/ScamTracker). BBB Scam Tracker is a crowdsourced tool that enables consumers to report and track instances of fraud.Riskiest Scam Types for Older Adults:1. Home Improvement Scams: Door-to-door solicitors offer quick, low-cost repairs and then take payment without returning, do shoddy work or find issues that dramatically raise the price. These schemes often occur after a major storm or natural disaster.2. Online Purchase Scams: These scams involve the purchase of products and/or services where the transaction occurs via a website or other online means. Scammers use technology to offer attractive deals, but once payment is made, no product or service is delivered. In some cases, fraudsters send low-quality or counterfeit products.3. Cryptocurrency Scams: These scams involve the purchase, trade or storage of digital assets. The situations often involve fraudulent Initial Coin Offerings (ICOs). Investors pay money or trade their digital assets even though the scammer has no intention of building a company. Cryptocurrency scams also involve scenarios in which investors store their cryptocurrencies with fraudulent exchanges.Scammers use a variety of tactics to perpetrate scams, including impersonation, the promise of an opportunity and threats to encourage engagement. Never share personally identifiable information with someone who has contacted you unsolicited and always use secure, traceable transactions when making payments.  Research companies through BBB to find out a companys rating, complaint history and more before making a hiring or purchasing decision.  Editors Note: This article was submitted by Caitlin Driscoll, Public Relations Director of the Better Business Bureau serving Western Pennsylvania. For more information, visit BBB.org or call 877-267-5222.