Elderly Australians are increasingly falling victim to scams, with phishing schemes and investment fraud being the most prevalent. Elizabeth Parker, an 84-year-old woman, recently experienced this firsthand. After receiving a text message that appeared to be from her daughter, who had lost her phone, Elizabeth transferred money to help her buy a replacement. It was only after the transaction that she realized it was a scam known as the "Hi Mum" scam.

Shortly after, Elizabeth received a phishing email that led her to unknowingly grant scammers access to her computer and banking information. This resulted in a devastating loss of approximately $20,000, her life savings. "Your privacy is taken as well as your money. You feel violated. It's criminal and an absolute violation," Elizabeth said. Her son, Mark, noted that despite her computer skills, these experiences have shaken her confidence.

Elizabeth's case is not unique. In the past year, Australians lost over $2 billion to scams, with individuals aged 65 and older being the most frequently targeted demographic. According to Kate Gould, a clinical neuropsychologist at Monash University, scammers are constantly evolving their tactics to exploit vulnerable individuals, particularly older adults. "These are organized criminal syndicates at an industrial scale, so they have very serious development teams," Gould explained.

Retirees are often seen as attractive targets for scammers due to their financial stability. Cassandra Cross, a professor at Queensland University of Technology, noted that many retirees own their homes and may be looking for investment opportunities. "[Retirees] generally own their own home and other properties and are potentially looking to make an investment to set them up for the rest of their lives," she said.

The rise of digital technology has also made it easier for scammers to reach their targets. Phishing scams, which often come in the form of emails, phone calls, or text messages, trick individuals into revealing personal information. So far this year, Australians have lost over $23 million to phishing scams.

Romance scams are another significant threat, with Australians losing $21 million this year alone. Scammers build trust over time, often using fake profiles to create emotional connections before asking for money. Dr. Gould pointed out that feelings of loneliness and isolation can make individuals more susceptible to these scams.

False billing scams, where scammers send fake invoices, have also cost Australians over $15 million this year. Experts emphasize the importance of digital literacy in protecting oneself from scams.

To safeguard against scams, experts recommend maintaining a healthy level of skepticism when using devices. Some protective measures include using contact details from official websites, enabling multi-factor authentication, and regularly updating software.

Family members are encouraged to communicate openly with older adults about potential scams and to assist them in monitoring their banking activities without infringing on their independence. Dr. Cross emphasized the importance of creating a supportive environment where older individuals feel comfortable discussing their concerns without fear of judgment.

As scams continue to evolve, awareness and education remain crucial in protecting vulnerable populations from financial exploitation.