Transak is committed to providing a robust, secure, and compliant gateway for users to exchange crypto assets.
Elder financial exploitation involves the theft or misuse of an older adult’s money, assets, or personal information. Scammers are increasingly targeting older adults because of their accumulated retirement savings, trusting nature, and general unfamiliarity with digital asset technology.
It is Transak's mission to offer safe and secure products and services to its customers. Transak maintains a robust compliance program which is commensurate with the size of Transak and the breadth of its business activities.
How does it work?
Scammers target older adults by exploiting their trust, vulnerability, or mental state, often using fraudulent relationships to access their money or assets. EFE consists of two primary subcategories: elder theft and elder scams
- Elder theft involves the theft of an older adult’s assets, funds, or income by a trusted person.
- Elder scams involve the transfer of money to a stranger or imposter for a promised benefit or good that the older adult did not receive.
With the increased adoption of cryptocurrency, scammers are always finding new ways to financially abuse older adults. These abuses can take various forms, including poofed caller IDs, phishing emails, fake websites, and even deepfake videos to impersonate family members, government officials, and tech support agents
Common Methods of Elder Financial Exploitation:
- Investment scams: Investment scams often promise you can "make lots of money" with "zero risk," and often start on social media or online dating apps or sites. These scams can, of course, start with an unexpected text, email, or call, too.
- Fake charities: Scammers target older adults to request donations for non-existent causes, especially around holidays.
- Fake apps: Scammers replicate legitimate platforms and fool unsuspecting users into depositing their funds into non-existent platforms.
- Romance scams: Seniors are tricked into giving money to fraudsters pretending to be romantic partners.
- Phishing Scams: Scammers impersonate reputable cryptocurrency exchanges or wallet providers, sending convincing emails asking seniors to share sensitive information, such as private keys or login credentials:
- Voice cloning: The use of IA to clone voices of victims’ family members is being used to trick seniors into believing a family member needs help.
Ways to Avoid it:
- Ask for help: Contact a trusted family member, friend, or your bank, before responding to any requests for payment. Stay educated on rising scams.
- Cut Communication: Immediately cease all communication with the scammer.
- Report the incident: Document the details and report the scam immediately to law enforcement.
- Freeze Accounts: Contact the exchange or platform to lock the accounts and change all login credentials.
- Educate Yourself: Learn how to protect yourself from common scams and how to identify them.
Report an Incident:
If you are or know an older adult who has been a victim of elder financial exploitation, contact the National Elder Fraud Hotline: 1-833-FRAUD-11 or 833–372–8311. Reporting can help authorities try to stop those who commit fraud and also help prevent others from becoming victims.