Older people are the most vulnerable to crypto scams

[GEMIN_M4]

This is one solid reason why I don't want to introduce crypto to my father or any older person in my family, I believe they are already used to the old way of living on salary or jobs, it must have mastered them a lot that crypto related investment or online investment will put them under stresss.




Sadly this man have lost a fortune with crypto and he keeps falling for similar scams on telegram, this mostly happens to older men who are living alone and far away from their families, no one around them to advice them and they also feel lonely to the extent that they would prefer to listen to what a stranger have to say.


I have my way of reaching out to him and advice him, I hope he will listen but I want to bring this on here for advice.

What do you think is the best advice to pass to this man?

[notocactus]

This is one solid reason why I don't want to introduce crypto to my father or any older person in my family, I believe they are already used to the old way of living on salary or jobs, it must have mastered them a lot that crypto related investment or online investment will put them under stresss.

Unknowledgeable and careless people are most vulnerable with scams, not limited to the elderly. It's true for all people who can be young, middle-aged or old, but if they don't have enough knowledge, carefulness for their practice but have abundant greediness, they will be easily scammed as they are most favorite targets of scammers.

What do you think is the best advice to pass to this man?

Learn and prepare with basic knowledge about most common scam methods will help them.
The cryptocurrency scambook.

[Charles-Tim]

Old people are easy to scam, but they are not the only one, upcoming younger people are also as vulnerable or more vulnerable than the old people to scam. This is what I noticed from experience of the old and young people around me. You will teach some young people how to avoid scam, but they will not lesson until they are scammed and learn from it. The difference is just that old people have more money than young people.

[Chibit01]

Some elderly people are still wise enough not to fall for scam especially when they have been victim to one before they won’t allow such to repeat itself, the older people are most of the scammers target but they are not the only one targeted by scammer anyone who is easily trusting those who they meet online can be a victim of scam even the young ones who are desperate to find love on social media are repeatedly reported to have been victims of online romance scam which to some extent are also link to crypto investment scam.

[Su-asa]

This is one solid reason why I don't want to introduce crypto to my father or any older person in my family, I believe they are already used to the old way of living on salary or jobs, it must have mastered them a lot that crypto related investment or online investment will put them under stresss.




Sadly this man have lost a fortune with crypto and he keeps falling for similar scams on telegram, this mostly happens to older men who are living alone and far away from their families, no one around them to advice them and they also feel lonely to the extent that they would prefer to listen to what a stranger have to say.


I have my way of reaching out to him and advice him, I hope he will listen but I want to bring this on here for advice.

What do you think is the best advice to pass to this man?

In my opinion, I think this same thing can happen to anyone despite the age difference. What matters her is how smart you are, even if you are young and the scammer is smarter than you they will still successfully scam you but when you are smarter than them I'm very much sure that their attempts will not be successful. Although, every scammers have their ways but as a crypto enthusiast, you must be very smart in other to know how to protect your crypto assets from scammers. As a matter of fact, their are also alot of smart elderly people out there, but the truth about them is that they get to emotional and this is one of the main reason why they are vulnerable to scammers.

[Jewan420]

Fraudsters do not target people based on age, but rather on ignorance. People who have little knowledge about crypto and are unaware of scams are the ones who are most likely to fall victim to fraud.

The reason is not age-based or only older people are at risk of fraud, but careless people of any age are also being scammed. Especially young boys/girls. This list will also include middle-aged and elderly people. Your knowledge, caution about fraudsters and prudence in identifying the traps of fraudsters can prevent you from being scammed. Fraudsters target the elderly because they have more money and crypto assets than others. However, age should be the main factor here, if you are careful, you can detect fraud and avoid fraud in old age.

[Amphenomenon]

This is one solid reason why I don't want to introduce crypto to my father or any older person in my family, I believe they are already used to the old way of living on salary or jobs, it must have mastered them a lot that crypto related investment or online investment will put them under stresss.

Unknowledgeable and careless people are most vulnerable with scams, not limited to the elderly. It's true for all people who can be young, middle-aged or old, but if they don't have enough knowledge, carefulness for their practice but have abundant greediness, they will be easily scammed as they are most favorite targets of scammers.

This is similar to my own view.
Uninformed individuals, which those who lacks the knowledge are vulnerable to crypto scam or errors leading to them losing their coins.

Then many old individuals fall in this category but they can be taught if they want to and like wise middle  and younger aged individuals.
Scam is for all who cannot detect, stay informed, apply knowledge and be careful that will help you a lot.

[Hamza2424]

I have my way of reaching out to him and advice him, I hope he will listen but I want to bring this on here for advice.

What do you think is the best advice to pass to this man?

I am curious what did you said to him, just asking.

You are right, these scammers are still active and trying their techniques on old generation because they are most vulnerable to these scams and imagine how would we have felt if we saw someone making videos using our images using AI, and if we are not aware with the term AI and what it can do.

We will be totally left stunned that how and when I do that, or someone else did that?

The impact is lasting and it really convincing too. So the old generation should be more careful and active and should ask chatgpt if they don't want to share things with their families.

[JoyMarsha]

One can be vulnerable to a scam if they lack the knowledge of that or are less informed about that. Just pray that you don't get to meet a scammer, who knows what you don't know about, and they are the ones to explain that to you in a way that they will scam you.

Falling victim to a scam can happen to anyone in any given field they are in. What someone doesn't know is actually bigger than them. That's the reason why you don't have to rely on the little things you know without learning further, because those things you fail to learn on your own or from others, someone can use that to scam you, whether you're an old person or a young person.

[aylabadia05]

Fraud can occur anywhere and to anyone, including young people, not just older people. Fraudulent methods often follow a relevant approach.
Most victims are those who lack the knowledge to understand what the fraudster is doing. Older people make it easier for perpetrators to carry out their actions because most perpetrators realize that older people, besides being young, also lack knowledge.
Young people are also less likely to fall victim if their foundation (knowledge) is not strong.

[adultcrypto]

You have to be correct because older people might not be as knowledgeable as GenZ generation that are more aware of computer and the internet. Older people may also not be disposed to learning new things since they are busy and may not have the energy to learn about some of the tricks scammers used, so they are easily deceived by scammers.

I'm not contemplating teaching my mum about bitcoin because such knowledge may not be too useful to her, the most I can is to convince her for me to create and manage her portfolio so I can be updating her regularly about the progress of her investment.

[MusaPk]

Old people are easy to scam, but they are not the only one, upcoming younger people are also as vulnerable or more vulnerable than the old people to scam. This is what I noticed from experience of the old and young people around me. You will teach some young people how to avoid scam, but they will not lesson until they are scammed and learn from it. The difference is just that old people have more money than young people.

It's a bitter reality that most of us never understand the risk of getting scammed in crypto until that happen with us. I do agree that both old and young age people are equally prone to crypto scam, if they are not willing to take necessary precautionary measures. Every day we hear news of crypto scam and hacks where exchanges and individuals are targeted. Due to popularity of crypto, the scammers have turned there focus towards crypto and that's there is dire need to take crypto security with seriousness. 

[LeyMonte]

Currently, spammers target the elderly and the new generation. Newbies always fall into their trap without being able to control themselves, and the elderly fall into their trap without realizing it. Usually, the targets of fraudsters are successful in this way. If the elderly can be shown some profit system among the people around me, they will show a lot of interest. They get interested in these without understanding them well and get cheated by the fraudsters. The elderly should be made aware and the newbies should know about the spammers well, then we can protect the elderly and the newbies from fraud.

[PostQuantumBTC]

You have to be correct because older people might not be as knowledgeable as GenZ generation that are more aware of computer and the internet. Older people may also not be disposed to learning new things since they are busy and may not have the energy to learn about some of the tricks scammers used, so they are easily deceived by scammers.

He is not totally correct

Older people have more money and lose larger amount of money to scammers but younger generations are scammed most often which are within the age of 24 to 44 years.

Some reports that age of 18 to 44 are scammed the most.

Example of scam that some young adults will be fool of are employment scam.

What about the ICOs scam? Young adults are the ones that are also scammed. Young people are the ones that are more in crypto, more young adults are scammed in crypto.

Age of 60 years and above are less often scammed with government impersonation scams, tech support and winning something like lottery or prize. The problem is that they have more money to spend on the scammers before they will notice it is a scam.

Not good bothering old people about crypto for them not to get scammed, I absolutely agree with that.

[Alone055]

Why does an old man with not enough knowledge about cryptocurrencies and wallets have so much money in a decentralized wallet in the first place? If this happened in Telegram, I assume he was receiving those signature requests on Telegram Wallet, and I wonder why he had so much money kept in his Telegram Wallet. This shows a clear lack of knowledge, because anyone sane would never keep more than $200k in such a wallet, which is basically centralized but has a decentralized section inside of it. That's what Telegram Wallet is.

Of course, cryptocurrencies are only good for those who have a general know-how about how technological stuff work, which is the only way they can understand what a signature request could do in a wallet. Even general knowledge can't help you in this case, because if you are not very technology-friendly, or don't have enough technological understanding, or haven't been into the internet or such stuff very long, then you shouldn't keep a lot of money in cryptocurrencies because you won't be able to keep them safe.

[suzanne5223]

This is one solid reason why I don't want to introduce crypto to my father or any older person in my family, I believe they are already used to the old way of living on salary or jobs, it must have mastered them a lot that crypto related investment or online investment will put them under stresss.

Someone being a victim of an online or crypto scam doesn't mean we shouldn't educate or tell our family members about the opportunity involved in crypto investment.
The lonely older person is mostly the victim of crypto, not because they are only used to the old way, it because they are not well informed about the security measures, how to avoid human error, dos, and don'ts to secure their crypto bag.

I have my way of reaching out to him and advice him, I hope he will listen but I want to bring this on here for advice.

If you can reach out to him, you can tell him about Bitcointalk so he can read the guide provided on this forum, and he can also easily reach out for advice for future purposes because he seems to have been scammed by the same people who already know his contact.