Identifying and avoiding scams targeting seniors

Not all scams are as obvious as a “prince” sending an email asking for help. Many scams targeting older adults rely on cunning and use the victim’s emotions against them. Unfortunately, seniors have lost billions each year due to financial crimes against older adults. But learning to recognize the different ploys scammers use can help you avoid becoming a statistic.

Common scams to watch for

While there are as many scams out there as people can think of, there are some common themes in senior citizen scams. Here are some of the most likely scams you may encounter as you get older:

• The grandparent scam: This scam is rather simple. Someone contacts you claiming to be one of your grandchildren and asking for money. If they call, they may claim they got a new phone number if you don’t recognize the one their calling from or claim to have a cold if their voice sounds different.
• The government impersonator: Someone calls claiming to be from the IRS, Social Security Administration, or Medicare. They may claim there’s been an over payment of some kind, and you could risk not receiving future Social Security payments or even jail time if you don’t pay them back right away. They use fear and intimidation to get what they want. These can also include senior citizen medical scams, as they ask for your Medicare number so they can commit insurance fraud or identity theft.
• Tech support scam: You’re contacted by someone saying there’s something wrong with your computer, tablet, or smartphone. They must have access to fix the problem. Granting access could allow them to plant viruses on your device, steal passwords, and even access sensitive information.
• “You’ve won!” scam: You get a call saying you’ve won the prize, but oddly, you don’t remember signing up for this particular lottery, raffle, or sweepstake. They ask for account information or a fee before they can deliver what you’ve “won.”

Keep your information safe

While there are people out there trying to take advantage of others, there are things you can do to keep yourself, your investments, and your information safe.

• Don’t give out personal information on the phone or in email. If you receive a call from a number you don’t recognize, claiming to be checking on medical information or collecting a bill, tell them you’ll call them back with the information. Then, go to the website of the institution claiming to be calling and check the phone number there versus the one you received. While these types of phone calls aren’t always scams, it’s always better to verify that you’re actually talking to who you think you are.
• Check your bank account. Get in the habit of regularly checking your banking statements and bills to make sure there aren’t any unusual charges that you don’t recognize. If something seems off, call your bank to ask about it.
• Keep your tech secure. This means both physically and technically. Don’t leave your smartphone out where anyone can browse it. Set a password on all devices or use biometric security. And make sure all your devices have up-to-date security software.
• Doublecheck identities. If someone calls saying their you’re grandkid who got a new number, tell them you’re busy and you’ll have to call back later. Then call the number you have saved for that grandkid or call someone else in the family who can verify if the “new number” is real or a scam.
• Don’t panic. If someone is threatening you with immediate asset seizure or jail time, it can be difficult not to feel overwhelmed. But take deep breaths, and know that the government doesn’t work that quickly. As with the other suggestions, verifying the correct contact information for the government agency is simply a matter of checking their website.

What to do if you’ve been scammed

If you or someone you know has been the target of a scam or has fallen victim to a scam, there are steps you can take to remedy the situation. While you may not be able to recover assets if you’ve already paid the scammer, you can seek justice. The first step is to contact your local police department and/or the attorney general for your state. Then you should contact the National Elder Fraud Hotline at 833–372–8311 and report the scam to the Federal Trade Commission. Whether you realize it’s a scam right away or are taken in by the savvy scammer, reporting scams is one of the best ways you help keep scammers from targeting you or others in the future.