Avoiding Financial Scams and Fraud Targeting Seniors

Some common financial scams targeting seniors include Medicare scams, investment scams, and sweepstakes/lottery scams. In a Medicare scam, a person will call or visit claiming to be a Medicare representative and ask for personal information such as a Medicare number. Investment scams might involve a person offering a “too good to be true” investment opportunity that promises high returns in a short amount of time. Sweepstakes/lottery scams typically involve a person being told that they have won a prize but need to pay a fee to receive it.

Seniors can protect themselves from financial scams by being cautious and skeptical of unsolicited phone calls, emails, or visits. They should never give out personal information such as their Social Security number or Medicare number to anyone they do not know or trust. It is also important to thoroughly research any investment opportunities before agreeing to invest.

If a senior thinks they have been a victim of a financial scam, they should contact their bank or credit card company immediately to report any unauthorized transactions. They should also report the scam to the Federal Trade Commission (FTC) and local law enforcement. It is important to act quickly to minimize any damage done by the scam.

There are several resources available to help seniors avoid financial scams. The FTC offers information and resources on their website, including a scam alert page and a guide to protecting personal information. The National Council on Aging also has a website dedicated to helping seniors avoid scams and fraud. Seniors can also contact their local Area Agency on Aging for more information and resources.