Don’t Be a Victim: Tips for Seniors on Avoiding Financial Scams

Financial scams are schemes designed to deceive people out of their money. They can take many forms, including phone calls, emails, and letters. Scammers often target seniors because they may be more vulnerable and trusting.

Some common financial scams targeting seniors include: IRS scams, where scammers pretend to be from the IRS and demand payment for fake tax debts; grandparent scams, where scammers pretend to be a grandchild in trouble and ask for money; and lottery scams, where scammers claim the senior has won a large sum of money but must pay a fee to claim it.

Seniors can avoid becoming victims of financial scams by following these tips:

• Never give out personal or financial information to anyone you don’t know and trust.
• Be wary of unsolicited phone calls, emails, and letters asking for money or personal information.
• Verify the identity of anyone who claims to be from a government agency or financial institution.
• Don’t be pressured into making quick decisions or sending money right away.
• Do your research and check with trusted family members or professionals before making any financial decisions.

If seniors suspect they’ve been scammed, they should report it to the appropriate authorities right away. This may include local law enforcement, the Federal Trade Commission, or their state attorney general’s office. It’s also important to take steps to protect their personal and financial information, such as changing passwords and monitoring bank and credit card statements.

There are many resources available to help seniors avoid financial scams, including:

• The National Council on Aging’s Aging Mastery Program
• The Consumer Financial Protection Bureau’s Office for Older Americans
• The Federal Trade Commission’s Pass it On campaign
• The AARP Fraud Watch Network
• Local senior centers and community organizations