Financial Scams Targeting Seniors: How to Recognize and Avoid Them

Some common financial scams targeting seniors include: 1) Medicare/health insurance scams, 2) investment scams, 3) sweepstakes/lottery scams, 4) grandparent scams, and 5) tech support scams.

Scammers often target seniors through phone calls, emails, or even by showing up at their doorstep pretending to be someone they are not. They may use scare tactics, emotional appeals, or promises of unrealistic returns to convince seniors to hand over their money or personal information.

Seniors can protect themselves from financial scams by: 1) being skeptical of unsolicited phone calls or emails, 2) not giving out personal information or money to anyone they don’t know or trust, 3) verifying the legitimacy of any investment opportunity or charity before handing over money, and 4) talking to a trusted family member or financial professional before making any major financial decisions.

Seniors who suspect they have fallen victim to a financial scam should: 1) stop all communication with the scammer, 2) report the scam to the appropriate authorities (such as the Federal Trade Commission or local law enforcement), and 3) contact their bank or credit card company to try to reverse any fraudulent charges.

There are several resources available to help seniors avoid financial scams, including: 1) the National Council on Aging’s Aging Mastery Program, which includes a module on financial planning and fraud prevention, 2) the AARP Fraud Watch Network, which provides information and resources on how to recognize and avoid scams, and 3) the Federal Trade Commission’s Consumer Information website, which offers information on a variety of consumer protection topics.