Common financial scams targeting senior citizens include phishing scams, lottery or sweepstakes scams, tech support scams, Medicare fraud, and investment scams. These scams often exploit the trust and sometimes the isolation of older adults to trick them into giving away personal information or money.

Phishing scams often come in the form of emails or messages that appear to be from a legitimate source, such as a bank or a known company. They usually contain urgent language, asking you to verify personal information or click on a link. Look for poor grammar, suspicious email addresses, and unsolicited requests for sensitive information as red flags.

If you receive a call claiming you’ve won a lottery or sweepstakes that you didn’t enter, it’s likely a scam. Do not provide any personal or financial information. Legitimate lotteries and sweepstakes do not require you to pay a fee to receive your winnings. Hang up and report the call to the appropriate authorities.

Tech support scams often involve a scammer claiming to be from a well-known tech company, stating that your computer has a virus. They may ask for remote access to your computer or request payment for unnecessary services. Never grant remote access to your computer to an unsolicited caller. If in doubt, contact the company’s official support line directly using verified contact details.

Medicare fraud involves scammers posing as Medicare representatives to obtain personal information. They may offer fake services or products in exchange for your Medicare number. To protect yourself, never share your Medicare number over the phone unless you initiated the call and are certain of the recipient’s identity. Review your Medicare statements regularly for any unauthorized charges.

Investment scams often promise high returns with little or no risk. Be wary of unsolicited investment opportunities, especially those that pressure you to act quickly. Research the investment and the person offering it thoroughly. Consult with a trusted financial advisor before making any investment decisions.

To protect yourself from financial scams, stay informed about common scams and remain skeptical of unsolicited communications. Never share personal or financial information with unknown callers or through unsolicited emails. Use strong, unique passwords for online accounts and regularly monitor your financial statements for any unauthorized transactions. Consider setting up fraud alerts with your bank and credit card companies.

If you believe you have been targeted by a scam, report it to the Federal Trade Commission (FTC) at ftc.gov/complaint. You can also report financial scams to your local law enforcement, your state’s Attorney General’s office, or the Better Business Bureau (BBB). Additionally, if the scam involves financial loss, contact your bank or credit card company immediately to attempt to recover your funds.