Watch Out! These Are the Top Five Financial Scams Targeting Seniors
Sadly, seniors are often the target of unscrupulous scammers. According to an article by the National Council on Aging, people age 60 and over lose billions of dollars combined to fraud each year worldwide. That means seniors and their caregivers need to be hyper-vigilant to not fall victim to these crimes.
When it comes to fraud prevention, knowledge is power. These are the top five financial scams targeting seniors:
The person-in-need and grandparent scam. Scammers pretend to be a grandchild in trouble, asking for money.
Financial services scam. Scammers pretend to be a bank, a mortgage company, or a debt collection agency, requesting personal information or money.
Tech support scams. Scammers pretend to be tech support to gain access to your computer.
Government impersonation scams. Scammers pretend to be from the Internal Revenue Service (IRS), Social Security Administration, or Medicare to gain access to personal information or payment.
Romance scams. Playing on people’s loneliness, scammers create fake social media profiles and use them to gain trust and steal money.
These are just a handful of the numerous scams circulating today. If you or a loved one has been targeted, contact the local police, your bank, and Adult Protective Services.
The Seniors Trust is committed to helping protect the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
