Scammers target seniors more aggressively than any other group. Recognizing the most common scams helps prevent your money and personal information from getting stolen.
When you’re contacted by someone—even if it’s someone you think you can trust— it’s wise to check for some common red flags.
Scammers know that if you do your research, you’ll see through the scam. To prevent this, they will often pressure you to respond quickly. They might do this by claiming they have a warrant for your arrest, threatening that you’ll lose access to your account, saying that a loved one is in trouble, or something similar.
Scammers will often ask for wire transfers, gift cards, or cash to prevent you or your financial institution from tracing or cancelling the transaction.
Scammers try to collect sensitive information like passwords or social security and account numbers. Legitimate companies will almost never ask for this data and, if they do, should give you a secure way to send it. Regardless, never give this information to anyone without careful research.
If you encounter a situation that seems odd but doesn’t raise one of these red flags, trust your gut! Hang up, don’t reply, do your research, and get an outside opinion from someone you trust. Remember that scammers are trying to manipulate you, so be wary of sending anyone money, even if the person asking is someone you know.
Scammers are constantly updating their tactics, but here are a few of the most common scams targeting seniors:
To learn more about common scams, ways to avoid them, and what to do if you encounter one, read this article about recognizing and avoiding scams or visit FTC.gov.
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Financial calculators are made available as self-help tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.