Help Protect Your Money as You Age
Older adults are frequently targeted by scammers because they are often financially stable, trusting, and respectful of authority. Understanding how scams really happen can help seniors and their families stop fraud before money is lost.
Here are some common scams where seniors are targeted:
Government Impersonation Scams
How It Works:
Scammers pose as the IRS, Social Security, Medicare, or law enforcement.
Common Warning Signs:
- Threats of arrest or legal action
- Requests for immediate payment
- Demands for gift cards or cryptocurrency
Example:
“This is the IRS. You owe back taxes and must pay today, or you will be arrested.”
Romance & Companionship Scams
How It Works:
Scammers build trust over time through dating sites, social media, or email.
Common Warning Signs:
- Requests for money or financial help
- Reluctance to meet in person
- Requests to keep the relationship secret
Example:
“I want to visit you, but I need help paying for my travel fees.”
Fake Prize, Lottery, or Sweepstakes Scams
How It Works:
Victims are told they’ve won a prize but must pay fees or taxes to claim it.
Common Warning Signs:
- Requests for upfront payments
- Pressure to act quickly
- Instructions to pay using gift cards or wire transfers
Example:
“Congratulations! You’ve won $500,000. Just send payment to cover processing fees.”
Investment & “Guaranteed Income” Scams
How It Works:
Scammers offer high or guaranteed returns, often tied to retirement savings.
Common Warning Signs:
- Guaranteed or risk-free returns
- Pressure to move funds quickly
- Requests for secrecy
Example:
“This investment guarantees steady income with no risk. You need to act today.”
Caregiver & In-Home Service Scams
How It Works:
Fraud may come from someone already inside the home or trusted circle.
Common Warning Signs:
- Unexplained withdrawals
- Changes in financial behavior
- New individuals influencing decisions
Example:
A caregiver convinces a senior to write checks or make withdrawals for “expenses” that never existed.
Medicare & Health Insurance Scams
How It Works:
Scammers pose as Medicare or insurance representatives.
Common Warning Signs:
- Requests for personal or medical information
- Unsolicited calls or emails
- Threats of coverage loss
Example:
“We need to verify your Medicare number to keep your coverage active.”
Government Resources
Warning Signs of Financial Exploitation
Be Alert If You Notice:
- Sudden changes in spending or withdrawals
- Pressure to send money immediately
- Requests for secrecy
- Confusion or fear around financial decisions
- Missing funds or unpaid bills
Tips for Seniors to Stay Safe
- Take time before making financial decisions
- Never share passwords, PINs, or one-time codes
- Verify requests by calling trusted family members
- Say “no” and hang up if something feels wrong
- Contact your bank with questions—no concern is too small
How Families & Caregivers Can Help
- Talk openly about scams and fraud
- Encourage seniors to check with you before sending money
- Review statements together
- Watch for behavior or spending changes
What To Do If You Suspect a Scam
- Contact us
- Pause or stop suspicious transactions
- Reach out to a trusted family member
- Report the scam to authorities
