Financial Scams Targeting Seniors: How to Stay Safe

It starts with a simple phone call.

The person on the other end sounds friendly, even concerned. “Hi, Grandma, it’s me! I need your help.” Or maybe it’s a message in your inbox: Your bank account has been compromised. Click here to verify your information.

For too many seniors, these scams feel all too real, and sometimes, they’re devastating.

Scammers know that older adults are often trusting, and polite, and may have significant savings.

But knowledge is power, and you can protect yourself by recognizing the tricks these fraudsters use.

Let’s walk through some of the most common scams targeting seniors and, more importantly, how to avoid them.

1. The “Grandparent” Scam

Imagine getting a call from someone who sounds just like your grandchild, saying they’re in trouble. They might say they were in a car accident or arrested and need bail money, fast. They beg you not to tell their parents. Panic sets in, and before you know it, you’re wiring money to a scammer.

How to Stay Safe:

• Always confirm the caller’s identity and ask personal questions only your real grandchild would know.

• Call your grandchild (or their parents) directly on a known number.

• Be suspicious of urgent requests for money, primarily through wire transfers or gift cards.

2. Medicare and Health Insurance Scams

Scammers love to pose as Medicare representatives, claiming you must “verify” your Social Security number or pay a new fee to keep your coverage. They may even offer fake medical equipment or treatments and charge your Medicare account for services you never receive.

How to Stay Safe:

• Never share your Medicare or Social Security number over the phone.

• Hang up if someone claims to be from Medicare and asks for personal information. Medicare will never call you unexpectedly.

• Check your Medicare statements for charges you don’t recognize.

3. Tech Support Scams

You’re browsing the internet when a warning pops up: “Your computer is infected! Call this number immediately.” Panicked, you dial the number and a scammer convinces you to give them remote access to “fix” your computer for a fee. Worse, they may install malware to steal your passwords.

How to Stay Safe:

• Ignore scary pop-ups, legitimate companies like Microsoft do not send these alerts.

• Never give remote access to your computer to a stranger.

• If you’re worried about a real issue, contact a trusted computer professional.

4. Fake Charity Scams

Scammers know seniors are generous, especially when disaster strikes. They set up fake charities, often using names that sound real. They’ll pressure you to donate immediately and sometimes even demand gift cards as payment.

How to Stay Safe:

• Only donate to well-known charities and check sites like CharityNavigator.org to verify legitimacy.

• Be skeptical of urgent pleas, especially over the phone or via email.

• Never give out personal information when donating.

5. Sweepstakes & Lottery Scams

You get a letter saying you’ve won a big prize, maybe a car, maybe millions of dollars. But first, you need to pay a fee to “release” your winnings. The scammer might even send a fake check that will bounce after you’ve already sent them money.

How to Stay Safe:

• If you didn’t enter a contest, you didn’t win.

• Never pay fees or taxes upfront to claim a prize.

• Be wary of checks from unknown sources, they can be counterfeit.

6. Romance Scams

Online dating can be wonderful, but scammers lurk on dating sites and social media. They create fake profiles, build an emotional connection, and then ask for money often for medical emergencies, travel expenses, or business problems.

How to Stay Safe:

• Be wary of people who move too fast in a relationship.

• Never send money to someone you haven’t met in person.

• If something feels off, talk to a trusted friend or family member.

Protect Yourself with These Golden Rules

• Slow down - Scammers create urgency to make you act without thinking. Take your time.

• Verify before you trust - If someone asks for money or personal information, double-check their story.

• Guard your personal information - Never share banking details, Social Security numbers, or passwords.

• Hang up and call back - If a call or email feels suspicious, contact the company or person directly through a known number.

Caregiver Corner

If you’re caring for an aging parent or loved one, here’s how you can help keep them safe:

• Talk about scams regularly - The more they know, the less likely they’ll fall victim.

• Help set up fraud alerts - Banks and credit cards can notify you of unusual activity.

• Be a trusted second opinion - Encourage them to check with you before sending

Scammers may be persistent, but with a little awareness and caution, you can outsmart them. Stay safe, stay informed, and trust your instincts because if something feels off, it probably is.

Have you or someone you know encountered a scam? Share your experience so others can learn and stay protected.