Avoiding Scams: Financial Safety Tips for Seniors
As technology advances, so do scams targeting seniors. Fraudsters often use phone calls, emails, and even social media to trick people into giving away their money or personal information. Seniors are especially vulnerable because scammers assume they may be less familiar with online security.
But don’t worry—by staying informed and following a few simple steps, you can protect yourself and your finances. Here’s everything you need to know about avoiding scams.
Common Scams Targeting Seniors
🚨 Phone Scams
Scammers pretend to be from banks, government agencies (like the IRS or Social Security), or even a loved one in trouble. They pressure you to send money or provide personal details.
🔹 Tip: Never give out personal or financial information over the phone. Hang up and call the official number of the organization they claim to represent.
🚨 Email & Phishing Scams
You may receive an email claiming you’ve won a prize, owe money, or need to verify your account details. These emails often look official but contain links that steal your personal data.
🔹 Tip: Avoid clicking on links in unsolicited emails. Always verify emails by calling the organization directly.
🚨 Medicare & Health Insurance Fraud
Scammers call pretending to be from Medicare or an insurance company, asking for your Social Security number or offering fake health plans.
🔹 Tip: Medicare will never call to ask for your personal details. If you’re unsure, contact Medicare directly.
🚨 Investment & Charity Scams
Fraudsters promise “too-good-to-be-true” investment returns or ask for donations to fake charities, especially after disasters.
🔹 Tip: Research any investment opportunities and charities before sending money. Check if charities are legitimate through websites like Charity Navigator.
🚨 Tech Support Scams
You might get a call or pop-up message claiming your computer has a virus. The scammer offers to “fix” it for a fee, gaining access to your personal data.
🔹 Tip: Legitimate tech companies never call you out of the blue. Ignore these messages and contact your device’s official support team.
How to Protect Yourself from Scams
✅ 1. Never Share Personal Information
Keep your Social Security number, banking details, and passwords private. Legitimate organizations won’t ask for them over the phone or email.
✅ 2. Beware of Urgent Requests
Scammers use urgency to pressure you into making quick decisions. Always take your time to verify claims before responding.
✅ 3. Use Strong Passwords
Create unique passwords for each account. Consider using a password manager to keep track of them.
✅ 4. Install Security Software
Use antivirus programs and enable automatic updates to protect against malware and phishing attacks.
✅ 5. Check for Secure Websites
Before entering financial details online, ensure the website starts with “https://” and has a padlock symbol in the address bar.
✅ 6. Sign Up for Scam Alerts
Stay informed by subscribing to fraud alerts from the Federal Trade Commission (FTC) or your local consumer protection agency.
✅ 7. Talk to a Trusted Friend or Family Member
Before making financial decisions, discuss them with someone you trust. Scammers often try to isolate victims to prevent second opinions.
✅ 8. Hang Up on Suspicious Calls
If you get an unexpected call from someone asking for money, hang up immediately. Don’t engage or argue.
What to Do If You’re Scammed
💡 Report It Immediately
- FTC (Federal Trade Commission): ReportFraud.ftc.gov
- AARP Fraud Watch Network: (877) 908-3360
- Your bank or credit card provider (if money was involved)
💡 Monitor Your Accounts
Check bank and credit card statements for suspicious activity. Consider setting up fraud alerts.
💡 Freeze Your Credit
If your personal information was stolen, freezing your credit with the major bureaus (Equifax, Experian, and TransUnion) prevents scammers from opening new accounts in your name.
