Dear Savvy Senior
My adult kids keep warning me about scams, but it’s hard to know which calls and messages are dangerous. What scams are most commonly aimed at seniors right now?
Almost 80
Dear Almost,
Your kids’ concerns are well founded. Financial fraud is a massive and growing problem for older Americans. In fact, financial fraud cost older adults an estimated $81.5 billion in 2024, according to the Federal Trade Commission – a staggering figure that reflects both reported losses and the many scams that go unreported.
While many scams today target people of all ages, older adults are often singled out or disproportionately affected. From urgent phone calls and alarming emails to online romance schemes and fake investment opportunities, criminals use every trick in the book to pressure seniors into handing over money or personal information.
Knowing the most common scams is the first line of defense. Here’s a list of scams seniors should watch for:
Imposter and government scams: Fraudsters pretend to be from Social Security, Medicare, the IRS, the police, banks, or utility companies. They claim there’s a problem requiring immediate payment or personal information and may threaten arrest or loss of benefits.
Tech support scams: Calls, emails, or pop-ups warn your computer has a virus. The scammer offers to “fix” it but instead steals money, personal data, or access to your device.
Grandparent or family emergency scams: Callers pose as a relative—often a grandchild—in distress and urgently request money. Some even use AI to mimic a loved one’s voice.
Investment and cryptocurrency scams: Offers for “too good to be true” investments, including crypto or high-yield retirement schemes, often promise big returns but lead to large financial losses.
Romance scams: Scammers build fake online relationships on social media, dating sites and other interactive platforms, then invent emergencies or investment opportunities to get money. Seniors have lost millions to these schemes.
Medicare scams: Calls or texts claim to be from Medicare, asking you to verify your number, offering special plans, or warning of fraud. Medicare will not contact you this way.
Sweepstakes and lottery scams: You’re told you’ve won a prize but must pay fees or taxes first. Real lotteries never require payment.
Charity scams: Scammers call or email, asking for donations to fake charities, often after disasters. Always verify before giving.
Phishing and online fraud: Emails, texts, and pop-ups that look like they’re from banks, Amazon, or PayPal try to steal passwords, account numbers, or trick you into clicking harmful links.
Employment scams: Seniors seeking part-time work or ways to supplement their retirement should watch out for fake job offers on LinkedIn, indeed, and other online job sites. Scammers may promise easy income or work-from-home opportunities but ask for upfront fees, personal information, or involve illegal tasks like package reshipping. Always verify employers and never pay to apply.
How to Protect Yourself
Awareness and caution are your best defense. Slow down when a call, email, or text pressures you to act immediately. Scammers want you to react quickly. Hang up, don’t click links, and verify requests by calling the organization directly or checking with a trusted family member.
Never send money using gift cards, wire transfers, or cryptocurrency. Legitimate organizations never ask this way. Stay updated with AARP’s Fraud Watch Network (aarp.org/fraudwatchnetwork) or the Federal Trade Commission (consumer.ftc.gov).
Protect your accounts by setting up bank alerts, checking credit reports, and using strong, unique passwords. Some seniors find it helpful to have a trusted family member or financial ally review unusual activity. Report suspicious calls, messages, or offers at reportfraud.ftc.gov.
Being informed, cautious, and deliberate can greatly reduce your risk of fraud – giving you and your family peace of mind.
Send your questions or comments to [email protected], or to Savvy Senior, P.O. Box 5443, Norman, OK 73070
