While people of all ages are susceptible to financial scams, many criminals specifically target older adults. Since many seniors have a substantial “nest egg” built up for their future life care or have high credit scores, con artists assume they can easily take advantage. These scams targeting seniors also assume that older adults are more naïve and trusting—a stereotype you can prove wrong with a little awareness and precaution.
Become More Aware
The first and most important thing you can do to protect yourself is to raise your own awareness of what these scams are and how they happen. Here are a few common fraud scenarios to watch out for:
- Telemarketing scams. This is when a scammer calls to offer you a deal on a product or service over the phone.
- Bill collectors. Similarly, scammers will call and try to convince you that you owe a payment on an overdue bill.
- Email or internet scams. By accidentally downloading something from an unknown email address or clicking on a scam link, you could end up with a virus on your computer that can access your personal information.
- Sweepstake scams. After convincing you that you’ve won a prize, these scams will then take your financial information to “unlock” your reward.
Check out more of the most common scams targeting seniors in this list from the National Council on Aging. Knowing what types of scams are out there can help you stay aware and skeptical, but there are other ways you can protect yourself even further.
Take Necessary Precautions
Since criminals are coming up with new scams all the time, these precautions can help keep you safe—no matter the circumstances. Here are five tips to keep your finances safe:
- Be careful who you trust.Unfortunately, the large majority of financial crime committed against seniors is actually perpetrated by the people closest to them—most likely a family member or caretaker. Staying aware of your own finances and being extra cautious about who you trust with your account information is of the utmost importance. Don’t stress too much or become too skeptical, but be aware of who has access to your information and how they’re using it.
- Don’t buy anything over the phone—unless you’re the one who placed the call.
If someone calls you asking for a payment, the safest option is to ask them to send you something in writing so you can consider their offer. Only give your credit card information over the phone if you are the one who initiated the call; for instance, if you dialed the sales number in a catalog to place an order. Even so, take the time to ask questions and write down the name of the person you’re speaking with and the business license number so you’ll have the correct information in case you need to make a report. - Buy a paper shredder.
Purchasing a paper shredder can be a great investment—especially if it helps keep you safe from identity theft. Shred all papers that contain personal information, like your credit card number, bank accounts or Social Security number. - Use direct deposit.
By ensuring your benefit checks go directly into your bank account, you can eliminate the risk that a dishonest neighbor or relative could take your check right out of your mailbox. - Sign up for the “Do Not Call” list.
Keep telemarketers from calling you by putting your number on the Do Not Call list.
Remember: Educating yourself is half the battle. By remaining aware and taking precautions, your hard-earned savings will stay exactly where it belongs—with you.
Looking for more tips on how to make the most of your retirement and your savings? Sign up for an educational workshop!
