12 Alarming Senior Citizen Scams: What You Need to Know

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Seniors beware! Scammers are lurking everywhere. Stay informed and protect yourself from these alarming scams targeting older adults.

From fake Medicare calls to grandparent scams, let’s talk about the most common senior citizen scams and how to avoid falling victim to them.

1. The grandparent scam

How it works:‍

The grandparent scam is a type of social engineering attack in which fraudsters claim the victim’s grandchild is in trouble. Imposters pretending to be the police call and say that their grandchild has been in an accident or is involved in a crime. Scammers will then ask their targets to take out large sums of money or make a wire transfer to “save” their grandchild.

2. Government imposter scams

How it works:

‍In this senior scam, fraudsters contact older people claiming to be representatives from a well-known government agency. This could include Medicare, the Internal Revenue Service (IRS), or the Social Security Administration (SSA). Fraudsters may use caller ID spoofing to make the call seem genuine. And once you’re on the line, they may parrot your Social Security number (SSN) to further legitimize the call.

3. Elder financial abuse

How it works:‍

Elder financial abuse happens when someone the victim knows and trusts — like a family member, close friend, or caregiver — tries to gain access to the senior’s savings, credit, or assets. They could trick their victim into signing over access or power of attorney. Or, they might even threaten to withhold care if they don’t receive access.

4. False investment scams

How it works:

‍Seniors often spend a lifetime saving to achieve financial security. But that puts them at risk of false investments designed to steal their hard-earned money. In an investment scam, criminals pose as prudent financial advisors. They’ll call unannounced with what appears to be a lucrative investment opportunity. However, this is an attempt to extract transaction fees or steal “investments” from their targets.

5. Tech support scams

How it works:‍

In this type of fraud, the scammer masquerades as a tech support representative from a company you trust like Apple or Microsoft. They’ll claim that your computer or device is at risk of being infected by viruses and then trick you into granting them remote access or paying for software that you don’t need. Sometimes, the goal is to trick the victim into downloading what they think is helpful software. But when they do, it’s actually malware that opens up the potential for cyber attacks that target the victim’s banking information.

Now, here’s seven more! You may click each of these to view information about these type of scams.

Please share this blog post with the seniors in your life to help spread awareness and keep them safe.