How to Spot and Avoid Financial Scams Targeting Seniors Today

According the FBI, millions of older adults across the United States fall victim to financial scams that target retirees and seniors every year, costing billions in losses and devastating families. Scammers are getting more sophisticated by using phones, email, text messages, and even artificial intelligence to steal money and personal information. But with a little knowledge and vigilance, you can protect yourself and your loved ones from becoming a victim.

Why Seniors Are Targeted

Scammers often focus on older adults because they may have lifetime savings, more free time to answer calls and messages, and a natural tendency toward politeness and trust. Unfortunately, fraudsters exploit these qualities with urgency, fear, or emotional manipulation to trick seniors into sharing sensitive information or sending money.

Common Scams Targeting Older Adults

Understanding how scammers operate is one of the best defenses. According to the National Council on Aging, here are some of the most frequent schemes:

Government Impersonation Scams: Scammers may pretend to be officials from Social Security, the IRS, Medicare, or other agencies. They might warn you that you owe taxes, there is a problem with your benefits, or that legal action is imminent, all to pressure you into giving money or personal information. Real government agencies will never demand immediate payment or threaten arrest over the phone.

Tech Support Scams: You may get a call or pop-up claiming your computer is infected. The scammer offers to “fix” it, but their real goal is access to your device, sensitive data, or your money. Legitimate tech companies only contact you if you initiate the interaction first.

Grandparent or Emergency Scams: A scammer might pretend to be a grandchild in distress and urgently ask for money or gift cards. Before reacting, call a family member directly to verify the story.

Investment and Lottery Scams: Offers that promise “guaranteed” returns, large inheritances, or prize winnings may look tempting, but if they require upfront payment or confidential financial details, they are almost always fraud.

7 Ways to Protect Yourself from Scammers

1. Slow Down – Scammers use pressure, fear, or urgency to make you act before you think. Always take time to verify.
2. Never Share Personal Data Unsolicited – Social Security numbers, bank accounts, passwords, and credit card numbers should only be given to trusted individuals or verified organizations.
3. Avoid Odd Payment Methods – Scammers often ask for payment via gift cards, cryptocurrency, wire transfers, or peer-to-peer apps that cannot be traced. That is a huge red flag.
4. Monitor Your Accounts Regularly – Review bank and credit card statements as soon as they arrive and set up alerts for large or unusual transactions. This helps catch fraud early.
5. Ask for Help – If you are unsure about a call or message, talk to a trusted family member or friend before responding.
6. Use Strong Passwords & Security Tools – Use unique passwords, enable multi-factor authentication, and update your security settings on phones and computers.
7. Hang Up, Delete, and Block – If a call, text, or email feels suspicious, do not engage, hang up, delete the message, or block the number.

What to Do If You Suspect a Scam

Even the savviest seniors can get targeted, but reporting suspected scams helps protect others, too:

• Report to the Federal Trade Commission (FTC) at https://reportfraud.ftc.gov
• File a complaint with the FBI’s Internet Crime Complaint Center (IC3): https://www.ic3.gov
• Call the National Elder Fraud Hotline — 833-FRAUD-11 (833-372-8311) for help with reporting and recovery resources.

Your case manager will treat you with respect and help you report the incident at the federal, state, and local level, and there is no cost.

Scammers are constantly updating their tactics, but you can stay ahead by learning about the latest threats and sharing what you know with others. Knowledge is one of the strongest defenses against fraud, and together, our community can make it harder for scammers to succeed.

For more information on avoiding financial scams, visit the FTC’s “Scams Against Older Adults” page and the FBI’s elder fraud resources.