Why do scammers target seniors?
As we get older, life gets a little simpler in many ways. But one thing that’s become more complicated? Protecting your money. Scammers are getting smarter, and unfortunately, they often target older adults.
If you’re 65 or older, it’s important to know that you’re not alone—and you’re not to blame if someone tries to trick you. Scammers often focus on older adults because they think they:
Have more savings or retirement money
May be more trusting of strangers
Might not be as familiar with new technology
Don’t always report scams
According to the National Council on Aging, seniors lose billions of dollars each year to fraud. But with a little knowledge, you can protect yourself and help others do the same. Let’s talk about the most common financial scams aimed at seniors, and how to protect yourself and your loved ones.
Medicare Scams
How It Works: A scammer calls pretending to be from Medicare. They may say you need a new card or that there’s a problem with your account. Then they ask for your Medicare number or Social Security number.
What to Do: Medicare will never call you to ask for your personal information. If someone does, hang up. Call 1-800-MEDICARE if you have questions.
Phone Call or Text Message Scams (Also Called “Phishing”)
How It Works: You may get a call, text, or email that looks official. It might say your bank account has a problem, or that you’ve won a prize—but first, you have to send money or give your account number.
What to Do: Never give out personal or banking information by phone, text, or email. Hang up or delete the message. Real companies don’t ask for sensitive information this way.
Tech Support Scams
How It Works: A pop-up may appear on your computer or phone saying there’s a virus. It asks you to call a number or click a link. The scammer then tries to get access to your device—or asks you to pay for fake repairs.
What to Do: Don’t click or call. If something looks wrong on your computer, contact a trusted friend or family member, or call a real tech company directly using their official website or phone number.
“Grandparent” Scams
How It Works: Someone calls pretending to be your grandchild or another family member. They say they’re in trouble—maybe even in jail—and need money fast. They’ll often say, “Please don’t tell Mom or Dad.”
What to Do: Always double-check. Hang up and call the family member directly or speak with someone else in the family before sending any money.
Investment and Insurance Scams
How It Works: A person or company offers you a “can’t-miss” deal on an investment, annuity, or insurance plan. They may pressure you to act quickly or promise big returns.
What to Do: Never rush into a decision. Talk to a trusted financial advisor or family member. Always check if the person is licensed to sell insurance or investments in your state.
Protect Yourself: Smart Steps to Stay Safe
Slow down. Scammers want you to act fast. Take your time.
Ask questions. Real businesses don’t mind if you ask for details.
Check with someone you trust. A second opinion can help stop a scam.
Use strong passwords. And don’t share them with anyone.
Hang up. If something doesn’t feel right, it’s okay to say no or hang up the phone.
You’ve spent a lifetime working hard and saving. It’s your right to protect what you’ve earned. Remember, you are not alone—millions of people get targeted, but learning what to watch out for is one of the best ways to stay safe.
Stay smart. Stay safe. And always talk to someone you trust if anything feels off.
Sources:
National Council on Aging: “Top 5 Financial Scams Targeting Seniors.” https://www.ncoa.org/article/top-5-financial-scams-targeting-older-adults/
AARP: “Scams Targeting Older Adults.” https://states.aarp.org/new-york/learn-how-to-spot-and-prevent-scams-targeting-older-adults
Federal Trade Commission: “Report a Scam.” https://reportfraud.ftc.gov/