Scam-Proof: A Senior's Guide to Spotting and Avoiding Financial Fraud

🎯 Why Are Seniors Often Targeted?

Scammers prey on older adults for several reasons. Seniors tend to have stable finances, own their homes, and may be more trusting or less familiar with new technologies. They are also more likely to be home during the day, have landlines, and have less-secure email and password habits. Cognitive decline and isolation can also play a role. Therefore, being aware is the first line of defense.

💡 Common Scams to Watch For

• IRS or Government Impersonation: You receive a call claiming to be from the IRS, Social Security, or Medicare demanding payment or personal information.

• Tech Support Scam: A pop-up or caller says your computer is infected and asks for remote access and/or they request payment in order to resolve the issue.

• Grandparent Scam: A scammer poses as a grandchild (or other family member, friend, or acquaintance) in distress needing money sent to them immediately.

• Romance Scams: Someone builds a (fake) relationship with you online, then, after they've built up your trust, asks for money. The scammer may do this over many days, weeks, or even months.

• Lottery or Sweepstakes Scam: You’re told you’ve won money—but must pay taxes or fees first.

• Charity Fraud: A caller, visitor, or an individual on social media will tell you they are collecting money for a charity, someone else in need, a pet in need, or act as if they are in need themselves. These scams are even more prevalent after natural disasters or tragedies, preying on goodwill.

• Credit Card Use Fraud: A scammer calls acting as a bank representative to let you know your credit card and/or bank account has been compromised, and in order to stop the fraud and/or get a new card issued, you need to share some personal info.

• Phishing Emails or Texts: Fraudulent messages prompt you to click links and provide login or banking details.

• Utility Cutoff Scam: A scammer claims your water or electricity will be cut off unless you pay immediately by gift card.

• Home Repair or Contractor Scams: An unsolicited ‘contractor’ demands cash for repairs, often leaving work unfinished or never starting.

• Medical Equipment Scams: Offers for free medical supplies ask for Medicare or insurance info to commit fraud.

• Online Shopping and Subscription Traps: Seniors are lured with free trials that turn into unauthorized monthly charges.

• Fake Tech Device Updates: Fake updates on phones/tablets direct users to malware or data-harvesting pages.

  
  

🚩 Red Flags That It’s a Scam

• Any request for personal information such as credit card numbers, bank accounts, medicare info, and social security number

• High-pressure tactics: 'Act now!' or 'This is your final notice.'

• Requests for payment via gift cards, wire transfers, or crypto.

• Unexpected emails or texts asking to 'verify' account info.

• Poor grammar, urgent language, or strange email addresses.

• They won’t let you hang up or call them back later.

🛡️ 10 Tips to Stay Safe from Scams

• Hang up on suspicious calls. If it sounds off, it probably is.

• Never give personal info to someone who contacted you out of the blue.

• Don’t trust caller ID—scammers can fake numbers.

• For phishing and other online fraud: Review internet URL addresses to see if the address matches the organization's or known person's actual email

• Install antivirus software and keep your devices updated.

• Set strict privacy settings on social media.

• Use multi-factor authentication (MFA) on accounts when possible.

• Talk to someone you trust before sending money to anyone.

• Check email addresses and links before clicking.

• Shred personal documents before discarding.

• Report suspicious activity to your local authorities or AARP Fraud Watch Network.

📞 What to Do If You Think You’ve Been Scammed

• If something feels wrong, act quickly:

• Contact your bank or credit card company immediately.

• Change passwords for any affected accounts.

• Report the incident to local police and the Federal Trade Commission (FTC).

• Call a trusted family member or advisor.

• Don’t be embarrassed—scams happen to all people...of all ages. Taking action protects you and others.

Final Thoughts

The more you know, the safer you are. Scams evolve, so staying informed is your best defense. At Senior Homeowner Advisors, we do our best to stay informed so that we can pass on information to our readers. If you’re ever unsure about a situation, don’t go it alone. Reach out. Let’s stay scam-smart—together.