If you’re concerned about fraud, you’re not the only one. Many older adults are staying alert and taking smart steps to protect their money. With the right knowledge and a few simple habits, you can stay one step ahead of scams.
Protecting yourself starts with knowing what to look for and how to respond.
How scammers operate
No matter how complex or novel the scam is, scammers rely on a limited set of emotional manipulation techniques.
- They create fake emergencies to force fast, emotional decisions.
- They exploit our need for love, companionship, and belonging.
- They know it feels rude to say no or ignore them, so they play on that.
Think of it like a fast-talking salesperson. Their goal is to get you to act before you can think. Slowing down, reaching out to trusted advisors, and setting firm boundaries can help you stay in control of your financial future. Here’s how to do that in these top 10 scams targeting seniors.
1. Impersonating a business
You get a message from a business you know and trust, like Amazon or PayPal, or a business that seems legitimate. They claim there’s an urgent problem with your account. They want you to click a link, give personal information, or send money right now.
Stay one step ahead
- Don’t click the links, respond to the message, or follow the instructions.
- Look up the business’s information and contact them directly to find out what’s going on.
2. Pretending to be a government official
You get a call, email, text, or social media message from a government agency. It tells you to send information or money right away to avoid being arrested or losing your benefits.
Stay one step ahead
- Government agencies typically don’t demand immediate payment or send sensitive information through calls, texts, or social media. Scammers, however, often use those methods.
- Check the FTC’s resource on government impersonation scams before you act.
3. Too-good-to-be-true online shopping
You find a great deal online: an amazing discount, a rare find, or something that’s sold out everywhere else. Then you get a package that’s not what you ordered (or nothing at all).
Stay one step ahead
- Research new brands to see if others have reported scams.
- Pay by credit card so you can dispute the charge if the merchandise never arrives.
4. Fake job ads and recruitment scams
You reply to a job ad or receive an unsolicited job offer from a big-name company. Then the recruiter asks you to pay for training or send money.
Stay one step ahead
- Employers are legally required to pay employees for time spent training, and reputable employers do not charge a fee to apply for a job.
- If someone asks you to deposit a check and send money back, the check is likely fraudulent. It’s a good idea to check with your financial institution before you act.
5. “Sure thing” investment opportunities
You get a cold call from someone promising a huge return on your investment or you’re invited to a free investment seminar. You’re under pressure to make a decision fast.
Stay one step ahead
- Check with a reputable financial adviser before making investment decisions.
- FINRA offers tips on avoiding investment scams.
6. Flashing pop-ups and unsolicited tech support
You’re online, and a pop-up notification starts flashing. It says your computer is infected. Or you get a call, email, text, or social media message saying there’s a problem with your computer.
Stay one step ahead
- Unexpected pop-ups or messages asking for immediate action are a major red flag. If your screen is locked, shut down your computer by holding the power button down for 10 seconds.
- It’s very unusual for software companies and tech support companies to send unsolicited messages, but tech support scams are common.
7. Prizes, sweepstakes, and lotteries
You get a call, text, email, social media message, or letter that says you’ve won the lottery. But to collect your winnings, you have to pay money or share personal information.
Stay one step ahead
- If you have to pay money, buy merchandise, share your banking information, or share your Social Security number, it’s almost certainly a scam.
- Look up the sweepstakes company and contact them to find out what’s going on.
8. Romance scams
You connect with someone on a dating site or social media. The person gains your trust and everything is going well, but then there’s an emergency. Suddenly they need money.
Stay one step ahead
- If you haven’t met someone in person, don’t send money or gifts. Don’t rely on photos or video calls; they can be faked.
- Read our in-depth article on spotting romance scams.
9. Posing as a friend or family member in need
You get a call, email, text, or social media message from someone claiming to be a friend or family member who needs money. They may ask you to keep it a secret or act quickly. AI-generated voices and messages can sound very real.
Stay one step ahead
- Get independent verification before you send any money or personal information.
- Consider setting up code words with family members. AI fakes can be very convincing.
10. Fake banking alerts
You get a call, email, text, or social media message from your bank about fraud on your account. The sender wants you to verify your identity or move your money to a new account to protect it.
Stay one step ahead
- Look up your financial institution’s phone number online and contact them directly.
- Most institutions offer after-hours support for potential fraud issues.
You don’t have to navigate scams alone
Knowing the signs and having the right support can make all the difference. Here are three tools for your financial wellness toolbelt.
- Browse our library of fraud resources.
- Learn the AARP’s pause, reflect, protect technique.
- SECU members can sign up for complimentary protection from Carefull. Carefull monitors your accounts and alerts you to unusual activity so you can act quickly.
Have a question or want a second opinion on something that doesn’t feel right? Reach out to our team. We’re here to help you protect your money and your peace of mind. Connect with a financial specialist or explore our tools designed to keep you safe and secure.
