What are the top 10 Senior Scams?

Seniors are often targeted by scammers because they are more likely to have accumulated wealth over their lifetimes and may be less likely to be familiar with the latest scams. Here are the top 10 senior scams:

1. Grandparent scam: This scam involves a scammer calling the victim and pretending to be their grandchild. The scammer will say that they are in trouble and need money immediately. The victim is often afraid to ask questions and will send the money without verifying the caller’s identity.
2. Medicare scam: This scam involves a scammer calling the victim and pretending to be from Medicare. The scammer will say that the victim needs to pay a fee or provide personal information in order to keep their Medicare benefits. The victim may be afraid that they will lose their benefits if they do not comply.
3. Online romance scam: This scam involves a scammer creating a fake online profile and posing as someone they are not. The scammer will start a relationship with the victim and eventually ask for money. The victim may be blinded by love and not realize that they are being scammed.
4. Employment and money mule scam: This scam involves a scammer offering the victim a job that pays a lot of money. The job will often involve wiring money to other people. The victim is actually being used as a money mule to launder money for the scammer.
5. Online shopping scam: This scam involves the victim being tricked into buying something online that they never receive. The scammer may create a fake website that looks like a legitimate retailer. The victim will enter their credit card information and never receive the product.
6. Phone scam: This scam involves a scammer calling the victim and trying to get them to give up personal information or money. The scammer may pretend to be from the government, a charity, or a tech support company.
7. Home repair scam: This scam involves a scammer knocking on the victim’s door and offering to do home repairs. The scammer may be very convincing and may even have a fake ID. The victim may end up paying a lot of money for repairs that are never done.
8. Tech support scam: This scam involves a scammer calling the victim and pretending to be from a tech support company. The scammer will say that there is a problem with the victim’s computer and that they need to pay for help to fix it. The victim may end up giving the scammer remote access to their computer, which the scammer can then use to steal personal information.
9. Obituary scam: This scam involves a scammer contacting the victim after the death of a loved one. The scammer will say that they are from a debt collection agency and that the deceased person owed them money. The victim may be afraid to ask questions and may send the scammer money.
10. Reverse mortgage scam: This scam involves a scammer convincing the victim to take out a reverse mortgage. A reverse mortgage is a loan that allows seniors to access the equity in their home. However, scammers may take advantage of seniors who are not familiar with reverse mortgages and convince them to take out a loan that they cannot afford.

How to protect yourself from senior scams:

• Be suspicious of anyone who calls you and asks for money.
• Never give out personal information over the phone or online.
• Do not click on links in emails or text messages from people you do not know.
• Be careful about what information you share on social media.
• If you think you have been scammed, report it to the Federal Trade Commission (FTC).

The FTC has a website with information about senior scams and how to protect yourself. You can visit the website at www.ftc.gov/seniors.

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