Financial scams targeting older adults are increasing. In 2022 alone, U.S. citizens over 60 reported more than 88,262 complaints of fraud, which resulted in $3.1 billion in losses — about $10 per person in the U.S
Although seniors are at risk no matter their financial status, low-income seniors feel the impact even more.
How can you defend yourself against online scammers? Jason Scott from San Jacinto College’s office of cybersecurity shares scamming trends and prevention tips.
Trending Scams
1. IRS Audit Scam:
What it looks like: Calls or emails claiming you are being audited.
What to do: If the IRS audits you, you’ll receive an official letter — not an email, text, or social media message requesting your personal or financial information. If you’re suspicious, call the U.S. Treasury inspector general for tax administration at 1-800-366-4484.
2. Social Security Scam:
What it looks like: Imposters call you, claiming your Social Security number is suspended due to suspicious activity. They ask for confirmation of the number or demand money, threatening to freeze accounts if you don’t act quickly. They use robocalls and ask you to “press 1” to speak to a fake support representative. Or they use caller ID spoofing to appear legitimate and trick you into providing personal information.
What to do: If you receive a questionable call, hang up and report the call at oig.ssa.gov/report.
3. Spoofing Bank Emails:
What it looks like: Claiming your account is in overdraft or experiencing some other issue. Scammers are good at copying the look of your bank’s emails, tricking you into believing they are legitimate.
What to do: Verify by checking the email address and contacting your bank directly.
4. Tech Support Scam:
What it looks like: Scammers send pop-up messages or call to say there’s a problem with your computer or phone. They may offer to fix it for a fee, while installing virus or tracking software.
What to do: Be careful about what you download and install.
5. Ransomware:
What it looks like: You receive an email threatening to release your secrets unless you pay money.
What to do: Don’t fall for these threats. Take your computer to an expert to check for such software.
6. Romance Scams:
What it looks like: Scammers pose as romantic interests or friends through social media or dating sites. They may ask for money, especially if you’ve never met in person.
What to do: Don’t send money to someone you haven’t met.
Tips to Keep You Safe
- Remember who’s in control — you. Scammers may threaten you. If a business, person, or even grandchild contacts you, check whom you’re really dealing with. Avoid panicking or reacting. Stop and call a number you know is real to verify.
- Stick to secure sites. Use secure business websites (look for a lock in the web address bar).
- Vary your passwords and never share them. Create a unique password for every account so someone who hacks your email, for example, can’t access your banking and credit card accounts. Remember, a reputable business will never ask for your password over the phone.
- Stay involved and active. Find a local senior center or join a club. Isolation makes you an easier target for scammers. SeniorNet.org offers computer training to help bridge technology gaps.
While scamming statistics can be alarming, remember that you have the power to safeguard your finances and personal information. By staying informed about common scams and following these tips, you can reduce your risk of falling victim to fraud.
Help is available! If you or someone you know may be a scam victim, report potential abuse at justice.gov/elderjustice/find-help-or-report-abuse
By Melissa Trevizo
