7 Common Scams Targeting Seniors

Scams have become increasingly common in recent years, and seniors are targeted more than any other age group. Seniors often have greater financial assets and are less familiar with scams, making them an ideal target for scammers. But if you know the signs and can recognize the most common scams, you will be able to protect yourself and your money.

Watch Out for these Red Flags

Pressure to Act Quickly: Scammers want to catch you off guard and pressure you to act before you can think things through. To do this, they’ll create a sense of urgency. They might claim to have a warrant for your arrest or that you’ll receive a massive fine if you don’t comply with their request immediately.

Requesting Money in Unusual Ways: Scammers know that once you realize you’ve been swindled, you’ll try to get your money back by contacting your financial institution or the authorities. That’s why they request you to pay them in ways that cannot be traced or canceled, such as through gift cards, cash, and wire transfers.

Requests for Sensitive Information: Scammers won’t always ask for money directly. Sometimes, they will try to attain information such as account usernames, passwords, or even Social Security numbers. They can use this information for a variety of nefarious purposes, including identify theft.

Common Scams

Medicare Scams: A scammer might impersonate a Medicare agent and ask for your sensitive information, such as your Medicare, Social Security, or bank account numbers. They will then use that information to file false claims with Medicare or steal money from your bank account directly.

Grandparent Scams: In this scenario, you receive a phone call, email, or message from someone claiming to be your grandchild. They will claim to be in some sort of trouble and ask for money to help. These claims can range from needing money to pay for gas to being held hostage by a criminal.

Debt Collector Scams: This scam involves someone claiming to be from the IRS or a debt collection agency. They will claim that you owe money and may even threaten to arrest you if you do not pay them quickly.

Romance Scams: The scammer will attempt to form a false romantic relationship with you to earn your trust. These relationships are entirely remote, forming through dating apps and social media platforms. Once you are convinced, they will ask for money, often claiming to be in an emergency or that they need the money to travel.

Lottery or Prize Scams: The scammer will send you a message claiming that you have won a cash prize. All you have to do is pay a tax or processing fee to receive it. This is a scam. Always be suspicious of giveaways that seem too good to be true.

Tech Support Scams: Technology can be confusing. Scammers take advantage of this by claiming that there is a virus on your computer and that they can remove it if you give them remote access. But once they have access to your device, they will simply steal your information.
Investment Scams: Scammers sometimes buy stocks cheaply and then attempt to sell them to you for a much higher price, leaving you with stocks that are worth far less than what you paid for them.

Protect Yourself with SharePoint Credit Union

At SharePoint Credit Union, your security is our top priority. The SharePoint CU team will never ask for your online or mobile banking login credentials. Always keep your login information secure and never share it with anyone. If you're ever unsure, contact us directly at 952.930.0700.