As part of National Consumer Protection Week, Slam the Scam Day reminds us we can stop scam attempts together.
Especially for seniors, scams are prevalent. Many scams tend to revolve around Social Security because scammers know how important this matter is for older individuals. People in this age group often have more savings, meaning they’re also targets for other types of financial fraud.
By spotlighting the tactics scammers use and sharing resources together, we can all protect ourselves and each other.
Slam These Scams: Popular Forms of Fraud Targeting Seniors
Scammers use many cunning tactics to prey on even the most careful and prepared individuals. They will find your personal information on social media or broker sites, and use it to craft scams. Some scammers will even impersonate official government and financial organizations, using spoofed identities, as well as AI-generated voice and video clips.
There are countless scams out there, but some of the most common ones targeting seniors include:
- Saying your Social Security number has been involved in criminal activity
- Saying your Social Security number (or benefits) will be suspended
- Insisting you must “claim” your Social Security COLA in order to receive it
- Saying you need to agree to updated terms and conditions of the SSA or IRS
- Threatening legal action over supposed taxes or Social Security back payments owed
Most scams follow the same basic formula. The ultimate goal of the perpetrator is to get you to hand over personal information, send money, send gold bars or other expensive goods, or perform other similar actions that will harm you.
What’s the solution to staying safe? First, never send money, goods, or personal information to someone you don’t know. If you believe an organization like your bank, the IRS, the SSA, or another similar organization is trying to reach you based on a call, letter, or text you received, disengage from the communication. Then, call the organization in question directly. They will be able to verify whether the communication is legitimate or not.
You can report scams to the Social Security Administration’s Office of the Inspector General (OIG) at (800) 269-0271. You can also report online via their website.
