The Most Common Senior Scams and How to Stay Safe

Medicare impersonators

By posing as a Medicare representative, scammers try to gain personal information such as your Social Security number or even credit card information by offering fraudulent services, medical devices, or medications.

Remember that Medicare will never make an unsolicited call to you for personal information or payment details. In turn, the best practice is hanging up and filing a report on Medicare’s fraud and abuse page.

Sweepstakes and lottery scams

Lottery officials do not contact winners who have not filed an official claim form. In turn, any calls or letters you receive asking for payment information in exchange for a monetary prize are fraudulent.

Our best recommendation is to hang up the call, leave the letter unanswered, and file a report to the FTC at https://reportfraud.ftc.gov.

Investment fraud

If you receive a call or a letter from an individual claiming to be a financial advisor, they may ask for payment in exchange for a lucrative investment opportunity. They may even pose as your financial advisor.

In most cases, these investment “opportunities” are fraudulent. If you are uncertain that you are speaking with your financial advisor, we recommend hanging up and calling your advisor using their verified contact information.

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Grandchild impersonators

As a common scam, criminals will pose as a family member in distress, oftentimes pretending to be in jail, hospitalized, or stranded. New technologies have even made it possible to replicate your family member’s voice. 

In these situations, we recommend hanging up, notifying another family member, and not providing any payment information. We also advise filing a report to the FTC at https://reportfraud.ftc.gov.

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Romance scams

Oftentimes, scammers prey on loneliness for financial gain. Through phony online dating profiles, phone calls, and other means, they pose as romantic partners. From there, they usually ask for money or personal information.

Here, we recommend blocking off further communication to prevent victimization. You can also file a report to the FTC at https://reportfraud.ftc.gov.

PRO-TIP!

As a best practice, we recommend airing on the side of caution and skepticism for any unsolicited phone calls, letters, or emails. For scams posing as an individual or entity, we advise hanging up, blocking communication, and contacting the real individual or entity using a verified website or phone number. Filing a report to the relevant authority is key to stopping future victimization.

Natasha Pronsati, MBA, CFE, EA

natashap@silverassetpro.com

References:

Montgomery County Department of Police; Fraud and Scams at: https://www.montgomerycountymd.gov/pol/seniors/fraud-and-scams.html

The Top 5 Financial Scams Targeting Older Adults at: https://ncoa.org/article/top-5-financial-scams-targeting-older-adults

Sweepstakes and Lottery Scams at: https://www.aarp.org/money/scams-fraud/info-2019/sweepstakes.html

FTC Report at: https://reportfraud.ftc.gov/#/

Reporting Medicare Fraud & Abuse at: https://www.medicare.gov/basics/reporting-medicare-fraud-and-abuse