According to the Federal Trade Commission, consumers lost more than $5.9 billion to fraud in 2021. The most common scams – accounting for nearly $1.2 billion in losses – involve impostors pretending to be government officials, relatives, or others. Other schemes include fake lottery wins and online shopping scams.
While seniors aren’t the only population targeted, they tend to lose more money than younger people. According to the FTC, fraud victims aged 80+ suffer a median loss of $1,300, while victims aged 20-29 had a median loss of $324.
The following tips can help seniors protect themselves from fraud:
- Slow down. Scammers often use a sense of urgency as a tactic. Slowing down allows you to contemplate the situation, ask questions and listen to your instincts.
- Don’t give out personal information. Never give personal information to any caller, and limit the amount of personal information you post on social media. Scammers search Facebook, Instagram, and other networks for family information they can use to fool you.
- Verify. Call any family member allegedly involved in an emergency to verify the story. Scammers often plead with you to keep the emergency a secret, so you won’t try to confirm it.
- Remember that most government agencies won’t call you. If they need to contact you, federal agencies like the IRS, social security administration, and Medicare will contact you by mail, not by phone. And they won’t threaten you, ask for your personal information or…
