Top financial scams targeting seniors today – InsuranceNewsNet

Dear Savvy Senior,

What are the most common scams today that target elderly seniors? My 75-year-old mother has been swindled several times over the past year, so I’m being extra cautious.

Paranoid Patty

Dear Patty,

Great question! While many scams today are universal, there are certain types of fraud that specifically target older adults or affects them disproportionately. And unfortunately, these senior targeted scams are on the rise.

According to the Federal Bureau of Investigation (FBI), in 2021 there were 92,371 older victims of fraud resulting in $1.7 billion in losses. This was a 74 percent increase in losses compared to 2020.

Here are five of the most common senior scams that were reported last year, that both you and your mom should be aware of.

Government imposter scams: These are fraudulent telephone calls from people claiming to be from the Internal Revenue Service, Social Security Administration or Medicare. These scammers may falsely tell you that you have unpaid taxes and threaten arrest or deportation if you don’t pay up immediately. Or they may say your Social Security or Medicare benefits are in danger of being cut off if you don’t provide personal identifying information. They may even “spoof” your caller ID to make it look like the government is actually calling.

Sweepstakes and lottery scams: These scams may contact you by phone, mail or email. They tell you that you’ve won or have the potential to win a jackpot. But you need to pay a fee, or…