Most Common Scams for Older People

Talk to your parents about scams.

Scammers are always coming up with new ways to trick people, so it's important to stay informed. You can do this by reading articles like this one, or by visiting websites like the AARP Scams Resource Center.

Help your parents set up security measures

This includes things like putting passwords on their computers and devices, and signing up for fraud alerts from their banks. Encourage them to use caller ID and only answer calls from known numbers.

Monitor your parents' finances.

Advise them to never give out personal information over the phone, such as their Social Security number, credit card number, or bank account number. ****Keep an eye on their bank statements and credit reports, and look for any suspicious activity. You can have them give you access to their statements, or add you as an authorized user. For more information on your options, call their bank and they can help you with their proceedings.

Be wary of unsolicited calls and emails.

Scammers often use these methods to contact potential victims. If your parents receive a call or email from someone they don't know, encourage them to hang up or delete the message. Tell them to be wary of anyone who asks them to wire money, especially if they are told that it is an emergency.

Help your parents stay informed.

Keep them up-to-date on the latest scams, and let them know about any new security measures that they can take.

Here are the most common scams that affect older folks:

Government imposter scams

Criminals pretend to be from a government agency, such as the IRS, Social Security Administration, or Medicare using caller ID spoofing to make it look like the call is coming from a legitimate government number. They may know personal information about you, such as your name or address, to make the scam seem more believable and will often try to get you to pay them money, provide them with your personal information, or download malware onto your computer

Here are some warning signs that you may be dealing with a government imposter scam:

• The caller is demanding payment in the form of gift cards or wire transfers.
• The caller is asking for your sensitive information, such as your Social Security number, Medicare number, or credit card number.
• The caller is using threatening language, such as saying that you will be arrested or deported if you don't comply.

Romance scams

Scammers create fake personas on dating apps or social media to lure their targets. They research you online and use details that you’ve shared publicly to entangle you. Once they establish a rapport, scammers begin to request money, often in the form of gift cards, travel expenses, or healthcare costs.

• Be suspicious of anyone who moves the relationship quickly, promises to meet in person but always comes up with an excuse, or asks for money.

Reverse mortgage scams

Scammers target the elderly with ads and fliers for reverse mortgages. They claim to help seniors access their home equity, but actually steal the money or commit deed fraud. Some scammers offer mortgage relief to seniors in need of financial aid, claiming to provide fast approval on loans in exchange for an upfront fee.

Other scammers pose as contractors and offer free consultations. They convince elderly homeowners to take out a reverse mortgage and pay for pricey and unnecessary repairs or home "updates."

Warning signs of reverse mortgage scams:

• High-pressure sales tactics
• Demands for power of attorney
• Suggestions from contractors or vendors to take out a reverse mortgage to pay for costly repairs

If you think your parents have been scammed, there are a few things you can do. First, help them report the scam to the authorities. You can also contact their bank or credit card company to try to get their money back.

It's important to remember that you can't completely protect your parents from scams. However, by following these tips, you can help reduce their risk of becoming victims.

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