Senior Scams to Watch Out for in 2024

In recent years, scams aimed at seniors have become more common. These scams include fake phone calls, emails, and financial schemes designed to take advantage of vulnerable elders. 

As technology improves, so do the scammers’ methods. Knowing how to recognize senior citizen scams and protect against them is key to keeping ourselves and our loved ones safe. 

5 money scams targeting seniors 

Scammers use various techniques to trick seniors into giving away their money or personal information. Here are some of the most common senior scams: 

1. Telephone scams 

Scammers often call seniors pretending to be from a legitimate organization, such as a bank or government agency. They might ask for personal information or say an urgent problem needs immediate action, tricking seniors into giving away sensitive details or money. 

2. Phishing 

Phishing emails and text messages look like they're from trusted sources. They usually ask you to click on a link to make a payment, receive a coupon, or correct issues with your account — but doing so leads to a fake website that steals your data. 

3. Fake charities 

Charity scams appeal to seniors' goodwill, especially after natural disasters or during holiday seasons. They ask for donations, but instead of helping those in need, they pocket the money. 

4. Investment frauds 

These scams promise high returns with little risk, enticing seniors to invest their savings. Scammers often use official-sounding terms and fake documents to make the investment seem legitimate, but they disappear as soon as they receive the funds. 

5. Sweepstakes and lottery scams 

Seniors are told they've won a big prize, but to claim it, they must pay a fee or provide personal information. In reality, there is no prize, and the scammers make off with any fees or personal details. 

Senior scams on the rise in 2024 

Scammers are always finding new ways to deceive older adults. In 2024, we’re seeing more of these tactics: 

• Tech support scams. Fraudsters pose as tech support agents from well-known companies, convincing seniors that their computer has a virus or problem that requires immediate attention and payment. 
• Healthcare scams. With ongoing changes in healthcare policies, scammers capitalize on confusion by offering fake insurance plans or requesting personal information to "update records." 
• Cryptocurrency scams. As cryptocurrencies become more popular, scammers create fake investment opportunities, promising high returns but stealing the money invested. 
• Increased use of AI. Scammers use artificial intelligence to mimic voices and create realistic videos, making it harder to distinguish between real and fake communications. 
• Social media scams. Beware of social media scams, including duplicate profiles reaching out to friends and family, and fake profiles targeting vulnerable seniors for long-distance romances. 
• Impersonation scams. There’s a rise in scams where fraudsters impersonate government officials or law enforcement, threatening seniors with arrest or fines unless they make immediate payments. 

How to protect seniors from scams 

Protecting seniors from scams requires awareness, education, and proactive measures. By understanding the common tactics used by scammers, you can recognize suspicious activities and take steps to report fraud if it occurs. 

Here are some resources to help spread awareness and educate seniors on potential threats: 

Government websites 

• Federal Trade Commission (FTC): Provides valuable information on the latest scams, how to report them, and tips on avoiding fraud. 
• Consumer Financial Protection Bureau (CFPB): Offers resources and tools for older adults to protect their finances and recognize scams. 
• USA.gov: Offers resources on reported scams, how to stay safe, and where to report fraud or identity theft. 

Seniors Against Scams 

Designed by the National Council on Aging (NCOA), Seniors Against Scams is a financial safety education program available at senior centers across the country. If one isn’t offered in your community, you can still download the Participant Guide for free and review it together. 

Money Smart for Older Adults 

Jointly developed by the Federal Deposit Insurance Corporation (FDIC) and the CFPB, Money Smart for Older Adults is an instructor-led program that covers a variety of scams, including those targeting homeowners and veterans. The instructor’s guide, slides, and resource guide are all available to download for free. 

3 practical steps for scam prevention 

Step 1: Recognize the warning signs 

• Be cautious of unsolicited calls, emails, or messages requesting personal information or immediate payment. 
• Watch out for high-pressure tactics, such as threats or urgent demands for money. 
• Be wary of offers that seem too good to be true, such as unexpected prizes or investment opportunities with guaranteed returns. 

Step 2: Verify the legitimacy of calls and emails 

• Encourage seniors to verify the identity of the caller or sender by contacting the organization directly using a known phone number or official website. 
• Remind them not to click on links or download attachments from unknown or suspicious sources. 
• Suggest they ask for written confirmation or more information before taking any action. 

Step 3: Develop secure online practices 

• Teach seniors to use strong, unique passwords for their online accounts and change them regularly. 
• Advise them to enable two-factor authentication whenever possible for added security. 
• Ensure they have updated antivirus software and firewall protection on their devices. 
• Encourage them to avoid sharing personal information on social media and to adjust privacy settings to limit what others can see. 

Role of family and caregivers

Family members and caregivers play a crucial role in protecting seniors from scams. By providing monitoring and support, as well as maintaining regular communication, they can help prevent seniors from becoming victims of fraud. 

Monitoring and support 

• Financial monitoring. Regularly review bank statements, credit card bills, and financial accounts for any unusual or unauthorized transactions. This helps catch potential scams early. 
• Support networks. Establish a network of trusted friends, family, and caregivers who can look out for the senior’s well-being and help when needed. 
• Technology. Consider using technology, such as alert systems and fraud detection services, to monitor financial activities and receive notifications of any suspicious behavior. 

Regular check-ins and communication 

• Frequent conversations. Have regular discussions with seniors about their daily activities and any unusual contacts they may have received. This helps them feel supported and less isolated. 
• Education and updates. Keep seniors informed about the latest scams and provide them with tips on how to protect themselves. This can include sharing news articles or attending local workshops together. 
• Share concerns. Encourage seniors to speak up if they feel uncomfortable or suspicious about any interactions. Let them know it’s okay to ask for help and verify information. 

By staying involved and maintaining open lines of communication, family members and caregivers can significantly reduce the risk of seniors falling victim to scams. 

What to do if you've been scammed out of money 

If you or someone you love has fallen victim to a scam and lost money, it's crucial to act quickly to minimize further damage. 

Notify your bank or credit card company 

Reach out to the financial institution impact by the scam. This may be your bank, credit union, credit card issuer, or investment company. They may be able to dispute any charges or reverse unauthorized transactions. 

Report the scam 

Contact your local police department to report the incident. Provide any evidence, such as phone numbers, emails, and transaction records. Then, file a report with the FTC. 

If you’ve fallen victim to a Social Security-related scam, file a report with the Social Security Administration. 

Freeze or lock your credit 

Contact the major credit bureaus (Equifax, Experian, and TransUnion) to freeze or lock your credit. You may also consider enrolling in credit monitoring services and fraud alerts to protect yourself from additional damage. 

Do banks refund scammed money? 

Whether your bank or credit union will refund any money lost in a senior scam depends on several factors, including the bank’s policy, how quickly you reported the loss, the method of payment, and the type of scam. 

For example, some banks have zero-liability policies that ensure fraud victims aren’t financially responsible for fraudulent transactions. Most credit card companies have similar policies, but you will need to prove the charges were fraudulent. 

3 steps to take for a refund 

1. Document the scam 

Collect as much evidence as possible. Take screenshots, gather financial statements, write down the details of any phone calls, and create a timeline of events. 

2. File a claim 

Contact your financial institution immediately. Explain the situation and provide the documentation and evidence you’ve gathered. They may ask you to fill out a fraud report or speak with a fraud specialist. 

3. Follow up 

Stay in touch with your financial institution during the investigation process. Ask for any updates and provide any additional information they request. 

Keeping seniors safe 

Staying informed and cautious is vital to protecting seniors from scams. Learn to recognize warning signs, use secure online practices, and keep communication open with family and caregivers. If fraud does occur, report it promptly and take action to minimize the impact. 

FAQs about senior scams 

What are the most common scams targeting seniors? 

Common scams include telephone scams, email phishing, fake charities, investment frauds, and sweepstakes or lottery scams. 

How can seniors verify if a call or email is legitimate? 

Seniors should contact the organization directly using a known phone number or official website, and avoid clicking on links or sharing personal information. 

What should I do if I suspect a senior I know is being scammed? 

Talk to them about your concerns, help them gather evidence, and report the scam to authorities and their financial institutions. 

Can seniors recover money lost to scams? 

Yes, but it depends on the bank’s policies and how quickly the scam is reported. Prompt action increases the chances of recovery. 

Are there any government programs to help seniors who have been scammed? 

Yes, agencies like the Federal Trade Commission (FTC), Consumer Financial Protection Bureau (CFPB), and local consumer protection offices offer support and resources.