Financial scams targeting seniors are on the rise, and the consequences can be devastating. Older adults are often targeted because of their financial stability and trusting nature. It is essential to be aware of these scams and know how to protect yourself and your loved ones.
In a recent episode of the Retirement Reimagined podcast, I sat down with Andy Bryant, a retired senior detective from the Corona Police Department. Andy dedicated his career to fighting crimes against children, but in his later years of service, he took on a new challenge—crimes against seniors.
I’m thrilled to share the highlights of our conversation with you.
You can watch the entire podcast episode here:
Meet Andy Bryant: A Detective’s Fight Against Fraud
Andy served as a police officer from 1992 to 2018, dedicating much of his career to investigating serious crimes, including sexual assault and child abuse. His deep commitment to protecting vulnerable populations led him to transition into tackling financial fraud targeting seniors.
However, as Andy shifted his focus to financial fraud, he became increasingly aware of a troubling trend: seniors falling victim to scams that devastated their savings, homes, and retirement funds. This issue is not just a minor concern; it has escalated into a significant epidemic.
In 2023 alone, Americans over 60 lost an alarming $3.4 billion to scams, reflecting an 11% increase from the previous year. The average loss per victim reached a staggering $34,000.
Contrary to popular belief, these scams do not solely target the inattentive; they are becoming more sophisticated and deceptive, posing a serious threat to even the most vigilant seniors.
Common Scams Aimed at Seniors (And Tips for Avoiding Them)
Imposter Scams: Fake Government and Utility Threats
- You get a call, email, or letter claiming to be from the IRS, Social Security, or a utility company.
- They say you owe money or that your power will be shut off unless you pay immediately.
- They direct you to click a link or call a fake number to make a payment.
How to Stay Safe: Never trust unexpected demands for money. Call the official number on your bill or the IRS website to verify the claim.
Lottery and Prize Scams: “You Won! But You Have to Pay First”
- You get a phone call, email, or letter saying you won a huge prize or lottery.
- You must pay a fee to claim your winnings.
- A local Bank of America in Corona, CA, had to call the police because elderly victims refused to believe they were being scammed.
How to Stay Safe: If you didn’t enter a contest, you didn’t win. Legitimate lotteries will never request payment in advance.
Grandparent Scams: Fake Family Members in Trouble
- You get a frantic call or text: “Grandma, it’s me! I’m in trouble—I need money for bail!”
- They beg you not to tell other family members.
- They ask you to wire money immediately.
How to Stay Safe: Always call the actual family member or another relative before sending money. Scammers prey on your emotions.
Real Estate and Wire Transfer Fraud
- Scammers hack escrow or title company emails and change wiring instructions.
- A scammer in South Africa stole hundreds of thousands of dollars by sending fake emails during real estate closings.
How to Stay Safe: If you’re buying or selling property, verify all wire instructions over the phone with your title company before sending money. Another great way to stay informed is by listening to real estate podcasts, which often cover fraud prevention strategies.
Text Message and Tech Support Scams
- You receive a text message saying your bank account is frozen or your electricity will be cut off.
- You get a pop-up on your computer warning of a virus—along with a number to call.
- A 90-year-old woman lost $20,000 because she trusted a scammer pretending to be a tech support rep.
How to Stay Safe: Never click links in texts from unknown sources. If a pop-up appears on your computer, close it immediately and ask a trusted IT expert.
Social Media Data Mining Scams
- Facebook quizzes ask, “What was your childhood pet’s name?”
- These questions match your security answers for bank and email accounts.
How to Stay Safe: Never post personal details online. Scammers use them to access your accounts.
How Seniors Can Protect Themselves
Andy and I also talked about ways to prevent fraud. Here’s what you can do:
1. Trust your gut
If something feels off, it probably is. Our instincts can pick up subtle cues. Our conscious mind often overlooks these cues. This highlights the importance of paying attention to these feelings. Doing so can help protect us against scams or harmful situations.
2. Never wire money
Once it’s gone, you can’t get it back. Wiring money is often untraceable, making it a favorite method for scammers. Always seek alternative payment methods that offer better consumer protection.
3. Question urgency
Scammers create a false sense of emergency. They may pressure you to act quickly, claiming you will miss out on a great opportunity. Taking a moment to pause and evaluate the situation can help you avoid making hasty decisions.
4. Verify everything
Call your bank, title company, or a relative before taking action. It’s essential to confirm any requests for sensitive information or transactions with trustworthy sources. This step can help you identify potential fraud before it occurs.
5. Get help
If you’re unsure, talk to a trusted friend or family member. They may provide a fresh perspective or additional information that could clarify your situation. Seeking advice can also help you feel more confident in your decisions and actions.
Tune in to Retirement Reimagined Podcast
My conversation with Andy opened my eyes to the devastating impact of senior scams. Fraud is evolving, but so is awareness. By knowing the signs and spreading the word, we can protect ourselves and our loved ones from these schemes.
Have you or a loved one experienced a scam attempt? Share your story in the comments—let’s help others stay informed.
Ready to stay informed and safeguard your future? Connect with me on the Retirement Reimagined podcast for expert insights and real-life strategies.
Stay safe, stay informed, and keep reimagining retirement.
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