No matter your age, no one is safe from scams. According to the latest Better Business Bureau (BBB) Scam Tracker Report:
- Ages 55+: Investment and cryptocurrency scams top the list
- Ages 55-64: Online purchases scams are second, followed by home improvement scams
- Ages 65+: Romance scams rank second, with home improvement scams in a close third
No matter what the scheme, the BBB says to stay alert, know the red flags, and take steps to protect yourself before you become a target.
The Federal Trade Commission (FTC) warns that scammers often target older adults with fraudulent calls. They may pose as government officials or bank employees, sometimes sounding overly polite, or even aggressive and threatening. To make their scheme more convincing, they may spoof caller ID to look legitimate.
Legitimate government agencies will never make unsolicited calls. Protect yourself by treating unexpected calls with caution, never share personal information or feel pressured to act quickly.
When in doubt, hang up and call the official number yourself to verify. You can also cut down on unwanted calls by registering your number with the National Do Not Call Registry.
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The BBB says to look out for these Red Flags scammers often use to get your money or personal information:
- “Free,” “low cost,” or “buy one, get one” deal
- Request for unusual payment types (i.e. prepaid debit cards or wired funds)
- Claims that you only pay postage or administrative fees
- Pressure to act now and/or aggressive tones
- Deals that must be secured with a credit card or bank account information
- Sure-fire investment opportunities
- Charities that send 100% of your donation directly to the victims
Scams to watch out for:
Emergency Scams. A phone call from someone posing as a relative claiming to be out of town and in an emergency situation. Scammers research victims using social media and often knows names, travel plans, and other details. The scammer will urge you to send money ASAP and 'not tell Mom or Dad'.Medicare Fraud. BBB says this type of fraud has cost the American public more then $6 million. Scammers make repeated calls, baiting Medicare recipients into taking 'free' medical equipment. Then, they bill Medicare for it. By law, no one is allowed to make unsolicited phone calls to consumers about durable medical equipment.
Government Imposters. Scammers pretend to be from various government agencies such as the IRS, the Social Security Administration, or Veterans Affairs. They often claim you owe money or are in danger of losing benefits unless you provide sensitive information or make immediate payments.
Romance Scams. Older adults who are widowed or divorced are frequent targets of these scams. Con artists create fake online dating profiles to lure people in, charming the victim then asking for money for medical expenses, family concerns, or other reasons.
Investment Scams. Seniors are targeted because of their greater financial resources. Common scams include investing in a project that promises great returns, but the project actually never existed. Or buying into a pyramid scheme where the profit doesn't depend on the sale of the product, but on bringing in new investors, and eventually, the pyramid collapses.
Home Improvement Scams. Older adults may need extra help around the house, but always make sure to hire an accredited business and ask family and friends for recommendations. Research the companies and make sure they are properly licensed. These scammers often ask for money up front and then never return to complete the work.
READ MORE | BBB Scam Alert: Top tricks used to scam older adults
Heartland Bank is a family-owned bank located in 15 communities across the heart of Nebraska. Its vision is to improve the lives of customers, associates, and communities. Heartland Bank is a six-time recipient of American Bankers' Best Banks to Work For award.
