Scams targeting older adults: What you need to know

The Federal Trade Commission reports that more and more retirees are losing their life savings to scams. In fact, losses of $100,000 or more are up 800% since 2020. It’s not that people over 60 are less savvy. It’s that today’s scammers are highly organized global crime rings and excellent at separating people from their money.

Here are some of the top schemes targeting seniors, along with tips to protect yourself at any age.

“Save thousands on Rxs with cheap online pharmacy!!!”

The promise of low-cost medicine is a powerful lure. Scammers know this and create convincing websites or ads offering “discounted” prescriptions. If anything shows up in the mail, it may be counterfeit, contaminated, or even harmful.

• DON’T buy prescription drugs from websites that don’t require a valid prescription.
• DO talk with your doctor or pharmacist before ordering medication online.
• DO verify the website is legitimate with Verify Before You Buy from the National Association of Boards of Pharmacy.
• DO visit BeSafeRX for online pharmacy tips from the U.S. Food and Drug Administration.

“Attached is the invoice for your back brace.”

But you didn’t order a back brace. Fraudsters often pose as Medicare representatives trying to get you to share your Medicare number, Social Security number, or bank details.

• DON’T give out personal information over the phone to anyone claiming to be from Medicare.
• DON’T download or open the invoice because it may install malware on your computer.
• DO review your Medicare Summary Notice or Explanation of Benefits carefully and report any charges you don’t recognize.
• DO hang up on unsolicited calls about “free” services or benefits. Medicare will never call you out of the blue.

“We’ve found suspicious activity on your account.”

A phony bank, credit card company, or investment firm contacts you with a stern—but fake—message. Most of the time, you spot poor grammar, a fuzzy logo, or a clearly false statement and know it’s a scam.

But every once in a while, they catch you at just the right moment, and you wonder if maybe this time it’s true. That’s ok. Just be careful about your next step.

• DON’T reply to the caller or click a link in the message.
• DO find a legitimate phone number on the company’s official website or a recent statement and call that number for more information.
• DO sign into your account on the company’s official website. There, you can view recent transactions and send a secure message about your concerns.

“Security alert: Call us now to verify your identity.”

An urgent-sounding pop-up or text message appears on your phone:

• “We need to reschedule your package delivery.”
• “You have an unpaid toll.”
• “There is an issue with your account.”

Your first instinct is to fix the problem right away. But take a moment to pause before you call because scare tactics are common—and very successful—scams. If you proceed, they’ll ask for your information or money to “protect you,” then quickly disappear.

• DO a search using “scam” and the message text. You’ll likely get plenty of results to confirm that it’s fake.
• DO make sure the security settings on all your devices are up to date.
• DO open your browser history and clear any suspicious websites.
• DO install a reputable antivirus or anti-malware program.

The reason many scams succeed is because they trigger big emotions, like fear, urgency, or hope. To keep yourself and your savings safe, slow down, double-check the source, and know the red flags.