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Top 12 Senior Financial Scams Checklist - Use this Checklist to Minimize Scams
Protect yourself from financial scams by following this checklist designed to help you recognize and avoid fraud:
1. Be Skeptical of Unsolicited Calls, Emails, or Texts
- Do not share personal information (bank accounts, Social Security numbers, passwords) with unknown callers or through unsolicited emails or texts.
- If someone claims to be from a trusted company or government agency, hang up and contact the organization directly to verify.
2. Never Pay in Gift Cards or Wire Transfers
- Scammers often ask for payment through gift cards or wire transfers. Legitimate businesses and government agencies do not request payments this way.
3. Verify Before Sending Money
- If a family member or friend asks for money in an emergency, verify their identity by calling them directly. Scammers often pretend to be someone you know and in distress.
4. Beware of "Too Good to Be True" Offers
- Avoid offers that promise large sums of money, prizes, or lottery winnings, especially if they ask for an upfront fee. If it sounds too good to be true, it likely is.
5. Check for Fake Charities
- Before donating to a charity, research the organization through trusted resources like the Better Business Bureau or Charity Navigator to ensure it is legitimate.
6. Be Cautious of Investment Opportunities
- Consult with a financial advisor before making any investment decisions. Scammers often promote high-return, low-risk investments that are fraudulent.
7. Install and Update Security Software
- Keep your computer and mobile device security software up to date to protect against phishing emails and malware attacks.
8. Regularly Monitor Bank Statements
- Check your bank and credit card statements frequently for any unauthorized transactions. Report suspicious activity immediately.
9. Create Strong Passwords
- Use strong, unique passwords for your online accounts, and change them regularly. Consider using a password manager to help keep track of them.
10. Be Aware of Imposter Scams
- Scammers may pose as trusted professionals like attorneys, IRS agents, or utility companies. Always verify their identity by contacting the organization they claim to represent directly.
11. Guard Against Medicare and Healthcare Scams
- Never give your Medicare or health insurance information to someone you don’t know. Scammers may offer “free” medical services to obtain your personal information.
12. Scams related to Homes and Real Estate
- Seniors are often targeted by scammers looking to exploit their homes and real estate, which can be one of their most valuable assets. See our "Common Scams Targeting Seniors Related to Their Homes" article.
Report Suspected Scams Immediately - If you suspect you’ve been targeted by a scam, report it to local authorities, your bank, or organizations like the Missouri Federal Trade Commission (FTC).
By following this checklist and staying vigilant, you can protect yourself from falling victim to financial scams. Stay informed, and don't hesitate to seek advice from trusted family members, friends, or professionals when in doubt.
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