**How to Stop Financial Scammers From Targeting Older Adults**
Financial scams are a growing problem, and older adults are often the target. According to the Federal Trade Commission, people over the age of 60 lost a total of $3 billion to fraud in 2021. That’s an average of $10,000 per victim.
There are a number of reasons why older adults are more likely to be targeted by financial scammers. They may be more trusting, more likely to be isolated, and more likely to have financial assets that make them attractive targets.
Here are a few things that you can do to protect yourself from financial scams:
* **Be aware of the common scams.** There are a number of common scams that target older adults, including:
* **The grandparent scam:** This scam involves a scammer calling an older adult and pretending to be their grandchild. The scammer will often say that they are in trouble and need money.
* **The lottery scam:** This scam involves a scammer sending an older adult a letter or email saying that they have won a lottery. The scammer will then ask the older adult to send them money to cover the taxes or fees associated with the winnings.
* **The tech support scam:** This scam involves a scammer calling an older adult and pretending to be from a tech support company. The scammer will often say that the older adult’s computer has a virus and that they need to pay a fee to fix it.
* **Be suspicious of unsolicited contact.** If you receive an unsolicited call, email, or letter from someone you don’t know, be suspicious. Don’t give them any personal information or money.
* **Do your research.** If you’re not sure whether a company or offer is legitimate, do your research. You can check with the Better Business Bureau or the Federal Trade Commission.
* **Talk to someone you trust.** If you’re not sure what to do, talk to a family member, friend, or financial advisor. They can help you make a decision about whether or not an offer is legitimate.
* **Report scams to the authorities.** If you’ve been the victim of a scam, report it to the Federal Trade Commission at www.ftc.gov/complaint or call 1-877-FTC-HELP (1-877-382-4357).
By following these tips, you can help protect yourself from financial scams.
**Additional Resources:**
* Federal Trade Commission: https://www.ftc.gov/consumer-protection/scams
* National Council on Aging: https://www.ncoa.org/news-and-opinion/columns/money-matters/protect-yourself-from-financial-scams/
* AARP: https://www.aarp.org/money/scams-fraud/info-2018/common-scams-targeting-older-adults.html.
