Seniors are often the target of scams more than any other group. Knowing the red flags and common scams can help you protect your money and personal information.

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Watch for These Red Flags

Even if someone seems trustworthy, it’s smart to stay alert for these warning signs:

• Pressure to act quickly: Scammers don’t want you to think. They’ll try to rush you, threatening arrest, saying your account will be closed, or claiming a loved one is in trouble. Take a deep breath and pause before responding.
• Unusual requests for money: Asking for wire transfers, gift cards, or cash is a huge warning sign. Scammers want untraceable payments.
• Requests for sensitive information: No legitimate company will call, text, or email asking for your passwords, Social Security number, or bank details without a secure method to submit them. If someone asks, stop and verify first.

Even if a situation doesn’t trigger these red flags, trust your instincts. Hang up, don’t reply, and get a second opinion from someone you trust. Scammers are experts at manipulation, protect yourself by being cautious.

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Common Scams Targeting Seniors

Scammers are always coming up with new tricks, but these are some of the most frequent scams:

• Medicare Scams: Someone pretending to be from Medicare asks for sensitive information to bill Medicare for fake services. Others may offer bogus medical services and charge Medicare.
• Grandparent Scams: A fraudster poses as a grandchild or relative in trouble and asks for money urgently.
• Debt Collector or IRS Scams: Scammers claim you or a loved one owes money to a debt collector or the IRS. Some even target family members of recently deceased people.
• Romance Scams: A scammer builds an online relationship and asks for money, often claiming it’s for an emergency, travel, or living expenses.
• Lottery or Prize Scams: You’re told you’ve won a cash prize or vacation but must pay “taxes” or a “processing fee” first. The check they send often bounces.
• Tech Support or Antivirus Scams: Pop-ups, calls, or emails claim your device has a virus. Once you let them access your device, they steal your data.
• Investment Scams: Fraudsters offer “can’t-miss” investments or pose as financial advisors, only to steal your money.

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Stay Informed, Stay Safe

The best defense is knowledge and caution. For more tips on recognizing and avoiding scams, visit the Direct Blog or our Financial Wellness page.

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