Common Financial Scams

As more seniors become targets for financial scams, it's important to know what to watch out for. Here are some common scams and tips on how to protect yourself.

1. Government Imposter Scams

Scammers may pose as Medicare, Social Security, or IRS representatives, asking for personal information like Social Security numbers. They can use this information to steal identities or make fraudulent claims. Tip: Never share sensitive personal information unless you can verify the caller's identity. Don't be afraid to hang up and reach out directly to Medicare for example using contact information available through their official website, medicare.gov.

2. Telemarketing Scams

These scams involve fake products or services, like anti-aging creams or lottery winnings. Scammers use high-pressure tactics to get you to act quickly. Tip: Be cautious with unsolicited calls and don't give out personal or financial info over the phone. If it sounds too good to be true, it probably is.

3. Grandparent Scams

A scammer pretends to be your grandchild in trouble, asking for money urgently. They count on your emotional response to get you to send money quickly. Tip: If you get such a call, don’t panic. Contact other family members to confirm the story before sending any money.

4. Internet and Email Scams

Scammers use fake emails or websites to steal your information. They may pose as a security or technology service provider and will commonly ask for passwords or direct you to a fraudulent site. Tip: Avoid clicking on links or downloading attachments from unknown emails. Use strong, unique passwords and enable extra security features on your accounts.

5. Investment Scams

These scams promise big returns with claims of little risk to no risk, often targeting seniors who want to grow their savings. Be wary of Ponzi schemes or fake investment opportunities. Tip: Research any investment opportunity thoroughly and consult with a trusted advisor before committing your money.

Protect Yourself‍

Stay cautious and trust your instincts. If something feels off, don’t hesitate to seek advice from family, friends, or an advisor. Awareness is your best defense against financial scams. When in doubt, call our team at Meira Wealth.