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It's not just your imagination, there really are more scammers in operation now. Financial scams surged in a big way during the COVID-19 pandemic, and unfortunately the problem has only continued to grow. Even with Congress stepping in with legislation to safeguard seniors, scammers are getting increasingly bold in their strategies to trick people and businesses out of money, personal information, and more.

No demographic is spared, but sadly, seniors are among the most frequently targeted. AARP found that reported cases of elder financial abuse doubled during the pandemic to 7.5% of the senior population - these are just the ones that were reported. The true numbers are likely even higher, as some seniors might have been too embarrassed to make a report. 

Others, especially people who are ill or have reduced cognition, may not know they were deceived. Something as simple as going to a web site to shop for a life alert system can involve a senior in subterfuge or a pushy sales force with a lookalike website or phone number. 

So what are the most common types of scams targeting seniors? What should you do if you think you or a loved one are being scammed?

5 Common Ways Scammers Target Seniors

At heart, all scams focus on prying money or information out of you. Criminals have a lot of methods for trying this, from emails with suspicious links to fake charities. However, some strategies are designed specifically to target older adults, like the following.

Medicare scams. Everyone aged 65 and up is eligible for Medicare. These scammers try to get your social security number to apply for a new Medicare card, file false claims, run up extra credit cards, and more. Legitimate businesses, especially governmental agencies, will not call you out of the blue or ask for your SSN. Also, be cautious about any emails you may receive.

Social Security fraud. Here, the scammers claim they need you to 'confirm' your SSN or you'll lose your social security payments. A similar strategy is blackmail; they claim to have uncovered wrongdoing on your part and will report you unless you wire over a large sum or buy them expensive gift cards. The real Social Security Administration will never call you out of the blue. They will only contact you in specific circumstances, such as if you've reached out to them with a question.

Online dating scams. These are often run through legitimate sites like OkCupid and SeniorMatch. Here, the scammer is hundreds of miles away or even in another country, which conveniently explains why you can't meet them. They may love-bomb with lots of attention, pressure seniors for early commitment, or even send gifts to bring their target's defenses down. Then the requests for money will roll in. These often come with wild stories about medical emergencies, their house being destroyed, etc. The stories may be vivid, but details you can actually verify are scarce.

Grandparent scams. Here, someone claiming to be a family member calls desperately needing financial help. They may beg, shout, cry, and generally keep the pressure high to send a wire transfer. The scammers know they have to strike fast. If they give their target a minute to think, the holes in their fake story will start to show.

Loans and lottery scams. Some of these scams claim there's a secret government loan program for veterans. Others pretend you've won a lottery. However, to claim your prize, you must pay the taxes and fees up-front. This is false. Real lotteries never ask for money to collect. For large winnings, the lottery agency itself withholds some of the winnings. For smaller sums, it's your responsibility to pay a percentage when tax day rolls around. Either way, you don't pay a cent ahead of time.

Where to Find Help

If you think you've been scammed, stop all contact. Hang up the phone and don't reply to any messages. Do save the messages as possible evidence. Be very careful if you're contacted by people volunteering to get your money back. This is a common second phase of the scam, and any money you pay them will disappear.

Next, contact your bank or financial institution and explain the situation. They may be able to freeze cards, cancel fraudulent transactions, etc. If you paid via wire transfers or payment apps like Venmo, reach out to the company that owns the service. Finally, if you paid via gift cards, contact the company that issued them, such as Amazon or Walmart.

The Federal Trade Commission is your go-to for reporting fraud and identity theft. Reach out at 1-877-FTC-HELP (1-877-382-4357) or contact them online. They'll have more information on your options and may be able to direct you to resources in your state.

Finally, you may be prompted to notify the major credit bureaus. Equifax, Experian, and TransUnion can put an emergency security freeze on your credit report. They could also prevent the scammers from extending credit on a stolen card.

Protect Your Personal Information

Seniors are often seen as an easy target by scammers. Many are living on a tight retirement budget that's already strained by rising cost of living. This makes seniors among the hardest hit by these scams. The bad news is that it can be difficult for victims to prove wrongdoing and get their money back. 

The good news is that scammers need your help to access your money. If you never send the money or give out your account information, these criminals have nothing. The best defense against getting scammed is education on how scammers operate. If you do think you may have been scammed, take action now. This limits what criminals can do with stolen information or money.