Be Aware: Current Scams to Look Out For

Scammers just keep getting smarter and more sophisticated. That means seniors have to stay sharp, too, remaining up-to-date on the latest scams they might encounter. It’s frustrating, but it’s more than a nuisance. Since scams can seem so believable, it is all too easy to lose all or a significant part of your savings, just when you need it to fund your retirement.

Seniors reported losing a whopping $3.4 billion in 2023. The number of reported losses of $10,000 or more rose 11% compared to 2022. In fact, it quadrupled between 2020 and 2024. The number of losses of $100,000 or more was seven times higher by 2024, and the monetary loss was eight times higher. These are huge numbers, but experts warn that seniors in all walks of life are equally likely to be targeted.

Experian’s Michael Bruemmer says AI is making it even easier for scammers to refine their approaches so they are even more dangerously effective. He tells us, “Deep fakes, both audio and video, have gotten so good, and the language models have gotten so good, it’s hard to tell” what is real and what is not.

Top Tricks to Watch Out For

Fraudsters use a wide variety of approaches to target seniors, and they know what works: emotional impact. Fear that your adored grandchild is in some kind of trouble. Worry that your computer, phone, bank account, or Medicare coverage has been compromised. Excitement that you have just won some sweepstakes or other contest. Joy that someone you’ve met online truly loves you.

The pitch differs, but the point is always the same. There is a crisis of some kind, and the only way to fix the problem or collect your prize is to send money, right away.

The National Council on Aging (NCOA) has developed a Top Ten list, which the Georgia Attorney General’s Consumer Protection Division has posted online. This article is a must-read. It describes how each scam works and also how you can protect yourself from this type of fraud.

Of that Top Ten list, NCOA says the five scams most often reported by seniors are:

1. The grandparent scam
2. Financial services scams
3. Tech support scams
4. Government impersonation scams
5. Romance scams

With so many seniors continuing to work after retirement age, employment scams have become another danger. As with other scams, the goal is to get job applicants to divulge personal details that can lead to identity theft. Even ads on reputable sites such as LinkedIn or Indeed may be fake. Don’t click on them; follow up independently by visiting the company’s website or calling their HR department.

Report Them!

Yes, it may be embarrassing to admit, even to yourself, that you’ve fallen victim to one of these awful schemes. But scammers are counting on exactly that. Law enforcement and consumer protection regulators need your help. They need to know what happened to you, and in many cases, they can offer help. Read here to learn the steps you should take if you’ve been scammed. And file a report with:

Local police department
• FBI’s Internet Crime Complaint Center
• AARP Fraud Watch Network Helpline

Stay Vigilant!

“We all need to work together,” says FBI Criminal Investigative Division Assistant Director Michael Nordwall, “to make sure our seniors, their caregivers, families, and friends know the signs to look for that a criminal is after your money.”

Peace of Mind Starts With the Right Community

Staying informed is one of the most powerful ways seniors can protect themselves from increasingly sophisticated scams—but having a supportive, engaged community matters just as much. If you or a loved one would like to learn more about how Magnolia Manor supports confident, secure senior living, we invite you to schedule a tour of one of our eight senior living communities today by booking online or calling us 1-855-540-LIFE to answer any questions you may have.