Scams that target older adults: the four to watch, and what to do today

The scams the FTC sees most

The Federal Trade Commission's reports on fraud against older adults keep finding the same patterns. Older adults are far more likely than younger ones to lose money to these:

• Tech support: a pop-up or call says the computer is infected and asks for remote access or payment.
• Prizes, sweepstakes, and lotteries: you have won, but must pay a fee or taxes first.
• Romance: a new online friend who cannot meet in person and, eventually, needs money.
• Government impersonation: a caller claiming to be Social Security, Medicare, the IRS, or the police, often with a threat.
• Investment scams, often started on social media, now account for the largest dollar losses reported by older adults.

The tells

• Urgency: act now, do not hang up, do not tell anyone.
• Payment by gift card, wire transfer, cryptocurrency, or a Bitcoin ATM. The FTC's advice: no legitimate business or agency sends you to a Bitcoin ATM, ever.
• A request to move money to 'protect' it. That is always a scam.
• A request for a verification code that was texted to the phone.
• A caller who already knows some details. Details are cheap; that does not make it real.

Set up this weekend

• Agree on a family rule: no money moves on a phone call. Hang up and call a family member first.
• Turn on transaction alerts on the bank account and card, sent to you as well as your parent.
• Ask the bank about a trusted contact person on the account.
• Put the phone on a call-blocking setting and let unknown numbers go to voicemail.
• Ask about freezing credit at the three bureaus, which stops new accounts being opened.
• Have a plain talk, without blame: scammers are professionals, and smart people get caught.

If it already happened

Call the bank immediately; some transfers can be stopped. Report to the FTC at ReportFraud.ftc.gov, which feeds law enforcement. If a caller has been to the house or has account access, call Adult Protective Services, 1-844-697-3505, or the police. The AARP Fraud Watch Network helpline, 877-908-3360, weekdays 8 a.m. to 8 p.m. Eastern, talks families through what to do next. Shame keeps people quiet; the numbers say this happens to millions.

Medicare-specific

Treat any call that asks for the Medicare number as suspect, guard the number like a credit card, and read the Medicare statements that arrive for services never received. HIICAP counselors, 1-800-701-0501, help with suspected Medicare fraud.