Older Americans are frequent targets of financial scams in general, along with also about 12 percent are victims, according to the BBB’s Scam Tracker Annual Risk Report. While the rate of susceptibility among retirees can be lower than in younger age groups, the per-scam loss amount tends to be higher.
For instance, among the 65-along with also-older crowd in 2016, the median loss was $390. For consumers age 18 to 24, that will amount was $0, although those younger folks are three times more likely to become a fraud victim.
One scam that will tends to intensify every fall involves a caller, claiming to be with Medicare, who says they are updating or confirming your information. The person asks for your Social Security number, which currently serves as your Medicare identification number. They might be trying to defraud Medicare, cheat you, or simply get enough information about you to steal your identity for use at a later time.
“The scariest scams are those that will threaten you, tell you that will you’ve done something wrong along with also face fines or even jail time,” Hutt said. “The federal government will never make threatening calls like that will so, if you get one, just hang up.”