Money scams aimed at people over 50: the warning signs and what to do

The common scams

• Government impostors. A call, text or letter says it is from Social Security, Medicare, the IRS or the police. It claims a problem with your number, a refund, or a warrant, and demands that you act now.
• Bank "fraud department" calls. Someone says your account is under attack and that you must move your money to a "safe account." The safe account belongs to the scammer.
• Tech support and refund scams. A pop-up or call says your computer is infected, or that you are owed a refund, and asks for remote access or payment.
• Romance scams. A friendly stranger online builds trust over weeks, then needs money for an emergency or an "investment."
• Investment and crypto scams. A contact promises big, safe returns on a trading app or crypto platform. The balance on screen is fake.
• Emergency calls. A voice, sometimes cloned from a real family member, says they are in trouble and need money fast, and begs you to keep it secret.
• Prizes and sweepstakes. You have won, but you must pay a fee or taxes first.

Five signs, in almost every scam

1. Urgency. You must act today, right now, before it is too late.
2. Secrecy. "Do not tell your bank, your family or anyone."
3. Unusual payment. Gift cards, wire transfers, cryptocurrency, cash in the mail, or a payment app. Real agencies do not demand these.
4. Fear or excitement. You are in trouble, or you have won. Scammers want you emotional, not thinking.
5. They contacted you. You did not start the conversation. Be most careful when someone calls, texts or emails out of the blue.

How to protect yourself

• Hang up and call back. If someone says they are from your bank or an agency, hang up. Call the number on your card, your statement, or the official website, not the number they give you. Caller ID can be faked.
• Remember what agencies never do. Social Security will not threaten to suspend your number or demand payment by gift card. The IRS does not call to demand immediate payment.
• Pause for 24 hours. Any request that cannot wait a day is a warning sign. Talk to someone you trust.
• Set a family code word for emergency calls, and agree to use it.
• Never move money to a "safe account." A real bank never asks you to.
• Freeze your credit. A credit freeze at the three credit bureaus (Equifax, Experian and TransUnion) is free by law and stops most new accounts being opened in your name.
• Check before you invest. Look up the person and firm. See our official resources page.

If it already happened

You are not foolish, and it is not your fault. Act quickly, because speed matters.

1. Stop contact. Do not send more money, even if they say it will get your money back. Recovery scams exist too.
2. Call your bank or card company right away. Ask them to stop or reverse the payment and to secure your accounts.
3. Report it. Report to the Federal Trade Commission at ReportFraud.ftc.gov. For online fraud, also report to the FBI's IC3. For a Social Security scam, use the SSA Inspector General.
4. Call the National Elder Fraud Hotline at 1-833-372-8311, run by the U.S. Department of Justice. It is for people 60 and older and their families.
5. Change passwords and freeze your credit if any personal information was shared.
6. Tell someone. Shame helps scammers. Telling a family member or friend helps you.