Majorie B. retired after a 42-year career working as a federal attorney.
One morning, she was sitting at her computer when it froze, and a pop-up appeared on the screen listing a phone number for Microsoft customer support.
So, Marjorie called the number.
During the call, Microsoft customer support told her that hackers had taken control of her computer and stolen her financial information.
The customer support agent told Majorie she should immediately transfer her money into different accounts.
Majorie told the customer service agent that she banked with PNC, so the tech support transferred her to PNC customer support.
Of course, the Microsoft agent was a scammer who transferred Majorie to another scammer who pretended to be PNC.
The PNC agent told Majorie that there was $30,000 worth of pending charges on her account and that she should move her money immediately.
“I fell for it,” said Majorie. “I didn’t tell anybody.”
In the end, Majorie ended up losing all of her savings and stocks for a total of $661,000.
The type of scam that Marjorie fell victim to is a common trend targeting seniors.
In 2023, people over age 60 lost over $3.4 billion to scams.
And the sad reality is that scams targeting seniors aren’t going to stop any time soon.
Considering this, here are a few of the most common types of scams against seniors to watch out for.
(And even if you’re not a “senior” you still need to know this, because these scams can be used against anyone)
Investment fraud:
As most seniors know, you won’t live a lavish lifestyle on social security alone.
Which is why many seniors look into investment opportunities that can help them earn extra money.
To avoid being the victim of an investment scam you should always check with a trusted person before investing.
Before sending anyone any amount of money, ask a relative to look into the investment.
A legitimate investment opportunity will give you time to do your homework.
So, if the person you are investing with says it needs to be done right away, you should tell them no.
Tech support:
In most situations, tech companies wouldn’t know you had an issue until you report it.
And Microsoft won’t call you just to check to see if your computer is working as it should.
So, if a tech company calls out of the blue, hang up and call the company back directly.
And, if you have trouble with your computer or any sort of technology in your home, the best thing to do is call a reputable repair person or the company directly.
Romance scam:
Criminals know that targeting older people can pay off because of certain inevitable vulnerabilities.
One of those is loneliness from growing old without a significant other.
This is one reason why a lot of people turn to meeting folks online.
While there is nothing wrong with meeting people online it comes with risks.
And last year Americans lost over $300 million to romance fraud.
Seniors have often spent their lives building financial stability, which is why they are a big target for scammers.
Of course, if you meet someone online and they ask for money for any reason it’s best to say no.
At the end of the day, you want to meet someone for companionship. Money has nothing to do with that.
If you want to meet people one of the best things to do is to get out of the house.
Going to church or other safe places can be a good way to have conversations and meet like-minded people.
