Watch Out! Here Are 12 Sneaky Ways Scammers Target Retirees

If you’ve just retired, or are about to, it’s important to stay vigilant. Scammers are out there, trying to get hold of our money. Why? Because they know that people our age, especially those 55 and older, have spent their lives saving. They know we often have retirement funds, and they see us as prime targets.

Today, I’m sharing the 12 most common ways scammers prey on people like us. Let’s dive in and protect ourselves!

Scams in Numbers

According to FBI reports, over $724 million was lost to scammers in 2022, with more than 13,000 complaints of fraudulent charges for products people never received. Here’s a breakdown of the top scams.

1. Ordering Items That Never Arrive

One common scam involves ordering products from what appear to be reputable companies, only to never receive the items. It’s always a good idea to stick to well-known platforms like Amazon or eBay.

When using eBay, make sure you pay through PayPal for added protection. Never wire money directly for purchases because that’s how scammers bypass trusted systems.

2. Tech Support Scams

You might get pop-up messages claiming your computer is infected, urging you to call a number for help. These scammers try to gain remote access to your computer, and from there, they can steal your personal information.

I almost fell for this once, but I trusted my instincts and shut down my computer. When I restarted it, the problem was gone.

3. Fake Password Reset Emails

Have you received emails or texts claiming your Amazon account has been compromised? I get these too, but a quick check of the sender’s email address often reveals it’s not from Amazon. Scammers design these emails to look authentic, hoping you’ll click the link and enter your password, giving them access to your account.

4. Fake Package Delivery Notices

I often receive emails from “FedEx” about issues delivering a package—except I haven’t ordered anything! If you haven’t ordered anything either, these are red flags that scammers are phishing for personal information.

5. Impersonating Businesses

Scammers sometimes pretend to be from businesses we trust. I once received a call from someone claiming to be from my bank, which seemed suspicious since it was after hours. Luckily, they didn’t ask for any personal information, but be cautious about sharing sensitive details over the phone.

6. Medicare Fraud Scams

Scammers often target people during Medicare enrollment periods, offering to “help” with enrollment. Only contact official government agencies for Medicare-related issues; they will never call you unsolicited.

7. Robocalls and Spoofed Numbers

Robocalls are rampant, often using local phone numbers to trick you into answering. They’ll ask, “Can you hear me?” to get you to say “yes,” which they record and use to claim you’ve agreed to a purchase or service.

8. “Grandchild in Trouble” Scams

Some scammers even research family members’ names, pretending to be a grandchild in urgent need of money. This preys on our instincts to help our loved ones. Always verify the caller’s identity before wiring money.

9. Romance Scams

Loneliness in retirement can make us vulnerable to romance scams, where someone pretends to be interested in a relationship, only to ask for money. Be cautious of anyone asking for money whom you’ve never met in person.

10. Sweepstakes and Lottery Scams

Scammers will claim you’ve won a prize and request your personal information or bank details to “send you the winnings.” Legitimate sweepstakes never ask for payment or sensitive information upfront.

11. Stolen Mail and Check Fraud

If you still send checks through the mail, be aware that scammers can steal checks and use your account details to withdraw money. Monitor your accounts closely for any unusual activity.

12. Credit Card Fraud

I once received a text saying my credit card balance had been paid off—a surprise since I still owed $2,000! After checking, I saw someone had fraudulently used my credit card to pay themselves. This took months to resolve, and I even got hit with late fees while the issue was being investigated.