5 Financial Scams Targeting Seniors Right Now That Often Begin With a Text or Phone Call

Older Americans lost billions of dollars to scams last year, with many of them coming via phone or text. Pexels

Adults age 60 and older reported a record $7.7 billion stolen in internet and financial crimes nationwide. That’s billion with a B. Oftentimes, these scams start as a simple phone call or text, and it promotes urgency, pushing you right into the trap. While anyone can become a victim, scammers often target seniors because they may have retirement savings, established credit histories, and a tendency to answer unfamiliar calls. That said, here is a look at five financial scams that are frequently targeting seniors right now.

1. The Fake Bank Fraud Alert Scam