When In Doubt, Hang Up!


When In Doubt, Hang Up!

Getting older makes you a target for scammers.  Older adults are increasingly targeted by scammers who prey on trust, loneliness, or unfamiliarity with digital technology. Each year, seniors lose billions to fraud. Being informed and cautious is the first line of defense. Hopefully, the description and prevention of these seven common scams will help you or some that you share this article with, to prevent being scammed.

1. Government Impersonation Scams
Scammers pretend to be from the IRS, Social Security, or Medicare, claiming unpaid taxes or threatening arrest. They may demand payment via gift cards, wire transfers, or cryptocurrency.
Prevention Tip: Government agencies never demand immediate payment over the phone or ask for gift cards. Hang up and contact the agency directly using an official number.

2. Grandparent Scams
A scammer pretends to be a grandchild in trouble—saying they were in an accident or arrested—and begs for money.
Prevention Tip: Always verify the story. Call the grandchild directly or check with another family member before sending money.

3. Tech Support Scams
You may receive a call or popup warning that your computer has a virus. The scammer then asks for remote access or a fee to fix it.
Prevention Tip: Never give remote access to someone who contacts you unexpectedly. Call your trusted tech support provider directly.

4. Romance Scams
Fraudsters build relationships online, then request money for emergencies like travel or medical bills.
Prevention Tip: Be cautious of online-only relationships. Never send money to someone you’ve never met in person.

5. Sweepstakes and Lottery Scams
You’re told you’ve won a prize but must pay fees or taxes to claim it.
Prevention Tip: Legitimate contests never ask winners to pay upfront. If it sounds too good to be true, it’s probably a scam.

6. Home Repair Scams
Fake contractors offer services, take payment, then disappear or do substandard work.
Prevention Tip: Request references and written estimates. Never make full payment upfront.

7. Investment and Charity Scams
Scammers offer “guaranteed” high-return investments or create fake charities after natural disasters.
Prevention Tip: Ask them to send you their offer via the U.S. Postal Service. If you do receive their offer, take it to your bank or Certified Senior Advisor for validation.

Seniors should remain cautious and consult family or financial advisors before making major decisions. Use call blockers, monitor financial accounts, and report scams to the Federal trade Commission or the Illinois Attorney General Staying informed and vigilant can help prevent devastating financial loss. When in doubt, hang up.

THIS WEEK’S QUIZ: What type of insurance can increase your credit score?

 

Answer to last week’s quiz: Approximately 1 in 5 Black folks depend on Medicaid, 20% in Illinois.

To get a more detailed answer to last week’s QUIZ question or for any financial questions that you may have, please contact me: 773-817-0601 or basheriff1@gmail.com

Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.


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