6 PENSION PERSPECTIVES PROTECT YOURSELF FROM FINANCIAL SCAMS Fraudsters and con artists often target older adults under the impression that seniors have money in the bank. However, older wealthy Americans are not the only ones at risk. Seniors with modest or low incomes can also fall victim to these scams. Scammers tend to target older adults and consider them “low-risk” targets as many seniors are too embarrassed to report financial fraud activity, making it difficult for law enforcement to prosecute these cases. Unreported crimes increase the opportunity for exploitation and are extremely harmful to those who lack resources to recover lost money. TOP 4 SCAMS TARGETING SENIORS 1 Grandparent Scam Scammers pretend to be a grandchild in trouble. They may ask for help with car repairs, rent, medical bills, or even bail. Sometimes they claim to be a lawyer, doctor, or police officer helping the grandchild. 2 Financial Services Scam Scammers pretend to be from your bank, mortgage company, or a debt collector. They may say your account is compromised or offer ”better” loan terms. Some may threaten arrest over unpaid bills. These calls, texts, or emails often look very real. Scammers want you to give personal information or send money quickly, usually through peer-to-peer payment apps (e.g., Zelle, Venmo). 3 Tech or Computer Support Scam A pop-up may appear on your computer or phone, saying your device is infected or broken. Calling the number leads to a scammer who asks to access your device remotely and charges a fake repair fee. Tech support scams are one of the most common frauds targeting older adults. 4 Government Impersonation Scams Scammers pretend to be representatives from the IRS, Social Security, or Medicare. They may threaten arrest, deportation, or cutting off benefits if you don’t pay or provide personal information. They often ask for prepaid cards, cash, or wire transfers and can even “spoof” official phone numbers to look legitimate. TIPS TO STAY SAFE: Never send money to someone you haven’t met in person. Always verify the identity of anyone who asks for money and avoid sharing personal information over the phone, email, or online. If a call, email, or message seems suspicious, hang up or do not answer. Report scams to local authorities or hotlines. Protecting yourself is easier when you stay informed and cautious. A little skepticism can save a lot of heartache – and money. If you suspect fraudulent activity with regard to your pension benefits, please reach out to LAFPP’s Benefits Protection Unit at (213) 279-3101 or at [email protected].
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