Tech

Seniors lose $28B to retirement fraud scams targeting older adults

August 21, 2025

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Seniors lose B to retirement fraud scams targeting older adults

Protecting Your Retirement Savings from Scammers

It’s a harsh reality that American seniors lose over $28 billion to fraud every year, according to AARP. What’s even more alarming is that only a fraction of these incidents are actually reported. Scammers are getting smarter, using personalized and convincing tactics to lure unsuspecting victims into their traps.

If you’ve ever received a letter, email, or call claiming you’re “pre-qualified” or “pre-approved” for a 401(k) rollover or annuity upgrade, be cautious. These scams are designed to sound official and tailored to your specific details. But don’t be fooled – these offers are not random; they are based on real information about you.

Here are some steps you can take to protect your finances and avoid falling victim to retirement scams:

1. Be Vigilant: Stay alert for red flags such as unsolicited offers, pressure tactics, guaranteed returns, requests for sensitive information, references to personal details, and lack of verifiable credentials.

2. Verify the Source: Always double-check the legitimacy of any financial offers by contacting your bank, broker, or financial advisor directly.

3. Guard Your Information: Never share your Social Security number, account numbers, or full birthdate over the phone or email, even if the offer seems legitimate.

4. Seek a Second Opinion: Before making any financial decisions, consult with a trusted family member or advisor to get a second opinion.

5. Use Technology Safeguards: Utilize spam filters, call blockers, browser protections, and strong antivirus software to protect yourself from phishing links and malicious downloads.

6. Monitor Your Accounts: Regularly review your bank, investment, and credit accounts for any unusual activity and set up alerts for transactions.

7. Report Suspicious Activity: If you suspect you’ve been targeted by a scam, report it to the FTC at reportfraud.ftc.gov to help prevent others from becoming victims.

8. Stay Informed: Subscribe to alerts from trusted sources like CyberGuy to stay ahead of new scams targeting seniors and retirees.

By being proactive and taking these preventative measures, you can safeguard your retirement savings from falling into the hands of scammers. Remember, it’s better to be cautious and verify the legitimacy of any financial offers before taking any action.

Protecting your financial future starts with being informed and staying one step ahead of scammers. Take control of your data, verify offers, and don’t let anyone rush you into making financial decisions that could jeopardize your retirement savings. Stay vigilant and stay safe.

For more tips and insights on protecting yourself from scams and fraud, sign up for the free CyberGuy Report newsletter at CYBERGUY.COM/NEWSLETTER. Don’t let scammers take advantage of your hard-earned savings – arm yourself with knowledge and protect your financial future.

Stay safe and stay informed.