When 83-year-old Dottie W. of New Orleans, LA, received a call from her grandson asking for $3,000 or else he’d end up in jail, she didn’t think twice about wiring him the money.
Only after she checked with her grandson to make sure he received the cash did Dottie realize she’d been scammed.
Although a recent report by the Federal Trade Commission found that millennials outnumbered seniors in reporting a loss due to a financial scam, millennials lost an average of $400 while seniors lost $1,092. Today’s scammers are devious and ubiquitous — and often target seniors like Dottie, a smart woman who never expected to fall for a phone scam. That’s why education, prevention and vigilance are the best ways to protect yourself. Here are some of the more prevalent financial scams to be aware of and how to handle them.