Watch Out for This Social Security Scam

Social Security scam
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Scam calls come in many forms. Scammers might pretend to be a loved one or acquaintance, might use the ruse of an emergency, or might act as a government employee to gain the trust of their marks. One scam that is on the rise in recent months is actually a spin on an older con: acting as a Social Security employee.

How to Spot This Social Security Scam

How does this scam work? The con artists tell their potential victims that someone is trying to open bank accounts in their name. In order to stop this from happening, they’ll say, the victim needs to download an app on their phones. This app will allow the supposed Social Security or IRS employee to remotely access their phone.

By remotely accessing the phone, the scammer can access passwords and accounts. They might ask their victim to transfer money into a different account. According to NBC 2 News, one Florida woman had the scammer ask her to transfer money into Bitcoin—luckily, a fraud alert came up before she was able to complete the transaction.

Stay safe from scams by screening calls. Know that government employees will not contact you over the phone and ask for information or money. And, of course, follow The Seniors Center Blog on Twitter and Facebook so you never miss an update.

Precious Metals Scam—How Scammers Are Targeting Seniors

precious metals scam
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A new scam is targeting seniors—specifically, seniors with investments. Using fear tactics relating to economic insecurity, scam artists are working to convince retirees to trade their hard-earned investments for coins made out of precious metals that don’t hold the same value. Learn how to stay safe today.

How This Precious Metals Scam Works

How does this precious metals scam work?

First, salespeople will prey on fears about society at large—the pandemic, economic issues, or other forms of instability. They’ll attempt to convince their targets that having money in traditional investments is no longer safe.

Their alternative to investments? Buying coins made out of precious metals such as gold or silver.

However, fees and high markups can inflate the cost of these coins. Those who buy them are left with items of far less value than their investments were worth.

AARP reports that, Joe Rotunda, a member of the Texas State Securities Board, has noted that “These scams prey on the concerns that senior citizens may have relating to the economy, their retirement and their financial well-being.”

Be wary of anyone using pressuring tactics to encourage you to buy coins made out of precious metals. Talk to a trusted financial advisor before making any decisions involving large amounts of money. And report fraud to the FTC when possible.

Stay Safe With Help From The Seniors Center

Stay on top of the latest scams and fraud attempts targeting seniors. Keep up with The Seniors Center Blog’s latest posts. And follow The Seniors Center on Twitter and Facebook so you never miss an update!