Scams - The American Retiree

Holiday Shopping Scams: Seniors at Risk – What You Need to Know Now

The holiday season is synonymous with an increase in online shopping. However, this festive time also brings an uptick in potential scams, particularly those targeting older consumers. These individuals, who may not be as adept at spotting fraudulent messages related to their purchases, are often the prime targets of such scams. As a result, it is essential that you educate them about the risks and ways to avoid falling victim to these scams. Scammers typically …

Medicare Open Enrollments, Avoid The Scammers!

As the annual Medicare open enrollment period comes, a new wave of scammers look to take advantage of beneficiaries. With under two weeks left, avoiding getting scammed as you’re putting your choices together is essential. The Federal Trade Commission (FTC) published a list of what to look out for and how to avoid falling victim to Medicare scams. You probably began seeing ads about plans when preparing for Medicare open enrollment on your TV, phone, …

AI and the Threat of Social Security Fraud

The surge in AI-enabled fraud, including scams targeting Social Security, is alarming. Culprits are leveraging artificial intelligence to extract personal details, which can be used to tap into benefits. The sophistication of these digital tools often makes their text messages, calls, and videos appear genuine. A recent study by Atticus Law Firm in September 2024 revealed that 75% of Social Security beneficiaries are oblivious to AI-driven scams aimed at them. This study, which involved 1,000 …

FBI Issues Urgent Warning: New Scam Targets Seniors and Drains Their Retirement Funds

The end of September brought a warning from the FBI about a recent menacing scam called the “Phantom Hacker.” The scam has been making rounds nationwide, posing a significant threat to senior citizens. This scam is a sinister evolution of the typical tech support scams we’ve seen in the past. The fraudsters behind this scheme impersonate tech support personnel, financial institution representatives, and even government officials to gain the trust of their victims. The ultimate …

Here’s How to Stay One Step Ahead-Top 5 Red Flags of Online Scams

An increasing number of senior citizens are engaging with social media platforms daily; even as they utilize these platforms to aid in their investment decisions, they need to be cautious of scams. From researching specific stocks to obtaining background details about financial experts, staying updated with the latest news, or engaging in market discussions, social media tools such as Facebook, YouTube, X (formerly Twitter), LinkedIn, bulletin boards, and chat rooms have evolved into essential resources …

Financial Advisor or Financial Disaster: How to Spot the Difference

It’s crucial to feel confident that your hard-earned money is in safe hands as you work towards building a solid retirement. However, how can you ascertain that your accountant or financial advisor isn’t leading you astray? Understanding potential red flags can help secure your retirement funds from possible scams. 1. Understanding the Basics: The Role of a Financial Advisor Before delving into signs of potential misconduct, it’s crucial to establish what you should expect from …

Stop Scammers in Their Tracks: 13 Foolproof Ways Retirees Can Safeguard Their Financial Future

Fraud and scams are now more prevalent than ever, and they are causing billions of dollars to be stolen from people who are unaware each year. Fraudsters and scammers often target retirees who have accumulated savings and assets over their lifetime, as they become attractive to criminals seeking financial gain. Retirees may be more trusting or less familiar with the latest scams, making them more susceptible to deception. Protecting their financial accounts, monitoring credit reports, …

Retirement Relocation Made Easy: 17 Essential Steps for a Seamless Move

Retirement is a phase of life that brings with it a sense of newfound freedom and the ability to choose where to reside. As a result of living close to their workplaces for many years, retirees can now explore the possibilities of relocating to a place that perfectly suits their desires and needs. Perhaps you dream of being closer to family in a different state or envision settling in a vibrant retirement community nestled within a warm and sunny climate. If your retirement savings are limited, you may want to consider moving to a lower-cost area, allowing you to experience new places and stretch your retirement savings further.

New Worry: Is Your Child Calling, Or Are You Being Scammed By The Latest AI Technology?

Over the years, the development of artificial intelligence (AI) has resulted in the widespread adoption of chatbots and voice-cloning technology. Although these innovations have multiple lawful applications, they have also facilitated scammers executing fraudulent activities through AI-based scams.