Fraudsters often target retirees for various reasons, such as vulnerability, isolation, and lack of technical knowledge. Fraudsters can use different tactics to scam retirees, including phishing scams, fake investment schemes, identity theft, and more.
Inflation has caused a rise in Social Security payments, and now fraudsters are flooding phone lines claiming to assist individuals in obtaining their benefits.
These days, if your financial adviser believes you are a victim of financial exploitation, he or she may ask for a trusted contact, such as a relative or friend. Perhaps you’ve decided to liquidate your safe investments and put the proceeds elsewhere. Or a niece you’ve never seen before reappears in your life, demanding money. These are all warning signs that may trigger a reaction from your financial adviser.