Phishing Scams: A Senior's Guide to Spotting and Avoiding Financial Fraud
Sadly, seniors are often victims of various types of abuse, with financial abuse being the most common. This category includes identity theft scams, which have become more prevalent recently.
What are phishing scams?
In phishing scams, the scammer pretends to be someone else. The recent rise in this type of scam often involves impersonating government agencies, such as the Internal Revenue Service (IRS).
Once the scammer gains the victim's trust, they often make up a story about an urgent financial situation. This includes claiming that there is an outstanding debt or a tax refund.
By creating an urgent situation, the scammer can induce panic in the victim, leading them to make rash decisions without having the opportunity to evaluate the legitimacy of the claim. The impersonator may threaten arrest, deportation, license suspension, or an imminent computer virus.
Finally, to complete the scam, the phisher attempts to make the transaction untraceable by requesting money through unconventional methods, such as gift cards, in-app payments, bank transfers, or cryptocurrencies.
How can I protect myself from phishing scams?
Fortunately, there are many ways you can protect yourself from this type of scam. The first thing to remember is that the IRS will not initiate an interaction about tax refunds or bills through social media, text messages, or emails.
However, if you receive a phone call claiming to be from the IRS regarding your account, without prior notification by mail, hang up immediately. Additionally, you can verify whether the call was a scam by contacting IRS customer service at this number: 800-829-1040 or TTY/TDD 800-829-4059.
To report a possible scam, complete an IRS Impersonation Scam Report form on the IRS Hotline page. Inspector General of the Treasury for Tax Administration (US Treasury Inspector General for Tax Administration), or call 800-366-4484.
To review your tax account, visit IRS.gov or your account at personal line.
Scams targeting the senior community are on the rise, so it's crucial to stay alert for potential attacks. If you receive a call or message falsely claiming to be from an organization, verify the call using reliable contact information and report any potential fraud.
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