In an era of digital transactions, phone-based fraud, and increasingly sophisticated scams, financial security is more critical than ever—especially for older adults, who are often targeted by fraudsters. Scammers take advantage of trust, technology gaps, and even personal vulnerabilities to deceive individuals into giving away their money or sensitive information.

At Sage Collective®, we believe that financial security is a cornerstone of vibrant living, allowing older adults to thrive without the stress of fraud or financial loss. In our latest season of Sage Vibrant Living — The Podcast, we discuss the importance of financial literacy and protecting oneself from scams that disproportionately impact older adults. Here, we break down key strategies to safeguard your finances and recognize potential fraud before it happens.

Common Scams Targeting Older Adults
Scammers have become more creative in their methods, using both old and new tactics to deceive unsuspecting individuals. Some of the most common scams include:

Impersonation Scams. Scammers may pose as trusted institutions—such as banks, Social Security offices, or even family members—to manipulate victims into providing personal information. These scams often happen over the phone, email, or even text messages.

🔹 How to Spot It:

• Unsolicited calls or emails asking for personal details like Social Security numbers, bank account information, or passwords.
• Urgent language such as “act now or lose your benefits.”
• Caller ID that appears legitimate but isn’t (always verify before responding).

🔹 How to Protect Yourself:

• Never give out personal or banking information over the phone unless you initiated the call.
• Hang up and call the institution directly to verify the request.
• If a family member calls asking for money, verify with another relative before taking action.

Lottery & Sweepstakes Scams. Many scams claim that the recipient has won money or a prize—but must first pay a fee or provide sensitive financial details to claim their winnings.

🔹 How to Spot It:

• Requests for upfront payments or “taxes” before you can receive a prize.
• Notifications from contests you never entered.
• Claims that your “winnings” must be kept secret.

🔹 How to Protect Yourself:

• If you didn’t enter a contest, you didn’t win one.
• Never send money, gift cards, or wire transfers to claim a prize.
• Consult a trusted friend or family member before responding.

Tech Support & Remote Access Scams. Scammers claim there’s a virus or problem with your computer, phone, or bank account. They may ask you to download software or give them remote access to fix the issue.

🔹 How to Spot It:

• Unsolicited calls from “tech support” warning about a computer virus.
• Pop-ups that lock your screen and demand immediate action.
• Requests to download unknown software or allow remote access.

🔹 How to Protect Yourself:

• Never give remote access to your devices unless you initiated a call to a verified tech service.
• Ignore pop-ups urging immediate action and restart your computer instead.
• Use strong passwords and enable two-factor authentication for extra security.

Smart Financial Habits to Stay Safe

🔹 Monitor Your Accounts:
Regularly check bank statements, credit card transactions, and credit reports to spot unauthorized activity early.

🔹 Use Strong & Unique Passwords:
Create complex passwords for banking and shopping sites. Avoid using birthdays or easy-to-guess phrases.

🔹 Stay Updated on Scams:
Scammers evolve their tactics. Stay informed by following updates from AARP Fraud Watch Network, the Federal Trade Commission (FTC), or local consumer protection agencies.

🔹 Talk Openly About Fraud:
Discuss scam prevention strategies with friends, family, and community members—especially those who may be more vulnerable to fraud.

🔹 Report Scams Immediately:
If you suspect fraud, report it to:
📌 FTC (Federal Trade Commission) → reportfraud.ftc.gov
📌 AARP Fraud Watch Helpline → 877-908-3360
📌 Local law enforcement or bank if financial information was compromised.

Empowering Older Adults Through Awareness
At Sage Collective®, we believe that financial independence and security are essential for living vibrantly. By staying informed and implementing protective measures, older African Americans can safeguard their assets and avoid falling victim to scams.

Financial fraud is not just about money—it’s about peace of mind, dignity, and confidence in managing your financial future. Let’s work together to spread awareness and protect one another from scams.

Tune in to our latest podcast episode on financial security for more insights! 🎧