Seniors lose $28b to retirement frauds targeting seniors

According to AARP, American predecessors lose more than $28 billion in fraud every year. But this is the shocking part: only a small part is reported.

Beware if you receive a letter, email, or call claiming that you have been “pre-qualified” or “pre-approved” 401(k) carousel or annuity upgrade. These scams have become smarter. They sound formal and even personal. But quotes are not random; they are based on real details about you.

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5 Steps to Protect Your Finances from Family Scams

Why do these retirement scams feel so real

Scammers now buy your personal data from data brokers to make a compelling quote. If you were in the 50s or 60s, it was the main goal. They know your age, home ownership status, estimated net worth and even retirement schedule. They don’t know, they know. Your information is being sold on hundreds of websites and thousands of people can access it. Curious how exposed you are?

What is artificial intelligence (AI)?

What is a “pre-qualified” retirement scam?

These scams mimic real communications from financial institutions. You may receive a letter or call asking you to obtain a new investment or annuity opportunity. Scammers often use financial buzzwords such as “IRA mergers” or “Minimum allocation guide required.” Target? Makes you feel like you are dealing with trustworthy experts. They created fake consultant profiles that included headshots, license numbers, and U.S. contact information. Many people even add logos or brands from familiar banks to improve credibility. However, once you respond, they will ask for private financial information, or worse yet, you can transfer funds directly to their account.

Why are the elderly the main goal

Scammers like to target older people because they usually have savings and make major financial decisions. In addition, their data is easier to obtain. The unregulated data brokerage industry makes it easy for bad actors to find and target older people with a laser focus.

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How a scammer gets your data

These scams are driven by data purchased by brokers. These companies often collect your details without their knowledge, compile your profile and sell it. You may appear on a list marked “Retirees $250,000 + Net Worth” or “Retired Homeowners.” This is disturbing precision. Some brokers scratch public records while others buy data from membership cards, surveys or sweepstakes. Bottom line: This happens quietly behind you.

Financial losses of these scams

In 2024, FBI The report said that the elderly lost more than $4.8 billion in scams, which was a record. Retirement-related fraud is an important part of this. Once your money goes away, it usually goes away forever. Even if the scammer misleads you, your bank may not be able to bear the loss if you authorize the transaction. These scams not only consume savings. They inflict lasting stress, fear and shame. Prevention is your best defense.

6 Warning Signs of Retirement Scam

Stay alert anytime, anywhere Financial Quotation:

• You did not request an offer. If it comes uninvited, even if it seems legal, doubt it.
• Urge you to take action. Stress strategies are classic scams.
• Promise “guaranteed” returns. There is no real investment to guarantee this.
• Ask for sensitive details. A legal consultant will not ask for your Social Security number or account information by email or phone.
• Refer to real personal information. Just because they “know” your retirement date, that doesn’t mean they are trustworthy.
• Lack of verifiable credentials. Always double check the license and business address through your state regulator.

How to protect yourself from retirement scams

You don’t have to wait until it’s too late. Follow the steps below to control:

1. Use personal data deletion services

The fewer people can access your personal information, the safer you are. Opt out of the data brokerage site or use the data-driven service. It is overwhelming to manually move yourself away from hundreds of data brokers. Reputable services can automate the process and protect your contacts for a long time. While there is no service that guarantees that your data will be completely deleted from the Internet, a data decoding service is indeed a wise choice. They are not cheap, nor are they Your Privacy. These services provide you with all your work by actively monitoring and systematically deleting your personal information from hundreds of websites. This is where I feel at ease and proves to be the most effective way to delete your personal data from the internet. By limiting the available information, you can reduce the risk of cross-references of data from fraudsters in violations and find information on the dark web, making it harder for them to target you.

Check out my preferred data deletion service and scan it for free to find out if your personal information is already accessible on the internet cyberguy.com/delete

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2. Verification source

Contact your bank, broker or financial advisor directly. Never trust a quote by phone, email or mail without confirmation.

3. Protect your personal details

Even if the quote sounds reasonable, never share your Social Security number, account number or full date of birth via phone or email.

4. Loop in trusted contacts

Before doing any financial measures, talk to your family or someone you trust. The second opinion can expose red flags.

5. Scam news

Use spam filters, call blockers and browser protection Stop scam news Before they arrive at you.

6. Use powerful antivirus software

Protect your device from malicious downloads that phishing links and scammers use to steal personal information. The best way to protect yourself from installing malware (malicious links that may access private information) is to install antivirus software on all devices. This protection can also remind you about phishing email and ransomware scams, ensuring your personal information and digital assets are secure.

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7. Monitor your account

Check your bank, investment and credit accounts regularly to see abnormal activity and set alerts for transactions.

8. Report suspicious activities

If you think you are targeted, submit a report on the FTC reportfraud.ftc.gov. It can help investigators and prevent others from falling into victims.

9. Keep informed

Subscribe to alerts from trusted sources like Cyberguy to sign up for my free online coverage newsletter to lead the new scams targeting seniors and retirees. cyberguy.com/newsletter

What does this mean to you

If you plan to retire, you must take extra care. Scammers are watching, they are equipped with your data. To stop them first, control what’s there. The less they know, the harder it will be to fool you.

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Kurt’s key points

Don’t think the offer is real, because it uses your real data. This is usually a sign, and it is a scam. Scammers thrive on your personal information. Control it by locking it, verifying the offer and refusing to rush it to decisions.

Should you ask the data broker to obtain your permission before selling the information? By writing to us, let us know cyberguy.com/contact

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