Senior Scam Prevention: 6 Ways to Protect Your Money
Author: Ian C. Langtree - Writer/Editor for Disabled World (DW)
Published: 2010/07/16 - Updated: 2026/01/25
Publication Type: Informative
Category Topic: Seniors News - Related Publications
Page Content: Synopsis - Introduction - Main - Insights, Updates
Synopsis: This information provides essential fraud prevention guidance to help older adults protect themselves from scammers who exploit trust and unfamiliarity with modern tactics. With research showing that one in five Americans over 65 has fallen victim to financial fraud, these six straightforward strategies address common vulnerabilities - from high-pressure sales calls to identity theft risks. The guidance proves particularly valuable for seniors and people with disabilities who may face additional barriers in navigating complex financial documents or identifying red flags, offering clear action steps like taking time before decisions, questioning fees, protecting Social Security numbers, and seeking trusted assistance when needed - Disabled World (DW).
Introduction
According to a recent Investor Protection Trust (IPT) survey conducted by Infogroup/ORC, one out of every five citizens over the age of 65 has been the victim of a financial scam. This generation can be too trusting and they don't realize how easily they may be taken advantage of by strangers. Disabled World suggests senior citizens keep these following points in mind to protect themselves and their money.
Main Content
1. Take all the time you need it to make a good decision
You don't need to give anyone an answer right now whether it's a repairman who's just given you an estimate or a salesperson in a store. Don't let anyone pressure you to get a new store credit card or make a donation to their charity. If you are interested, particularly when someone's trying to sell you something over the phone, tell them to send you more information so you can look it over and decide at your convenience.
2. Remember your own advice - if it's too good to be true it probably is
Watch out for special or "free" offers that promise you a vacation, car or money if you attend a luncheon or dinner. Don't buy anything or sign anything just to get a free gift or win a contest, and don't send checks or money orders for "limited time offers" on vacations or merchandise like prescription drugs.
3. Don't share personal information
Never tell anyone you don't know important financial details like your Social Security Number or account numbers. Be cautious about giving out your home address or phone number to casual acquaintances; try to pause and think about what you're saying in public that people might overhear.
4. Ask questions
You shouldn't be embarrassed about asking questions. If you're purchasing a piece of furniture, how much will you be charged for delivery? Buying a ticket? Check if there are any additional handling fees. Ask about anything you question on a bill or a statement. If there's a fee you don't recognize, or fine print you can't read or understand, call and ask for an explanation.
5. Try not to take too many chances
It's fun to buy a lottery ticket once in awhile or take an occasional trip to a gambling boat; just make sure you budget a certain amount to spend and don't spend more than you planned. And never believe any messages via phone, mail or email that say you need to send money to claim a prize or get lottery winnings.
6. Get help if you need it
You don't want it to seem like you can't handle things yourself, but getting help could keep you from making a big money mistake. Medicare forms, doctor bills, credit card information, bank statements and insurance material can be confusing. If you feel overwhelmed and uncomfortable asking family members for help, check with somebody you trust at your church or your senior center. There are also social service organizations in your community which may offer some assistance; you could also work with a CPA on your financial issues.
Insights, Analysis, and Developments
Editorial Note: Financial scammers count on their targets feeling rushed, confused, or embarrassed to ask for help - which makes these six principles so effective as a defense. The advice might seem basic, but that's precisely why it works: scams succeed by bypassing our critical thinking with urgency and complexity. For older adults managing everything from Medicare paperwork to charitable solicitations, having a simple mental checklist can mean the difference between keeping hard-earned savings and losing them to someone who sounds convincing on the phone. And there's nothing wrong with asking a family member, accountant, or community advisor to review something that doesn't feel quite right. Your financial security matters more than any stranger's timeline - Disabled World (DW).
Author Credentials: Ian is the founder and Editor-in-Chief of Disabled World, a leading resource for news and information on disability issues. With a global perspective shaped by years of travel and lived experience, Ian is a committed proponent of the Social Model of Disability-a transformative framework developed by disabled activists in the 1970s that emphasizes dismantling societal barriers rather than focusing solely on individual impairments. His work reflects a deep commitment to disability rights, accessibility, and social inclusion. To learn more about Ian's background, expertise, and accomplishments, visit his full biography.