Retirees face increasing risk of financial scams

Scammers often target older adults, especially retirees, who may be more trusting or living alone. One example is Barry Heitin, a 76-year-old retired lawyer who lost $740,000 after being tricked into thinking he was helping with a federal investigation. Many scams involve phishing emails, which seek personal information by pretending to be from trusted organizations like the IRS or your bank. Scammers may also make phone calls claiming to be from your bank or even impersonating a relative in crisis. To avoid scams, be cautious. Remember that banks will not ask for complete account numbers over the phone. If you receive a suspicious email, verify its legitimacy by contacting the organization directly using a number you find independently. Many retirees do not report scams, often out of embarrassment. However, it is crucial to report any fraud to help catch the criminals. Having a trusted person review your financial decisions can also provide support and prevent mistakes. Being educated about these schemes, taking your time before responding, and seeking help from financial professionals can reduce your risk of falling victim to scams.