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10 Frauds Seniors Are Often Confronted With

December 6, 2019 · Personal finance
A senior man looks suspiciously at a notification on his smartphone.
A concerned senior man looks at his smartphone during a potential Social Security Administration impersonation scam.

3. Social Security Administration Impersonation

Government imposter scams rely heavily on intimidation. You might receive a call with a Caller ID that explicitly says “Social Security Administration” or “U.S. Customs.” The caller adopts a severe, authoritative tone and informs you that your Social Security number has been suspended due to suspected involvement in drug trafficking or money laundering across state lines.

The scammer will threaten you with immediate arrest unless you cooperate. They then instruct you to secure your assets by withdrawing your bank funds and transferring them to a “secure government account” via a cryptocurrency ATM or a wire transfer. They keep you on the phone for hours, forbidding you from speaking to bank tellers or family members.

The actual Social Security Administration will never suspend your number, threaten you with arrest over the phone, or demand immediate payment via cryptocurrency or gift cards. If you receive a call like this, hang up immediately. Do not press any buttons to speak to a representative, as this only confirms your number is active.

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