10 Financial Scams Boomers Keep Falling For and How to Stay Safe

If there’s one thing scammers know, it is how to push the right buttons. They prey on trust, fear, and even kindness—and unfortunately, Baby Boomers often find themselves in their crosshairs. In fact, older adults in the U.S. lose billions of dollars every year to fraudsters who know just how to make a story sound convincing. From fake phone calls to “too good to be true” investments, these crooks have turned trickery into a full-time business.

The good news? You can outsmart them. By learning the red flags and staying a little skeptical when someone comes knocking (whether at your door, in your inbox, or on your phone), you can protect both your money and your peace of mind. So let’s walk through the ten scams that trip up Boomers the most—and how you can stop them in their tracks.

1. Lottery and Sweepstakes Scams

“Congratulations! You’ve won the jackpot!” That is the classic line scammers use to get your attention. The catch is they claim you need to pay taxes or processing fees before you can collect your prize. Once you send money, the scammers disappear, and the big prize never existed in the first place.

How to stay safe: If you did not buy a ticket or enter a contest, you did not win. Real lotteries will never ask you to pay upfront to claim your winnings. Hang up, delete the email, and move on.

2. The Grandparent Scam and Deepfake Tricks

Few scams hit the heart harder than this one. You get a frantic call from someone claiming to be your grandchild in trouble—maybe in jail or stranded without money. Sometimes, scammers even use artificial intelligence to mimic their voices, making it eerily convincing.

How to stay safe: Pause before reacting. Call your grandchild directly on a trusted number, or contact another family member to double-check. You can even agree on a “family code word” that only your real loved ones would know.

3. IRS and Social Security Imposters

“Pay now or go to jail.” That is the kind of threat scammers use when pretending to be from the IRS or Social Security. They will demand immediate payment and often insist on strange methods like gift cards or wire transfers. It feels terrifying, but remember: that is exactly what they are counting on.

How to stay safe: The IRS and Social Security Administration never call out of the blue to demand payment. Hang up and call the official agency directly using a verified number.

4. Fake Tech Support Calls

You are browsing online when a pop-up shouts: “Your computer has a virus! Call us now!” Or maybe someone phones pretending to be from Microsoft, offering to fix your computer remotely. The truth? They are the virus. Once you give them access, they can lock you out of your computer or steal sensitive information.

How to stay safe: Never call numbers from pop-ups or give a stranger remote access to your computer. If you are unsure, contact a trusted local computer technician instead.

5. Utility Shutoff and Door-to-Door Scams

A supposed utility worker shows up at your door, warning that your gas or electricity will be shut off unless you pay immediately. Others may pose as inspectors, offering unnecessary and overpriced home repairs. They count on catching you off guard.

How to stay safe: Real utility companies always send written notices first. Ask to see identification, tell them you will verify with the company, and call the utility directly to confirm before paying a dime.

6. Investment Schemes that Promise the World

“Double your money in six months with no risk.” That kind of pitch should set off alarm bells. Fraudsters love to target retirees with high-pressure investment opportunities that promise big returns. Unfortunately, the only person making money is the scammer.

How to stay safe: Be suspicious of investments that sound too good to be true. Always research thoroughly, and if you are considering a big financial move, talk it over with a licensed advisor you trust.

7. Romance Scams and the New “Pig Butchering” Scheme

Loneliness can make anyone vulnerable, and scammers know it. They create fake profiles on dating sites or social media, showering victims with affection before asking for money. A new twist combines romance with fake investment opportunities, draining both your heart and your bank account.

How to stay safe: No matter how charming they seem, never send money to someone you have never met in person. Love is real, but so are scams.

8. Medicare and Health Insurance Fraud

Your phone rings and someone claiming to be from Medicare offers a new plan, free services, or discounted prescriptions. All they need is your personal information. Once you share it, scammers can bill Medicare in your name or steal your identity.

How to stay safe: Medicare will not call you unexpectedly to ask for personal information. If you get one of these calls, hang up and call Medicare directly using the official number.

9. Funeral and Cemetery Scams

Scammers have no shame. Some prey on grieving families, pretending the deceased owed money or pushing unnecessary, overpriced funeral services. Others pressure you into buying expensive caskets or add-on services you do not need.

How to stay safe: Take your time when making funeral arrangements. Work only with reputable funeral homes, ask for itemized price lists, and never give in to high-pressure sales tactics.

10. Fake Security Alerts and Phony Government Warnings

Scammers send emails or texts claiming your bank account, Amazon order, or even Social Security account has been compromised. To “fix” it, they tell you to move your money or share your login information. Once you do, your money is gone.

How to stay safe: Real companies do not ask you to transfer money or share personal details through a text or email link. Call your bank or provider directly using the number on your statement.

Final Thoughts

Scammers are getting smarter, but so are you. By learning how they operate and refusing to act in a hurry, you give yourself the upper hand. Remember: real companies and government agencies do not pressure you into instant decisions, and love or luck should never cost you money upfront.

Your retirement years should be about enjoying the life you have built, not worrying about who is on the other end of the phone. Stay skeptical, ask questions, and lean on family or trusted advisors when something feels off. You have worked too hard for your savings—do not let a scammer take them away.