Watch Out! 10 Money Scams Circulating Right Now You Need to Avoid

Scams have been around for centuries, but in today’s world they have taken on a slicker, more high-tech edge. With scammers using everything from fake phone calls to artificial intelligence, it feels like they are lurking around every corner of the internet. The sad truth is that older adults, especially baby boomers, are often prime targets. Why? Because you worked hard, saved well, and now have what criminals want most—resources.

But here is the good news: you are not powerless. The same life experience that got you through market crashes, Y2K, and dial-up internet can help you outsmart even the craftiest fraudster. All it takes is knowing what tricks are making the rounds and having a few simple strategies ready. Think of it as sharpening your scam radar.

Below are ten of the most talked-about scams today, along with straightforward, practical ways to protect yourself. Consider this your pocket guide to keeping your money safe and your peace of mind intact.

1. Impostor Scams (Fake IRS, Social Security, or Utility Calls)

The phone rings and the voice on the other end claims to be from the IRS, Social Security, or even your local utility company. They say you owe money or that your benefits will be cut off unless you pay right away. Cue the panic, right?

The truth: no government agency or utility will ever demand immediate payment over the phone, and they definitely will not ask you to pay with gift cards or cryptocurrency. If you get one of these calls, hang up. Then call the real agency directly using an official number. A pause to double-check can save you a world of stress.

2. Fake Tech Support or Virus Alerts

You are browsing online when suddenly a pop-up screams, “Your computer is infected!” Or maybe someone calls claiming they are from Microsoft and need access to fix your machine. It is a setup.

Here is the reality: tech companies do not cold call. Do not give anyone remote access unless you personally called them first. If you see a scary pop-up, close your browser and run a scan using trusted antivirus software you already have. Remember—your computer is not calling for help, a scammer is.

3. Romance and “Pig Butchering” Scams

Love can be a beautiful thing, but online romance scams are breaking hearts and draining bank accounts. In these schemes, scammers build trust and affection over weeks or months. Then, once you feel emotionally connected, they ask for money—often disguised as an investment opportunity or a personal emergency.

Protect yourself by insisting on live video calls and meeting in person before trusting anyone with money. If someone refuses or constantly makes excuses, take it as a red flag. Most importantly, never send money to someone you have not met face-to-face, no matter how sweet the story sounds.

4. Phishing Emails and Text Messages

We have all seen them: “Your bank account is locked” or “Click here to confirm your password.” These emails and texts are designed to look official, but the moment you click that link you hand over sensitive information.

Instead of clicking, go directly to your bank or service provider’s website through your browser. Hover over links to see where they actually lead. If you are unsure, call the company using the number on your statement or card. A few extra seconds can protect your identity.

5. Fake Check or Overpayment Scams

You sell an item online, and the buyer sends a check for more than the price. They ask you to refund the difference, and by the time the bank flags the check as fake, your money is gone.

The rule here is simple: never send money back to someone who “accidentally” overpaid. If you receive a check, wait until it fully clears—not just appears in your account—before spending or sending a dime. Scammers count on impatience, so slowing down works in your favor.

6. Cryptocurrency and Investment Scams

“Get in now and double your money in weeks!” These offers sound tempting, but they are almost always smoke and mirrors. With cryptocurrency, fake trading platforms, and risky “too good to be true” investments, scammers know how to lure people in with promises of fast riches.

If you want to invest, stick with well-known, regulated companies. Research through the Securities and Exchange Commission or FINRA, and never invest based on a cold call or an email pitch. Slow and steady still wins the race.

7. Job and Task Scams

Work-from-home scams are on the rise, with ads offering easy money for posting reviews, clicking links, or completing “tasks.” Often you will receive a small payout at first to make the job look real. Soon after, the “employer” asks you to buy special software or pay a fee to keep working.

Here is the truth: real employers do not ask you to pay them. If a job requires you to buy in or fund an account, it is a scam. Research the company name online, check the Better Business Bureau, or ask your state’s attorney general.

8. Medicare and Insurance Scams

“Hello, we are calling about your new Medicare card.” Scammers posing as insurance representatives often trick older adults into giving out their Social Security numbers or medical information. Some may even try to get you to pay fees for “upgraded” benefits that do not exist.

Legitimate Medicare and insurance companies will not call to ask for personal information out of the blue. If you get a call like this, hang up and contact your provider directly. Protecting your medical information is just as important as guarding your wallet.

9. Grandparent or Emergency Scams

This one tugs at the heart. A caller claims to be your grandchild or someone speaking on their behalf, saying they are in jail, stranded overseas, or in some urgent trouble. They beg you not to tell anyone and to send money right away.

The best defense: slow down and verify. Ask a question only your grandchild would know. Call their parents or reach out directly before sending money. Scammers love creating urgency and secrecy, but your calm verification will stop them in their tracks.

10. Deepfake and Artificial Intelligence Impersonation Scams

Technology has given scammers a chilling new tool: artificial intelligence. Now they can mimic voices or even create realistic video messages that look and sound like someone you know. Imagine getting a call that sounds exactly like your son asking for money—that is the new frontier of fraud.

The solution is to set up a family “code word” that only you and your loved ones know. If you get a call or video that feels suspicious, ask for the word. If they cannot provide it, hang up and call your loved one directly. A little family planning can keep you safe from a big headache.

Final Thoughts

Scammers thrive on fear, confusion, and speed. They want you to act first and think later. But here is the secret weapon: you do not have to give them that power. By pausing, asking questions, and verifying information, you put control back in your own hands.

Baby boomers have lived through enough to know that quick fixes and easy promises rarely work out. Staying skeptical is not about being cynical—it is about being smart. Share these tips with friends, keep conversations open with family, and remember that you are not alone.

If something feels off, it probably is. Trust your instincts, take your time, and always check twice before parting with your money. The scammers may be getting smarter, but with knowledge and caution, so are you.