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Scammers Targeting Seniors: What You Need to Know in 2024/2025

Writer's picture: Jennifer Cook, Jennifer Cook,

By Jennifer Cook, Head of Trust & Wealth Management SVP at Norway Savings Asset Management Group - 207.482.7920




American consumers reported losing over $10 billion to financial scams in 2023, and today’s financial scams increase in complexity on a daily basis. Knowing the warning signs to look out for can make the difference between protecting yourself and falling prey. 


I know what some of you are thinking; “I would never fall for a scam!” Scammers are counting on it so they can play on your good nature. Seniors are frequently targeted for several reasons, including their lifetime of assets saved, willingness to listen and be more trusting, and the likelihood of offering help due to less awareness about fraud. 


Here are some of the most prevalent financial scams confronting seniors in 2024: 


  • Medical Scams 

    • Scammers tell their victims that they are collecting unpaid medical bills or that they need personal information such as Social Security or financial account numbers to process claims. 

  • Giveaway Scams 

    • A letter, email, or phone call informs you that you’ve won a contest or prize and need only send a small amount of personal information to receive it. 

  • Computer Scams 

    • Scammers claim that your computer has problems or malware, using the scenario to get you to provide credit card numbers. 

  • Imposter Scams 

    • An urgent call from a scammer posing as a family member or friend and begging for you to quickly send money to resolve a serious situation. 

  • Tax Scams 

    • A scammer claims to be from the IRS and informs you that you owe the government money, asking for personal information to “confirm authenticity.” 

  • Contractor Scams 

    • A scammer poses as a contractor looking for payment for a job that the homeowner never requested, promising later reimbursement from the town, or starting a job, requiring payment, and then leaving without finishing. 

  • Phishing Scams 

    • Emails that appear to be from companies or people you know that want you to click a link or share personal information. 

  • Utility Scams 

    • Scammers call or email threatening that unless you make immediate payments you will have your services cut off. 

  • Investment Scams 

    • A scammer calls or emails offering you a “can’t miss” investment that “won’t be available for long.” 

  • Charity Scams 

    • A scammer contacts you to donate to a cause or person who needs the money urgently. 


Helping you avoid today’s most common financial scams was the motivation and purpose behind the recently released Safe Banking video series produced by Norway Savings Bank at www.norwaysavings.bank/security. The series provides additional tools for you to protect yourself against today’s scams. 


Remember, if it sounds too good to be true, it is likely a scam. Be vigilant and don’t make rash decisions. Increasing your awareness of financial scams empowers you to make the

right decisions, offers peace of mind, and safeguards yourself and your money from these widespread threats.

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