05/16/2022
The CFPB has a blog article with tips for older adults and their families and friends on how to prevent
and report scams which target older adults:
β’ Donβt wire money. Wiring money is like sending cash. Once you send it, you usually canβt get
it back. Donβt wire money even if someone sends you a check, tells you to deposit it, and wire
some of the money back to them. Thatβs a fake check scam, and the bank will want you to
repay the money you withdrew and sent. That may also be a money mule scam that will
involve you in moving stolen money.
β’ Donβt pay with a gift card. Gift cards are for gifts. As soon as you tell someone the numbers
on the back of the gift card, they get control of the card and your money is gone forever. No
legitimate business or government agency will insist that you pay with a gift card.
β’ Donβt pay with cryptocurrency. If someone requires you to pay for something with Bitcoin,
Ether, or some other type of cryptocurrency, they are probably a scammer. Cryptocurrency
payments donβt come with legal protections. If you pay with cryptocurrency, you usually canβt
get your money back unless the person you paid sends it back.
β’ Report fraud to the Federal Trade Commission. If youβre contacted by someone telling you to
pay or send money using these methods, please tell the FTC about it at ReportFraud. The
information you share can help protect your community from fraud, scams, and bad business
practices.