20 Financial Scams to Watch Out for After 45
Scammers see people over 45 as prime targets for financial fraud, using sneaky tactics to steal savings, so knowing their tricks can keep your hard-earned money safe.
- Alyana Aguja
- 5 min read
As you turn 45 and older, scammers have their eyes on you as a prime target for financial fraud, employing everything from bogus investments to IRS scams to bilk your hard-earned cash out of you. These scams play on trust, urgency, and a lack of knowledge, costing victims thousands before they even know what’s hit them. By being aware of red flags and remaining educated, you can outwit these scammers and secure your financial future.
1. Phony Investment Opportunities
Sander Sammy from Unsplash
They entice you with “can’t miss” investments offering high returns at low risk. They employ haste—“Act immediately before the opportunity disappears!"—to bully you. If it seems too good to be true, it generally is.
2. Rollover Disasters of Retirement Funds
Giorgio Trovato from Unsplash
Scammers pretend to be financial advisors who promise to “optimize” your retirement funds. They get you to move money into phony investments, then vanish. Always screen professionals from reputable sources such as FINRA or the SEC.
3. Social Security Spoofs
Taylor Grote from Unsplash
You get a call saying your Social Security benefits are suspended due to “fraudulent activity.” The scammer demands immediate payment, or your benefits will be cut off. Social Security will never call or threaten you—hang up and report it.
4. Medicare and Health Insurance Fraud
National Cancer Institute from Unsplash
Scammers pretend to be from Medicare, asking for your personal info to “update your records.” They use your details to bill Medicare for fake procedures or steal your identity. Never give out your Medicare number unless you initiate the call.
5. “We Found Money for You!”
lucas Favre from Unsplash
A scammer says you have unclaimed money or inheritance held in anticipation of your claim—but there is a “processing fee.” They will request your bank information or payment to free the funds. Genuine unclaimed funds can be searched for at no cost at MissingMoney.com.
6. Charity Scams
Campaign Creators from Unsplash
Imposter charities take advantage of people’s generosity, particularly in times of disaster or holidays. They employ high-pressure methods and emotional tales to get you to donate immediately. Always review charities on websites such as CharityNavigator.org before donating.
7. Romance Scams
Hassan OUAJBIR from Unsplash
A person you have met online is perfect; then they will be asking for money—typically in an emergency situation or a “business venture.” Scammers work for months to get to know someone before making a move. When someone you do not know personally asks for money, it’s a scam.
8. Home Improvement Fraud
Digital Marketing Agency NTWRK from Unsplash
A contractor comes to your doorstep with “fantastic deals” on renovations or repairs. They insist on full payment upfront, perform substandard work, or just disappear. Always verify licenses, read online reviews, and never pay upfront.
9. Timeshare Resale Scams
Meritt Thomas from Unsplash
You’re promised an easy way to sell your unwanted timeshare—for a hefty upfront fee. The scammer takes your money but never finds a buyer. Real timeshare sales don’t require big upfront payments, so avoid these offers.
10. Phony Tech Support Calls
Berkeley Communications from Unsplash
You receive a call or pop-up message stating that your computer has a virus. The “tech expert” talks you into granting them remote access or paying for non-existent repairs. Genuine firms like Microsoft and Apple do not make unsolicited technical support calls.
11. Pension Scams
Kenny Eliason from Unsplash
An individual presents you with a “special offer” to cash out or unlock your pension early. They charge you secret fees or invest your money in high-risk investments. Never make pension decisions without consulting a certified financial planner.
12. Lottery & Sweepstakes Scams
Alejandro Garay from Unsplash
You’re informed you’ve won a large prize—but first, you have to pay “taxes” or “processing fees.” No legitimate lottery asks you to pay to collect winnings. If you didn’t play, you didn’t win.
13. Reverse Mortgage Scams
Kenny Eliason from Unsplash
Deceptive lenders coerce you into a reverse mortgage that profits them, not you. They charge you exorbitant fees, unfavorable terms, or even try to steal your house. Deal only with HUD-approved lenders and read all terms before you sign.
14. Phony IRS Calls & Tax Scams
René Ranisch from Unsplash
A caller says you owe back taxes and threatens to sue unless you pay right away. They want payment in the form of gift cards, wire transfers, or cryptocurrency. The IRS always contacts taxpayers by mail first—never by threatening phone calls.
15. Grandparent Scams
Humphrey Muleba from Unsplash
A “grandchild” contacts in desperation, stating they must have money for an emergency—most frequently bail or a medical expense. They implore you not to tell their parents and coerce you to wire money immediately. Always check with family before sending money to anyone.
16. Cryptocurrency Scams
Kanchanara from Unsplash
They guarantee huge crypto profits if you invest with them. They take your money and then vanish, leaving you with nothing or worthless tokens. Use only legitimate platforms and never believe in “guaranteed” returns.
17. Debt Relief & Credit Repair Scams
CardMapr.nl from Unsplash
They promise to erase your debt or improve your credit score—if you pay them first. Most steal your money, or worse, steal your personal information. Only use reputable, non-profit credit counseling agencies.
18. Bogus Employment & Work-At-Home Scams
Christin Hume from Unsplash
You’re offered a high-paying home job but must pay first for “training” or hardware. The job offer is gone after you’ve paid. Employers who truly exist don’t charge you for working with them.
19. Fake Legal Threats
Cytonn Photography from Unsplash
You’re called or emailed with a threat that you’re being sued or have an arrest warrant out for you. The caller insists that you pay at once to prevent the lawsuit. No legitimate court or law firm asks for money by phone or email.
20. Online Marketplace & Payment Scams
Priscilla Du Preez from Unsplash
You sell something online, but the purchaser overpays and requests that you refund the excess. Their initial payment subsequently bounces, and you lose the item and the “refund” funds. Always wait for payments to clear before shipping merchandise, and do not accept overpayment requests.