New Social Security scam targets seniors
Could one phone call cost you your entire life’s savings?
It sounds hard to believe – but that’s exactly what just happened to Janet, a senior from Tennessee.
Two weeks ago, Janet received a phone call from a man claiming to work for the Social Security Administration.
He told her she was owed back money from a cost-of-living increase – and even offered to deposit the funds once she provided her bank account number.
Just moments later, nearly $25,000 was stolen from Janet’s account.
Janet was just the latest victim of a new Social Security scam targeting seniors all across America. It’s being run by some very sophisticated crooks – but with a just a few steps, you can expose these phonies and keep your money safe.
When you’re on a fixed income, every penny counts.
And nothing causes more stress or anxiety than money suddenly disappearing.
Unfortunately, scams targeting seniors’ bank accounts are becoming a lot more common – and harder to spot.
Just take this new Social Security scam for example. Thieves have already used it to bilk seniors out of a small fortune.
Here’s exactly how it works:
Step #1: Someone claiming to be from the Social Security Administration will call and tell you you’re owed back money, usually from a rebate or a cost-of-living increase that wasn’t properly applied.
Step #2: The caller may be very apologetic and will offer to deposit the funds. You just need to “confirm” your bank account or routing number. Since lots of seniors get their Social Security through direct deposit, they may not think anything of providing this information.
Step #3: Thieves will use the information you provide to clean out your account.
Dozens of seniors were just targeted in Tennessee, where Janet lives. And a sheriff in Iowa says his county was hit with the scam just last week.
“They pick on the most vulnerable people,” said Tim Davis, a police detective from Greeneville, TN. And once the money is gone, David said, it can be nearly impossible to recover.
The good news is that staying safe from this latest scam is relatively easy. Here are a few tips right from the Social Security Administration:
Tip #1: The Social Security Administration will never, ever call or email you asking for your personal banking information. If someone calls or emails claiming they need a routing number, you can bet it’s a fraud – no matter how convincing they sound.
Tip #2: If you want to make changes to your direct deposit information, the best way to do that is by creating a “my Social Security” account. You can start or update your account by clicking here.
Tip #3: If you ever have questions about whether a phone call, email, or letter claiming to be from the Social Security Administration is legitimate, just call the agency at (800) 772-1213.
And please share this information with other seniors you know, so we can all keep the money we worked so hard for safe.
Sources:
“Social Security scam reported in Audubon county” Audubon County News, May 6, 2016, 1380kcim.com
