Scammers often exploit the vulnerabilities of older adults, such as their perceived trust, isolation, and unfamiliarity with technology, turning the fight against fraud into a constant challenge. Safeguarding yourself and your older loved ones from fraud means staying informed, taking proactive steps, and keeping open lines of communication.
In recognition of Older Americans Month, we’ve compiled some tips to help you, your family, and your loved ones.
Common Types of Fraud
Older adults lose more than $36 billion to financial fraud every year, according to the National Institute of Justice, and that figure is likely underreported, as many do not report being victimized. Below are some common types of fraud.
- Imposter Scams: Scammers pose as government officials (e.g., IRS, Social Security, and even CalPERS), family members, or tech support representatives.
- Phishing Scams: Fraudulent emails, texts, or calls designed to steal personal information.
- Investment Fraud: High-pressure sales tactics promoting fake investments or “get-rich-quick” schemes.
- Charity Scams: Fake charities soliciting donations, especially after disasters or crises.
- Medicare/Health Insurance Scams: Fraudsters claiming to offer free medical services or billing for services never provided.
- Sweepstakes and Lottery Scams: Scammers claim the victim has won a prize but demand payment upfront to claim it.
- Tech Support Scams: Fraudsters pretend to fix non-existent computer issues and request payment or access to personal devices.
Keep Your CalPERS Info Secure
Unfortunately, some people misuse the CalPERS name and brand for dishonest purposes. To protect yourself, always ensure you’re on the official CalPERS website when interacting with us online. Double-check—and even triple-check—the website’s authenticity to stay safe.
We’ve recently strengthened security measures for myCalPERS, including the addition of two-factor authentication for logging in. Please remember not to use a shared email account to access myCalPERS. You can find more information about using myCalPERS on our website.
If you notice any suspicious activity related to your CalPERS benefits, contact us immediately at 888-CalPERS (888-225-7377).
Tips to Talk About Preventing Fraud
Ultimately, financial fraud isn’t going anywhere soon. Here are some tips to talk about fraud prevention:
- Educate About Common Scams: Share information about types of scams and how they operate. Encourage skepticism of unsolicited calls, emails, or messages requesting money or personal information.
- Promote Safe Communication Practices: Remind loved ones not to provide Social Security numbers, banking details, or passwords over the phone or online. Encourage them to verify a caller’s identity by hanging up and calling back using official contact numbers for banks, government agencies, or companies.
- Protect Online and Phone Activity: Help them create strong, unique passwords for online accounts and use password managers if needed. Enable two-factor authentication as an extra layer of security to online accounts. Block robocalls by registering their phone number with the National Do Not Call Registry and use call-blocking functions.
- Encourage Caution and Verification: Legitimate organizations don’t ask for money to claim prizes or services, so never pay upfront fees. Encourage them to detect high-pressure tactics and teach how to say no to offers that demand immediate action or payment.
- Secure Personal Information: Shred sensitive documents like bank statements and medical records before discarding them. Use a locked mailbox or consider a P.O. box to prevent mail theft.