How to Spot a Scam Before It Costs You: A Practical Guide for Retirees and Families
The word scam might sound old-fashioned, like something that happens to someone else. But as technology evolves, so do the con artists. Whether it’s a “crypto opportunity,” a fake refund, or a too-good-to-be-true marketplace deal, today’s scams use modern tools to exploit timeless human instincts, trust, fear, and greed.
After three decades helping families navigate financial decisions, I’ve seen almost every version of these traps. They change their shape, but not their essence. Here’s how to recognize the patterns before they get to your wallet or to someone you love.
1. Scams Don’t Start With Money. They Start With Emotion.
Every successful con starts by triggering an emotional response. Maybe it’s excitement (“You’ve won a prize!”), fear (“Your account’s been compromised!”), or urgency (“Act now before it’s too late!”).
That emotion is your first red flag.
Whenever you feel a sudden rush to act, pause. Scammers know emotion makes logic disappear. Slow the situation down, talk to someone you trust, and verify the details before you click, send, or sign anything.
2. If It Sounds Too Good To Be True, It’s a Business Model.
No one gives away free weekends, double-your-money crypto trades, or surprise inheritances. There’s always a catch.
The Nigerian prince email, for example, is designed to look ridiculous. The typos, fake seals, and strange grammar aren’t mistakes; they’re filters. Only the most hopeful or distracted readers will reply, which saves the scammer time. The tactic has evolved into text messages, fake sweepstakes, and impersonation phone calls, but the psychology is identical.
If it preys on your optimism or pride, stop. A legitimate business never needs to convince you that you’re getting a deal.
3. Beware of “Tech Helpers” and Quick Fixes.
The computer security scam remains one of the most dangerous because it blends fear and authority.
The call usually goes like this: “We’ve detected a problem on your computer. We can fix it if you give us remote access.”
Never grant access to your computer or phone unless you initiated the service request. The safest approach for older adults is to use a closed-system tablet, like an iPad, that limits software downloads. It removes one of the easiest doorways for fraudsters.
If you or a parent ever gets that email or pop-up, close it and call a trusted advisor or tech-savvy family member before taking action.
4. The “Refund” or “Overpayment” Trick Still Works.
Scammers often use payment confusion to disarm their targets. A common example: someone buys your item online, writes a check “for too much,” and asks for a small refund. You deposit it, and days later, the check bounces.
Modern versions use payment apps instead of checks, but the principle is the same; they rely on your good manners. The moment someone asks you to “send back” money, stop communicating. A legitimate buyer or business won’t overpay a stranger.
5. Protecting Loved Ones Is a Team Effort.
Fraudsters often target people over 75 because age-related changes make decision-making more difficult. The best protection isn’t more tech, it’s connection.
Talk with your parents or grandparents about common scams. Encourage them to call you before responding to anything involving money, urgency, or secrecy.
If you manage accounts for an older family member, ask their financial institutions about fraud alerts or dual-verification settings. A 10-minute setup can prevent years of recovery.
6. The Rule of Thumb: “When There’s Doubt, There’s No Doubt.”
In the movie Ronin, there’s a line that sums up fraud prevention perfectly: “When there is doubt, there is no doubt.”
If something feels off, even slightly, it probably is. Gut instinct is often the best security software.
Looking for more insight into this topic? Stream the episode of Your Successful Retirement for more using the links below!
🎧Listen on Apple Podcasts: https://apple.co/4p57ZKD
🔊Stream on Spotify: https://bit.ly/3Y9XhHY
📺Watch on YouTube: https://youtu.be/iLjuCWvdg40