Common Scams and Fraud

Foreclosure relief scam

• A scheme to help homeowners avoid foreclosure by providing legitimate financial advice.

• A fraudulent scheme to take your money or your house by making false promises of saving you from foreclosure; includes mortgage loan modification scams.

• A government program that offers financial assistance to those facing foreclosure.

• A legal process that allows homeowners to sell their property to pay off their mortgage.

Identity theft

• Using your personal information without your permission.

• A method of securing your personal data.

• A type of online shopping fraud.

• A legal process for identity verification.

Data breach

• The unauthorized movement or disclosure of sensitive information to a party not authorized to have it.

• A method of securing sensitive information from unauthorized access.

• A legal process for sharing data with third parties.

• A type of software used to protect data from breaches.

Fraud

• An illegal act that occurs when people try to trick you out of your personal information and your money.

• A legal transaction that benefits both parties involved.

• A type of investment that guarantees high returns.

• A method of saving money for future expenses.

Mail fraud scam

• Letters that look real but contain fake promises. A common warning sign is a letter asking you to send money or personal information now to receive something of value later.

• A legitimate offer from a well-known company that requires no personal information.

• A promotional letter that guarantees a prize without any conditions.

• A letter that provides a detailed explanation of a new product with no request for money.

Imposter scam

• An attempt to get you to send money by pretending to be someone you know or trust, like a sheriff; local, state, or federal government employee; a family member; or charity organization.

• A scheme where someone pretends to be a bank representative to steal your personal information.

• A fraudulent act where someone impersonates a celebrity to sell fake merchandise.

• A tactic used by telemarketers to sell products by pretending to be a government official.

Elder financial exploitation

• The illegal or improper use of an older adult’s funds, property, or assets by family members, caregivers, friends, or strangers who gain their trust.

• A legal process where older adults manage their own finances with assistance from professionals.

• A type of investment strategy aimed at increasing the wealth of older adults.

• A form of financial planning that helps older adults save for retirement.