The scams every retiree needs to watch out for
Written and accurate as at: Mar 12, 2026 Current Stats & Facts
From bogus investments to AI-powered impersonation schemes, scammers are becoming increasingly sophisticated in how they operate. And with decades of savings behind them, retirees are often go-to targets for their evolving tactics.
Fortunately, a little bit of awareness can go a long way. Below are a few popular scams you and your loved ones will need to be aware of if you want to keep your nest egg safe.
Term deposit and bond scams
Scammers know retirees are often looking for low-risk, reliable investments. One way they exploit this is by posing as banks or other financial institutions and offering fake term deposits or bonds.
The ads for these can look entirely legitimate – complete with contact numbers and familiar logos – and words like ‘guaranteed’ and ‘secure’ often feature prominently. But there’s no real investment behind the offer, and if you transfer money you’ll likely never see it again.
Fake celebrity endorsements
It doesn’t take much to replicate public figures’ likeness these days. Scammers can use AI to create digital clones of celebrities, businesspeople and public commentators, and then put them to work promoting dodgy investments.
There are often giveaways that something is fake – AI videos can seem jerky, strangely lit, or ‘off’ in some other way that’s hard to pinpoint. But the technology is rapidly improving, and just as AI videos rarely feature six-fingered humans anymore, other visual tells will disappear soon too.
If we can’t trust our eyes, what are some rules of thumb we can fall back on? For starters, it pays to be skeptical of any investment opportunities you encounter online, especially if they’re urging you to “get in before it’s too late.” And if a prominent figure seems to be endorsing a product or platform, take a moment to verify it through their official website or social media.
Voice cloning scams
There are other ways scammers have put AI to use, such as cloning the voices of everyday people and sending fake voice messages to their loved ones. In many cases, victims have transferred money after receiving what they believed was an urgent call from a child or grandchild in trouble.
According to a global study by online security company McAfee, 36% of victims surveyed said they lost between $500 and $3,000, while a further 7% lost between $5,000 and $15,000.
One simple way to protect yourself against voice cloning scams (besides calling your loved ones directly) is to create a secret code word or phrase that only your family knows. That way, you’ll have a quick and reliable way to confirm whether an emergency call is genuine or fake.
Remote access scams
In this scam, someone pretending to represent a well-known company, such as a bank or tech service, will contact you out of the blue. They’ll claim to have spotted a problem with your device but – good news! – they can fix it remotely if you install a particular program or app.
In reality, downloading the program will give the scammer the ability to see or control what’s on your device. From there, they might be able to steal passwords, access your online banking, and transfer money without your knowledge.
Romance scams
It’s unfortunate but people who are lonely or seeking love are particularly vulnerable to scams. Fraudsters will create fake profiles on dating sites or social media platforms and spend weeks – sometimes even months – gaining unsuspecting singles’ trust.
Once an emotional bond is formed, the scammers will usually ask to move the chat to a different, more private platform. Then the requests for money start coming in.
They might encourage you to put money into a bogus investment, or even ask you to pay for a plane ticket so you can finally meet in person. Whatever the reason, requests like this from someone you’ve never met face-to-face are major red flags, and it’s worth confiding with someone you trust so you can assess the situation clearly.
What can retirees and their families do to stay safe?
- Don’t trust out-of-the-blue calls, texts or emails about investment opportunities
- Treat any investment opportunities you encounter on social media with a healthy dose of skepticism
- Remember that banks and service providers won’t ask for passwords in their communications with you (and they typically don’t ask you to download any new software to your device)
- Refrain from making any rash decisions. Scammers try to whip up feelings of stress, excitement or panic so you’re more likely to overlook red flags
- If something feels off, pause and take a step back. Speak to a trusted family member or friend, or contact your bank or service provider directly using the number listed on its official website.
