The holiday season is a time for family, generosity and celebration—but unfortunately, it’s also a prime time for scammers. Consumers is seeing an increase in fraud attempts that specifically target seniors and their loved ones. These scams often involve phone calls, social media and even fake investment opportunities. Here’s what you need to know to stay protected.

Bitcoin ATM Scams

Scammers may instruct victims to withdraw cash and deposit it into a Bitcoin ATM. Why? Because once funds are deposited, they’re nearly impossible to trace or recover. Often, the scammer won’t mention the Bitcoin ATM until the cash is in hand.

Ask yourself: Have you ever used a Bitcoin ATM before? If the answer is no, pause. Hang up the phone and call a trusted number for your financial institution. Consumers will never ask you to deposit money into a Bitcoin ATM.

Online Payment Scams

Fraudsters use platforms like Facebook Marketplace, Instagram or Craigslist to post fake listings or send fraudulent links. Clicking these links or sending money for items that don’t exist can lead to stolen funds or compromised personal information.

Tip: Avoid clicking links in messages or ads. Instead, go directly to the retailer’s official website or app.

Investment Scams

Scammers may pitch “too good to be true” investment opportunities, often involving large withdrawals or cryptocurrency transfers. They might even pose as online advisors.

Only work with reputable companies you can meet in person. Sensitive accounts should be opened by you, in your name and provide regular statements.

Romance Scams

These scams often start on social media. The scammer builds trust by sharing personal details and moving the conversation to apps like WhatsApp or Telegram. They may claim to work on an oil rig, for the UN or in the military. After weeks of “love bombing,” they ask for money for emergencies—then escalate requests over time, sometimes involving Bitcoin deposits, wires or gift cards.

Why Seniors Are Especially at Risk

Scammers prey on seniors’ trust and vulnerability, especially during the holidays. Common tactics include:

• Family Impersonation: Pretending to be a grandchild or loved one in distress, sometimes using AI-generated voices.
• Tech Support Scams: Posting fake phone numbers for companies like Microsoft. Seniors should seek help in person or from trusted family members.
• Holiday Shopping Scams: Social media ads for gifts may lead to fraudulent sites. Seniors should shop directly on official websites and limit online purchases to reduce risk.

How to Stay Protected

• Never share personal or account information with someone who contacts you unexpectedly.
• Avoid urgent requests for money, especially involving Bitcoin ATMs, wires or gift cards.
• Confirm legitimacy by calling trusted numbers—never those provided in suspicious messages.
• When in doubt, pause and verify.

If you suspect a scam or have questions, call Consumers at 800.991.2221. We’re here to help keep you and your loved ones safe.

 

Federally insured by NCUA