Stop Financial Scams Now: 4 Expert Tips from Suze Orman

People aged 60 and older are particularly vulnerable. The age group may be less tech-savvy, more likely to be targeted and have more money saved, making them lucrative targets for scammers.

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The Federal Trade Commission reported the number of consumers over age 60 who lost over $100,000 to scams increased 800%, from $55 million in 2020 to $445 million in 2024. These were just the scams reported to the FTC, so the actual number is likely higher.

Suze Orman, author, podcaster and personal financial guru, has given some advice for consumers of all ages who want to stop these kinds of financial scams.

1. Slow Down

The first thing to do if you are contacted by someone who says there is a problem with your bank account, investment account or even your computer, is nothing. Do not tell the person who is calling, texting or emailing you anything. Do not give them any information. Slow down, take a deep breath and tell yourself this could be a scam.

Suze Orman: 3 Biggest Mistakes You Can Make as an Investor

2. Confirm Directly With the Institution

If someone tells you there’s an issue with your bank or credit card account, don’t use the link in the email or text, or the telephone number they give you to contact the company. Instead, log into your account online the way you normally do or call the phone number on your statement or credit card. Ask for the fraud department and tell them what happened.

3. Add Your Phone Number to the Do Not Call Registry

The National Do Not Call Registry maintains a list of phone numbers telemarketers cannot call. Spammers don’t necessarily play by the rules, so this won’t stop them completely, but it will make it more difficult for them to find you.

4. Don’t Trust Anyone Who Calls You Out of the Blue

If someone calls you unexpectedly, don’t assume they are who they say they are. If they say they are calling from your bank, your credit card company, Microsoft or even the FTC, assume they’re not until you can prove otherwise.

What To Do if You Are a Victim of Fraud

If you think you are a victim of fraud, immediately contact the financial institution in question, whether it’s your bank or credit card company. Again, use the phone number on your statement or on the card itself. Speak to the fraud department and tell them exactly what happened.

You can also report the scam to the Internet Crime Complaint Center of the FBI. The FBI recommends reporting as soon as possible, with as much information as possible. The FBI likely won’t investigate your particular case, so you may not hear back from them. However, providing the information can help them prevent fraud in the future.

If you believe you have received a fraudulent phone call, email or text message, report it to the FTC.

Remember that you are a victim here, so don’t be embarrassed or ashamed. Scammers are getting more and more clever every day, and even people who are very careful and very smart can be taken in. Don’t let embarrassment prevent you from reporting a scam and possibly getting your money back.

Pass these lessons on to others in your family, especially senior citizens, to help them recognize fraud before it happens. Remaining vigilant and cautious can help you stay financially safe.

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This article originally appeared on GOBankingRates.com: Stop Financial Scams Now: 4 Expert Tips from Suze Orman