Scams have gotten very sophisticated over the years, and the perpetrators are constantly inventing new ways to trick people. Sadly, older adults are frequent targets. Scams targeting people over 60 account for $28.3 billion in annual losses. Shockingly, $20.5 billion of that is likely never reported to the authorities, often because victims feel embarrassed. 

Remember, scammers are master manipulators, and if this happens to you, you are not alone. 

This is why Bank of America has been working with community groups, including senior citizen organizations, to educate about common and new scams. The goal is to arm everyone with an eye out for red flags to avoid falling prey to fraudsters and protect your hard-earned money. 

To keep your money safe, here are some red flags to watch out for: 

• Impersonation Scams: Criminals use the latest technology to impersonate a loved one's voice, calling to say they are in danger and need money immediately. 

• Tech Support Scams: Scammers pose as tech support, claiming your computer has a virus to gain remote access to your device, convincing you to give them confidential passwords. 

• Cash Withdrawal Scams: Imposters may even pose as your bank or other authority, instructing you to withdraw cash and deposit it into a "new" account to protect it from fraud – and to tell anyone who asks. 

• Romance Scams: Strangers build your trust online, eventually asking for money for fake emergencies or even plane tickets.

 Common threads of these scams include coming out of the blue; a sense of urgency and secrecy; and unusual payment methods like gift cards and wire transfers. 

You can protect yourself by remembering a few simple rules. First, pause and don’t rush. Second, independently verify their information. Also, share the matter with trusted friends and family, and consider creating a family "safe word" that only you and your loved ones know to combat impersonation scams 

Trust your instincts. If a situation seems too good to be true, it probably is. If you suspect you've been targeted, pause, but also act quickly by contacting your bank and creditors to let them know your identity may be compromised. Also, consider reporting the incident to local law enforcement. 

To learn more about common scams and ways to protect yourself and your finances, check out BofA’s webpage BofA.com/Security for Scam Prevention: Trending Scams and Their Red Flags. BofA also hosts free “Scaminars” for the public on the Central Coast of California and all over the country. To find a Scaminar in your area go to: https://rsvp.bankofamerica.com/client/12272.