Experts tips to avoid pension fraud against seniors

Cedar Rapids, Iowa (KCRG) – People save for retirement year after year and prepared for a large milestone. However, some criminals aim at these savings and try to steal the money that people have worked so hard to collect themselves.

TV9 spoke to Bobby Hansen from Better Business Bureau, who was concerned about the growing prevalence of fraud in the retirement reservations. These programs often promise high returns with low risk or guaranteed profits, with pressure tactics being used to rush individuals in investing. They are particularly aimed at those who approach, with considerable savings.

Hansen also gave an example of how criminals represent as a trustworthy financial advisor and carried out non -authorized transactions on behalf of customers. Another red flag is when the person at the other end of an e -mail or a telephone call is requested to pay in cryptocurrency or gift cards. Hansen also gave tips on how to protect themselves from retirement fraud, especially from the elderly.

“Be aware that you always know that you will say the current monthly, what your bank statements say, what your credit card statements say, what your retirement provision says, how much money you have and whether there is a big discrepancy of what you think, you have to reach or contact this bank or contact this financial representative,” said Hansen.

Hansen said that it can be difficult for some seniors to see if they were cheated.

If you believe that you have become the victim of a fraud, immediately contact your financial institution to try to regain your money. Also ensure that you report the incident to the local law enforcement authorities.

Copyright 2025 Kcrg. All rights reserved.