BBB warns of Social Security, COLA scams

CAPE GIRARDEAU, Mo. (KBSI) – Scammers are now taking advantage of senior citizens’ Social Security payments through various methods such as phone calls, emails, and texts.

Each year, the Social Security Administration approved a cost-of-living adjustment, and due to inflation, payments may increase 8.7 percent — the highest increase in 40 years.

Scammers are taking notice, and Whitney Quick, regional director of the Better Business Bureau, says to stay alert to the growing epidemic.

“What happens is scammers contact you by phone, text message or email. And this Social Security Administration representative claims you must apply for a cost-of-living increase. They may ask you to visit a website, send information via text message or email, or speak with them on the phone to get the benefit. The scammer will then ask you to verify your identity by sharing personal details, such as your full name, your address, your social security number. They ask for your bank account information, claiming the representative will deposit the money into your bank account. In any case, you are giving your personal information,” said Quick.