How to Safeguard Your Identity Against Rising Social Security COLA Scams

SS Scams

With a 2.5% increase in the Cost of Living Adjustment (COLA) announced by the Social Security Administration, scammers now have fresh opportunities to exploit unsuspecting beneficiaries.

At a Glance

  • The COLA for 2023 was an unprecedented 8.7%, marking a significant increase in Social Security benefits.
  • Scammers pose as SSA personnel to steal personal and financial information.
  • SSA confirms that COLA adjustments are automatic and do not require personal details.
  • National Slam the Scam Day aims to raise awareness against such scams.

Social Security Scams Targeting COLA Beneficiaries

The Social Security Administration announced a 2.5% COLA increase for 2025, set to benefit over 72 million Americans with an average monthly increase of $50. Following this announcement, scammers have heightened activities by impersonating SSA representatives through fake calls, texts, and emails requesting sensitive information under the guise of activating the COLA.

Many scams involve robocalls that threaten beneficiaries with benefit loss unless personal information is provided, a claim which the SSA denies. SSA emphasizes that benefit increases are automatic, and such requests are unnecessary. The public is urged to report such scams to relevant authorities.

Protective Measures and Awareness Campaigns

The U.S. Senate has declared March 7 as “National Slam the Scam Day,” an initiative to educate the public on recognizing and avoiding scams. SSA advises beneficiaries to set up a “my Social Security” account to securely monitor benefit changes and protect themselves from fraudulent account creations and scam attempts.

Scammers often demand payment via unconventional methods like gift cards or cryptocurrencies, which SSA never requests. The SSA advises letting suspicious calls go to voicemail and avoiding engagement with unsolicited communications.

Staying Vigilant Against Scams

With Social Security related scams leading government impostor frauds, resulting in losses over $126.5 million last year, beneficiaries are urged to stay vigilant. The Federal Trade Commission provides multilingual assistance for recovering from scams. The SSA reassures that legitimate communication primarily occurs through mail, never involving threats or demands.

Safeguard your information and finances by ignoring suspicious messages and actively sharing information about scams. The SSA Office of the Inspector General continues to audit and investigate fraudulent activities to protect beneficiaries.