Financial Red Flags and Grocery Scams to Watch Out For
While you’re focused on saving money, scammers are focused on taking it. Seniors are often targeted by fraudsters, and it’s important to be vigilant. Here are a few common scams and red flags related to grocery savings.
1. The “Free” Grocery Gift Card Scam
You might see a pop-up ad online or receive an email or text message claiming you’ve won a $500 gift card to a popular grocery store. To claim your prize, you just need to fill out a survey and provide personal information like your name, address, and phone number. At the end, it might ask for a small payment, perhaps $4.95, for “shipping.” This is a classic phishing scam. The gift card doesn’t exist. The scammers are either trying to steal your identity or get your credit card number for fraudulent charges. Red Flag: Any unsolicited offer that seems too good to be true, especially one that asks for personal information or a small payment to claim a large prize.
2. Counterfeit Coupon Scams
Be wary of websites or social media posts offering unbelievably good coupons, such as “90% off your entire order” or a coupon for a completely free, high-value item with no other purchase required. These are almost always fake. Attempting to use a counterfeit coupon is illegal, and downloading them may install malicious software on your computer. Red Flag: Stick to well-known coupon sources, like the manufacturer’s website, your grocery store’s official app, or reputable couponing sites.
3. Misleading “Buy One, Get One Free” (BOGO) Deals
This isn’t a scam in the traditional sense, but it’s a marketing tactic that can cost you money if you’re not careful. A BOGO deal can be great, but sometimes the price of the first item is inflated to cover the cost of the “free” one. Before adding a BOGO deal to your cart, check the unit price. A competing brand or a different size of the same item might still be cheaper per ounce or per pound, even without a special offer. Always do the math.
