Last Friday, the Social Security Administration (SSA) announced a 2% cost-of-living adjustment (COLA) for Social Security recipients beginning in January of 2018, however, scammers are already taking advantage of this news and making calls to unwary seniors in which the scammers purport to be representatives of the Social Security Administration. They tell their intended victim that in order to receive the new cost-of-living adjustment (COLA), they must confirm personal information including their name, birth date and Social Security number. The truth is that this information is not required for a person to receive a cost-of-living adjustment which is automatic and if the person does provide this personal information, the scammer will use it to make the person a victim of identity theft.
You do not have to confirm information or apply for any cost-of-living adjustment. It is automatically added to a Social Security recipient’s payment. In addition, you should never give out personal information on the phone to someone you have not called unless you are absolutely sure that the call is legitimate and there is a legitimate need for that information. Scammers can trick your Caller ID through a technique called spoofing into making it appear that the call is from the Social Security Administration or any other entity they wish.
Here is a link to the press release of the SSA describing the upcoming COLA.