Stay Alert – Scams Tied to Social Security 8.7% COLA

February 6, 2023

This year’s 8.7% COLA (cost of living adjustment) for Social Security recipients is the highest in more than 40 years. Scammers are trying to get their hands on some of that money by impersonating Social Security Administration (SSA) staff in robocalls, text messages, emails, or letters. Many of the scams involve telling victims they must pay a fee or provide personal or financial data to get the additional dollars.

Those kinds of messages are a red flag for fraud. COLA increases are automatic and do not require recipients to take any action. If you receive communications claiming you owe a fee — or asking for your Social Security number, bank account numbers, or other sensitive information — do not respond to them.

As the SSA states on its website, the agency will only send emails or text messages if you have opted to receive them, and only in limited situations, including the following:

When you have subscribed with Social Security to receive updates and notifications by text or email
As part of Social Security’s enhanced security when accessing your personal my Social Security account

The SSA might also email or text you about programs and services, but it will never ask for a return call to an unknown number or request personal information.