Untrustworthy websites and scammers are circulating fake news on the internet about an alleged increase in Social Security benefits that would be happening before the end of the month of June, while some sites even talk about the month of July as the date when this extra amount will arrive on the deposit or paper check.
From the Office of the Inspector General of the Social Security Administration (SSA), a press release was issued alerting beneficiaries of all branches of the programs, so that they avoid falling into this trap that could even be dangerous.
Wait: It’s a Scam and You Could Be the Next Target
Some scammers may even ask for personal data, such as Social Security number (SSN) or access codes of bank accounts or My Social Security account, in exchange for giving them the payment of $600. Well, don’t do it because you would definitely be one more victim of these rascals.
It is true that every year the SSA increases benefits based on the cost of living adjustment (COLA) that is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The SSA and other federal government agencies use the cpi w measurement of the third quarter of the year and compare it to the third quarter of the previous year.
If this consumer price indicator shows an increase, then that is transmitted in a COLA adjustment percentage. If there is no increase, then the benefits will remain as they are for another year.
This adjustment applies to Social Security retirement benefits, as well as to Supplemental Security Income (SSI) and Social Security Disability Insurance (SSI).
As you can guess by the dates we have not yet reached the time when the Social Security COLA increase is announced, that’s why there are no such $600 increase as some unreliable websites that are looking to make clickbait say.
What Does the Social Security Inspector General Says About the $600 Increment?
“The annual cost-of-living increases issued by SSA are ALWAYS automatic. No additional information is required for you to receive the legitimate COLA increase,” said Inspector General Gail S. Ennis. “Safeguard your personal information as these reports of misinformation are often scam-related attempts to steal your identity, or your money, or both.”
“Reports of a $600 payment increase are FALSE, please be aware and don’t fall for this stunt,” said Social Security Commissioner Martin O’Malley. “We are alerting the public to these falsehoods, and we are addressing these bogus claims at the source. No Cost-of-Living Adjustment (COLA) increase will occur until January 2025.”
Are Social Security Scam Rare or On the Rise?
There are not a few people who have been calling the Social Security administration customer service to ask about the $600 of the alleged increase announced by at least three websites. O’Malley said that up to 463,000 calls have been received in a single day with this issue, collapsing the SSA’s telephone services.
and those who are looking to capture traffic on the internet in a clickbait way also use phrases such as “stimulus checks” or “stimulus payments” that can generate revenues from readers who, innocently, fall into the trap.
Scams against Social Security beneficiaries are an everyday occurrence: Last year alone, Americans reported $126.5 million in losses from scams to the Federal Trade Commission (FTC).
How Much Could ACTUALLY Increase the Social Security Benefits?
as we have mentioned before, the cost of living adjustment for 2025 will be announced only in October. However, the most recent estimate of the senior citizens league (TSCL) projects that the social Security cola adjustment will be around 2.57%. For now, it’s only a partial estimate and it is a number that is not written in stone.
We will see in October, based on the inflation that has accumulated between this year’s CPI-W and last year’s CPI-W, how much more you are going to receive in your monthly benefit check.