Informed and vigilant family members, friends, and neighbors are every fraudster’s worst nightmare. We must talk about financial fraud prevention and share our knowledge with the older adults in our lives. A caring and connected community is one of the strongest defenses against financial elder abuse.
Here’s why criminals target older adults, how to recognize warning signs, and what you can do to protect the people you care about.
Why do criminals target seniors?
Scammers often target older adults because they tend to be more trusting, less familiar with technology, and more socially isolated.
With the help of AI, voice impersonation technology, and real-looking numbers or email addresses, financial scams are much harder to spot. Health challenges like hearing loss, vision impairment, and memory issues can exacerbate difficulties spotting a scam.
The good news is, the more we educate and support our elders, the harder it is for fraudsters to take advantage of them.
The most common elder scams
According to the Federal Trade Commission, Marylanders over age 60 lost more than $46 million to fraud in 2024. Here are some of the most reported tactics.
- Business imposters: A company like Amazon or your bank claims there’s a problem with your account. The scammer asks for payment or personal info to fix it.
- Tech support scams: Someone posing as a Microsoft or Apple rep says your computer has a virus and offers fake repairs via remote access for payment.
- Government imposters: Fake IRS, Medicare, or Social Security reps demand money or personal information. They use threats and rush you into giving them what they want.
- Online shopping scams: A fake website or ad offers great deals, but the product never arrives, or it’s nothing like the advertisement.
- Fake sweepstakes and lotteries: You’re told you’ve won, but you must pay taxes or fees upfront to claim the prize. The winnings never come.
- Grandparent emergencies: The scammer pretends to be your grandchild, or calls on their behalf, and says they’re in trouble and need money right away. They often ask you not to tell anyone.
Signs that a loved one might be getting scammed
Look for these signs that someone you care about may be a victim of fraud. If something feels off, speak up. Trust your gut.
- Unexplained withdrawals or large money transfers
- Purchasing gift cards for unknown reasons
- Sudden secrecy around finances
- New “friends” or online relationships who ask for money
- Anxiety around phone calls, emails, or mail
- Missed bills or confusion about account balances
What you can do to help prevent elder fraud
The best way to protect the older adults in your life is to be proactive.
Talk early and often
Normalize conversations about fraud protection by talking about the steps to take to stay safe from scams. Provide a safe space for them to ask questions about the tactics and technology scammers use to commit fraud. Ensure they understand that most companies or government agencies will not pressure them via text to send money.
Share educational resources
The FTC’s Pass It On campaign offers free, easy-to-read guides on popular scams. They provide specific tips to help spot a variety of popular elderly scams. Download and print the materials (available in English and Spanish) to share with loved ones.
Appoint a trusted friend or family member to help with monitoring
This person should act as an extra set of eyes. They can provide support in a few different ways.
- Create strong passwords and manage them
- Get permission to receive unusual activity alerts on their accounts
- Add them to the national Do Not Call Registry and install call-blocking apps
- Speak up if something feels off before making big purchases, transferring money, or sharing personal information
- Be a sounding board for questions about strange texts or emails
Always report suspicious activity
If you suspect fraud, here’s what to do.
- File an FTC report
- Notify any financial institutions that might have compromised accounts or cards
- Follow the FTC’s recommended action steps
- Remember to reassure them that they’re not alone and there’s nothing to be ashamed of
Let’s work together to protect our elders
Protecting the older adults in our lives is something that goes beyond family. It involves the community and we can all take part in it. We’re committed to helping members and their families stay safe from financial fraud.
If you’re worried someone you care about is being targeted, reach out to us. You can also visit our fraud prevention center for tools, tips, and resources to help you stay informed and protect your loved ones.
