Stay Ahead of Financial Scams


Fraud schemes target millions of older adults each year. These schemes can be both emotionally and financially draining. Scammers are creative and persistent, using various tactics such as phone calls, emails, ads and in-person interactions to take advantage of vulnerable individuals. However, you can protect yourself from these schemes by learning about common scams, their warning signs and how to respond. 

This guide will help you recognize these scams, safeguard your finances and access resources if you've been affected.
 
 

Common Scams Targeting Older Adults

Scammers use different methods and narratives to exploit people. Here's a breakdown of some of the most common scams affecting older adults:
 
 

Tech Support Scams

Scammers may call, email or pop up on your device posing as technical support professionals or even as representatives from your bank. They claim there’s an urgent problem with your computer or your bank account, convincing you to give them remote access, sensitive information or even banking credentials to "fix the issue".
How to Stay Safe:
  • Seek tech support only from services or experts you contacted yourself. 
  • Ignore unsolicited tech support offers. 
  • Never grant remote access to someone you do not trust fully.
 

Government Impersonation Scams

Fraudsters often pose as government representatives, threatening legal action, arrests or fines unless immediate payment or personal information is provided. They may pretend to work for agencies such as the IRS or Social Security Administration.
How to Stay Safe:
  • Remember that legitimate government agencies will never call you to demand money or threaten you. 
  • Avoid providing personal details over the phone or in email unless you’ve verified the request through official channels.
 

Romance Scams

Scammers prey on your emotions, pretending to seek romantic relationships online. Once trust is gained, they invent urgent financial needs—medical emergencies or travel expenses—to convince you to part with your money.
How to Stay Safe:
  • Avoid forming online relationships from people you have never met in person or who contacted you “out of the blue”. 
  • Do not send money or share financial information, no matter how sincere their story seems. 
  • Report suspicious individuals to the platform’s support team.
 

Investment Scams

Scammers often promise high returns with little to no risk, luring victims into fake investment opportunities. These scams can involve fraudulent stock, real estate or cryptocurrency schemes.
How to Stay Safe:
  • Be cautious of unsolicited investment offers or “too good to be true” opportunities.
  • Research any investment thoroughly and consult a trusted financial adviser.
  • Avoid pressure to act quickly or invest immediately.
 

Lottery and Sweepstakes Scams

Fraudsters claim you’ve won a lottery or sweepstakes but require you to pay fees or taxes up front to claim your prize. They may also ask for personal information to “process” your winnings.
How to Stay Safe:
  • Remember, legitimate lotteries or sweepstakes never ask for payment to claim a prize.
  • Be wary of unsolicited notifications about winnings, especially if you didn’t enter a contest.
  • Never share personal or financial information with unknown sources.

AI Impersonation Scams

With advancements in AI, scammers can now mimic voices or create realistic messages that appear to come from trusted individuals, such as family members, friends or even your bank.
How to Stay Safe:
  • Be skeptical of unexpected calls or messages, even if they sound familiar.
  • Verify the identity of the person contacting you through another trusted method.
  • Avoid sharing sensitive information over the phone or online without confirmation.
 

Financial Exploitation by Trusted Individuals

Unfortunately, some financial abuse comes from those we trust most, including family members caregivers, or close acquaintances. This might involve forging signatures, coercing someone to sign documents, threatening to withhold medications or needed care, or misusing legal rights using powers of attorney.
How to Stay Safe:
  • Regularly review your financial statements for unusual activity. 
  • Store important financial documents securely. 
  • Discuss your financial plans with someone you trust and set legal protections, such as powers of attorney, that truly reflect your wishes.
 
 

Tips to Protect Yourself From Fraud

Being vigilant and proactive can significantly lower your risk of falling prey to scammers. Here are some actionable tips:

  1. Monitor Your Financial Accounts Regularly
    • Review your financial statements from banks and credit card providers frequently. Look for unfamiliar transactions, ATM withdrawals or changes in account setups such as added signatories.
  2. Avoid Unsolicited Links and Requests
    • Scammers often operate through emails or text messages that push you to click links or provide personal information. If you didn’t initiate the interaction, it’s safest to ignore the message.
  3. Vet Requests for Money
    • Whether requested from strangers, online acquaintances or even family members, don’t feel pressured or rushed into giving away money. Take time to verify the request, consult with trusted contacts or follow your gut instincts.
  4. Use Trusted Contacts for Emergencies
    • Set up “trusted contact” forms with your bank so they can reach someone you’ve authorized if fraudulent activity is suspected.
  5. Store Financial Materials Securely
    • Keep sensitive documents, such as checkbooks, wills and account details, in a locked drawer or safe. Share their locations only with someone you trust deeply.
  6. Educate Yourself About Scams

 
 
 

Steps to Take If You've Been Targeted

  1. Protect Your Finances
    • Contact your bank or credit card provider immediately to report suspicious or unauthorized transactions.
    • Freeze or close compromised accounts if necessary.
  2. Report the Incident
    • Call the National Elder Fraud Hotline at 833-372-8311 for assistance.
    • Report suspicious activity to your local Adult Protective Services (APS) agency or use the Eldercare Locator to find help near you at 1-800-677-1116.
    • If the situation involves immediate danger, contact 911.
  3. Seek Professional Advice
    • Consult an attorney to ensure your legal and financial safeguards (e.g., wills, powers of attorney) are in order.
    • Work with a financial advisor to ensure a return to stability and to avoid future scams.
 
 
 

Empathy and Action Are Key

Falling victim to fraud or scams is not your fault. Scammers often use manipulation and fear tactics, but they can be stopped through awareness and action. Share this knowledge with others in your community and empower them to protect themselves. Together, we can reduce the impact of these schemes.
 
By staying informed and vigilant, you can take charge of your financial safety. Always remember, help is available.
 
Stay informed and help keep your loved ones safe — download and share the resources below:












 
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