June is #ElderAbuseAwarenessMonth and a great time to make sure your loved ones are protected, especially against elder scams. Nothing is worse than having a family member fall prey to these deceptive schemes, so we put together some tips and a free downloadable flyer to help you protect your loved ones from scammers.
Most Common Scams Targeted at Older People
Scammers use scare tactics to make people panic and act quickly, often tricking them into giving away money. Their goal usually is to steal money from your family member by creating a sense of urgency. There are many different ways scammers do this, and below you'll find some of the most common ones.
#1 - Grandparent scam: Scammers pretend to be a grandchild or another young relative in urgent need of money because they are in jail or in similar trouble.
How to avoid: Consider setting up a family password for emergencies, verifying the caller's identity by asking questions only the real grandchild would know, and making it a rule to confirm such emergency requests directly with another family member through a separate communication channel.
#2 - Intimidation scam: Scammers like to impersonate authorities, posing to be from entities such as the Internal Revenue Service (IRS) or utility companies, and threaten legal action or service cut-offs until a payment is made.
How to avoid: Instruct elderly family members to hang up and contact the organization directly using official phone numbers noted on the website or documents. Emphasize that legitimate organizations would never demand immediate payment over the phone, primarily via gift cards or wire transfers.
#3 - Text message scam: Scammers will mimic banks or delivery services, seeking personal information or urging seniors to click malicious links.
How to avoid: Advise seniors to verify any alarming information by calling the institution's official number and not replying to the text. Also, explain to them that sharing personal information over text or clicking links from unknown senders is never a good idea.
#4 - Freebie scam: Scammers offer something for free, but it's just a trick to obtain personal information or money.
How to avoid: Encourage seniors to be skeptical toward any "free" offers and remind them that legitimate contests do not require payment or personal banking information to claim prizes.
#5 - Romance scam: Scammers will create fake online profiles to form romantic relationships with older adults and gain their trust before requesting money for medical emergencies or travel expenses.
How to avoid: Recommend that seniors verify the authenticity of online profiles and remind them to only send money to people they have met in person.
Add An Extra Layer of Protection With These Account Settings
Scammers are always coming up with new ways to steal money or personal information, especially from vulnerable people. It's important to teach your loved ones about these scams and how to avoid them. One simple way to help protect elderly individuals is by adjusting settings in their online banking platform. With a few changes, they can have better protection for their money.
We suggest making the following changes to your elderly family member's bank account:
- Monitor financial activity for any unusual activity for any unusual patterns, such as increased spending
- Set up fraud alerts and be on the lookout for large, unfamiliar deposits
- Encourage seniors to change their passwords frequently
- Take advantage of available resources such as the Association of Retired People’s (AARP) elder fraud guidelines
If you suspect an elderly family member has fallen victim to a scam, we advise that you contact Adult Protective Services and take immediate action to safeguard their finances.
Want more tips like this? See more in our fraud center.
