Each year, millions of elderly Americans fall victim to some type of financial fraud or con scheme, including romance, lottery, and sweepstakes scams. Worldwide, people age 60+ lost a combined $12.5 billion to financial scammers in 2024 alone. Seniors are often targeted because they tend to be trusting, polite, and not digitally savvy. They also usually have financial savings, own a home, and have good credit – all of which make them attractive to scammers.
Protecting seniors from scams requires awareness, vigilance, and education. Here are five essential tips to help vulnerable seniors avoid common scams and protect their hard-earned savings.
1. Education is Always the Best Start
One of the most effective ways to prevent seniors from falling victim to scams is to educate them about the most common fraudulent schemes. Scammers often use fear, urgency, and deception to manipulate their targets. Some of the most “successful” scams targeting seniors include:
- Imposter Scams: Fraudsters pose as government officials (IRS, Medicare), law enforcement, or even family members in distress, asking for personal information or money.
- Lottery and Sweepstakes Scams: Seniors receive fake notifications claiming they have won a lottery but must pay taxes or fees upfront to claim their prize.
- Tech Support Scams: A pop-up or phone call informs the senior that their computer has a virus, and they must pay for unnecessary tech support services.
- Romance Scams: Scammers form fake romantic relationships online to gain trust and eventually request money.
- Grandparent Scams: A fraudster pretends to be a grandchild in trouble, urgently asking for money to resolve an emergency.
By educating seniors on these scams, they will be better prepared to recognize fraudulent attempts and avoid becoming victims.
2. Practice Healthy Skepticism
Many scams rely on urgency and emotional manipulation to pressure victims into making hasty decisions. Teaching seniors to adopt a skeptical mindset can significantly reduce their risk of being scammed. One obvious tip is to look out for red flags like poor grammar and spelling and strange-looking links shortened with bit.ly or a similar service. Other best practices include:
- Verify Identities: Before providing any personal or financial information, seniors should verify the identity of the caller or sender. If they receive a suspicious call from someone claiming to be a relative, they should hang up and call the person directly using a known number.
- Never Rush Decisions: Scammers create a sense of urgency to pressure their targets. Encourage seniors to take their time and consult a trusted friend or family member before making financial decisions.
- Check With Official Sources: If an offer, warning, or prize seems too good to be true, seniors should independently verify the legitimacy by contacting official agencies or organizations.
3. Strengthen Digital and Phone Security
Many scams are carried out over the phone, email, or social media. Strengthening security measures can help prevent fraudsters from accessing personal information. Key steps include:
- Enable Call Blocking: Many phone carriers offer call-blocking services that filter out known scam numbers. Seniors can also use third-party apps that detect and block spam calls. Also, hang up! Do NOT respond to attempts to take your money.
- Use Strong Passwords: Encourage seniors to create strong, unique passwords for their online accounts – and change them regularly.
- Beware of Phishing Emails: Seniors should never click on suspicious links, download attachments, or provide personal information in response to unexpected emails or messages.
- Adjust Social Media Privacy Settings: Limiting who can see personal information on social media can reduce the chances of scammers gathering details to exploit.
4. Monitor Financial Activity
Regular monitoring of financial accounts can help seniors spot fraudulent transactions before they become major issues. Steps to protect financial assets include:
- Set Up Bank Alerts: Many banks offer alerts for large or unusual transactions, helping seniors quickly identify unauthorized activity.
- Review Bank and Credit Card Statements: Checking statements regularly can help seniors notice discrepancies or unfamiliar charges.
- Freeze or Lock Credit When Not in Use: Seniors who do not frequently open new credit accounts can easily freeze their credit to prevent unauthorized use.
- NEVER Give Out Financial Information: Legitimate institutions will never request sensitive financial details over the phone or via email. Seniors should always contact their bank directly if they receive suspicious requests.
5. Establish a Trusted Support System
Having a reliable support system can make an enormous difference in protecting seniors from scams. Family members, caregivers, and community organizations can help monitor suspicious activities and provide guidance. Ways to build a support network include:
- Regular Communication: Encourage seniors to discuss financial and online interactions with a trusted family member or friend.
- Designate a Financial Advocate: A responsible family member or trusted advisor can help oversee financial matters and detect any unusual activity.
- Attend Fraud Awareness Workshops: Many community centers and senior organizations offer seminars on recognizing and preventing scams.
- Encourage Reporting of Scams: Reporting benefits everyone. Many seniors feel embarrassed if they fall for a scam. Reassure them that reporting fraudulent activity helps prevent others from becoming victims and allows authorities to take action.
SOURCES:
National Council on Aging
Federal Bureau of Investigation
Office of the Attorney General
