SUMMARY: Financial fraud targeting older adults is becoming harder to detect and awareness and communication are key. Remind loved ones to slow down, independently verify requests, and ask for help before responding to anyone directing the movement of money.

It’s a sad truth: financial scams targeting older adults are becoming more sophisticated, more frequent and more personal. Seniors are often the most vulnerable to these crimes, not because they’re careless, but because scammers have become experts at eliciting trust.

Recently, one of our members shared how their 83-year-old mother fell victim to several forms of fraud that will sound all too familiar. Over the past year, she’s been approached by strangers through social media, received convincing emails claiming to be from her bank, had her account information hacked, and even faced a situation where scammers ordered an iPad on her cellphone carrier’s account – and then had it shipped to her home, signed for it, and disappeared! Because the transaction appeared legitimate, the carrier refused to reverse the charges.

Unfortunately, this story is becoming more common. Today’s fraudsters use advanced technology, including artificial intelligence, to impersonate familiar voices, official representatives, or family members in distress. They exploit our natural desire to trust, help, or respond quickly, especially when messages appear urgent or emotionally charged.

Why Older Adults Are Targeted
Seniors tend to be more financially stable and less likely to question what seems routine. Many are also less familiar with the latest digital security risks. Scammers count on that. Whether it’s a phone call, an email, or a text, their goal is to create confusion or fear and then strike while the victim is off balance.

Common Types of Elder Fraud

• Impersonation scams: Callers claim to be an authority figure in law enforcement or government, a family member in trouble or a representative from a trusted company.
• Tech support fraud: Scammers pretend to fix a nonexistent issue to gain access to devices or accounts.
• Online shopping or subscription fraud: Fake or unauthorized purchases that appear legitimate show up on billing statements.
• Romance scams: Fraudsters build false relationships online to manipulate victims into sending money.
• Phishing and smishing: Emails or texts trick recipients into sharing login or payment details.

How to Help Protect the Ones You Love

• Encourage skepticism: Remind aging relatives it’s OK to hang up, delete, or ignore messages that feel suspicious.
• Set up alerts: Account, card, and mobile banking alerts can flag unusual activity fast.
• Use multi-factor authentication: It adds a layer of protection against account takeovers.
• Stay informed: Talk openly about new scam trends and report any suspicious contact immediately.
• Keep communication open: Make it easy for loved ones to ask for help before acting on a questionable message or charge.

Financial abuse of seniors isn’t just a statistic, it’s a growing threat that can affect any family. By staying informed and working together, we can help protect our parents, grandparents, and neighbors from financial harm and ensure their hard-earned money stays where it belongs, safe and secure. You can always learn more about how to deal with issues like this and others at the Credit Union’s Fraud Resource Center.