How You Can Help an Elderly Relative or Friend Avoid Fraud Scams
August 14, 2024
Fraud can impact anyone, but elderly people are particularly vulnerable. They may have significant financial resources and high credit scores for fraudsters to exploit. They may struggle with digital financial management tools and online communication. If you have senior relatives or friends who need assistance avoiding scams, a little planning on your part can go a long way.
In 2023, Americans lost1 over $10 billion to scammers. You can make sure that your elderly loved ones avoid joining this year’s statistics by identifying and preventing common scams.
In this digital age, many scams come through online communication. Scammers often disguise themselves as telemarketers, request personal information, and prompt victims to send money. In phishing scams, fraudsters impersonate banks, government agencies, or well-known companies. Emails that look legitimate can deceive recipients into clicking on harmful links or sharing sensitive information.
Also beware of “smishing,” or text-message phishing, where unknown numbers request personal or financial information. Fraudsters commonly pretend to be old friends with new phone numbers, engaging you in conversation by asking to catch up or make plans. If an unknown number texts you vague questions or greetings, the wisest course of action is to delete the message and block the number.
Elderly people may be especially vulnerable to counterfeit check fraud, since their demographic uses2 checks most often. Scammers send false checks and request repayment, only for the original check to bounce.
It’s important to discuss these common fraud tactics with elderly loved ones. Encourage them to stay vigilant and ask for your opinion if something seems suspicious. You can help them verify the legitimacy of financial institutions, businesses, or individuals requesting money by contacting official channels.
Work with your loved ones to set up fraud protections. Encourage the use of strong, unique passwords and change them regularly; use a different password for each account, and keep track with a secure password keeper app. Help your loved ones monitor their financial accounts, keeping an eye on bank statements and credit card bills for any unfamiliar transactions. Use technological tools like antivirus software and home network firewalls. Teach them to identify suspicious messages and conduct financial transactions on trusted websites.
If you suspect that someone has targeted your loved one with a scam, it’s important to take immediate action. Report it to their financial institution, credit card providers, or other entities holding financial resources. For Affinity members, call our Member Service Center immediately at 800-325-0808.
Secure accounts by changing passwords, updating security questions, and enabling two-factor authentication. Regularly review financial statements and set up alerts for unusual activity. If you confirm a scam, report3 it to the Federal Trade Commission (FTC) and local law enforcement. This can help them identify patterns of fraud to apprehend scammers in the future.
Protecting your elderly loved ones from fraud requires vigilance and proactive planning. By staying informed and using these tips, you can significantly reduce the risk and keep them safe. For more resources on preventing fraud, explore Affinity’s Fraud Prevention Hub4.
This information is for informational purposes only, is intended to provide general guidance, and does not constitute legal, tax, or financial advice. Each person's circumstances differ and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and legal counsel to discuss your particular needs before making any financial or other commitments regarding the matters related to your condition.
1Retrieved from: https://www.ftc.gov/news-events/news/press-releases/2024/02/nationwide-fraud-losses-top-10-billion-2023-ftc-steps-efforts-protect-public
3Retrieved from: http://reportfraud.ftc.gov
4Retrieved from: https://www.affinityfcu.com/fraud-prevention-hub/