Examples of elder scams1
Keep a lookout for these popular scams that account for more than 65% of complaints from seniors.
Sweepstakes or lottery You’re contacted by phone or online about a prize or lottery you’ve won. Scammers tell, or try to convince you that to claim your winnings you must send money or pay upfront to cover fees such as processing, or taxes.
Tech support A pop-up message or prompt on your computer screen says your device is damaged. When you call the indicated support number, you may be asked to give remote access to your computer, at which point the scammer may go through your files or demand you pay to have your computer repaired.
“Grandchild” in need You get a late-night call from someone posing as your grandchild, or maybe even as their doctor or lawyer claiming to need money immediately for a medical or other emergency.
Government importers Someone claiming to be a Social Security or IRS staff er contacts you and threatens your benefits or to take legal action if you don’t provide personal details or send money.
Robocalls or spam calls Some robocalls mimic government agencies and may claim your warranty is expired. They may even ask you questions like, "Can you hear me?" or "Are you there?" to record your "yes" answer—all with the intent of using your voice to access and authorize unwanted charges on your accounts.
How to spot potential elder financial abuse
- Who manages their money on a day-to-day basis?
- How’re these relationships going?
- Are there new or unusual credit card charges or cash withdrawals?
- Is anyone else authorized on their bank or investment accounts?
- Have they recently run out of money at the end of the month?
- Have they mentioned regretting or worrying about any financial decisions they’ve made recently?
- Does anyone else have access to their home where sensitive documents and passwords might be kept?
- Has anyone recently asked them to change their will or power of attorney in that person’s favor?
How to avoid elder fraud and financial abuse
It’s always important to be cautious and take steps to avoid becoming a target of fraud or financial abuse, but it gets even more important as you get older. Here’s how to avoid becoming a victim of senior fraud or abuse.
- Never give out personal information over the phone, by email, or text message.
- Consider adding a “trusted contact,” a close relative or friend, to your financial accounts so they can monitor your transactions and look for signs of fraud or abuse.
- Slow down and take your time. Many scams rely on fear and creating a sense of urgency to get you to make sudden decisions.
- If someone calls you about a special offer or requesting a charitable donation, ask for written materials to review before deciding.
- Work with trusted businesses and research unfamiliar companies. A good place to start is the Better Business Bureau.