Posted On: April 4, 2025 by Austin Bank in: Fraud Alert
In order to protect our loved ones and ourselves, it’s important to be on guard for scams geared toward older Americans or signs that it has already happened. According to the World Health Organization, as many as six percent of our elderly are targeted, and much of this goes unreported.
Financial scams can be especially devastating as many of our elderly live on fixed incomes. Here are four key tips to avoid being the victim of a senior scam.
- Never pay for anything you have no memory of ordering. You should also avoid giving out personal information to unknown third parties.
- Work with financial institutions that have fraud protections in place. This makes it easier to protect your debit card and banking information.
- Never let a stranger in your house. Instead, ask them to leave their business card and say your spouse, child or lawyer will be in touch.
- Be wary of family or caregivers with alcohol or drug problems. Unfortunately, the desperation caused by addiction could cause even someone you know and love to victimize you.
Additionally, watch for some of the following signs that a scam has already impacted your elderly family members such as:
- Unusual changes in bank account or money management
- Unusual or sudden changes in a will or other financial documents
- Suspicious signatures on financial documents
- Unpaid bills, especially those that have been routinely paid in the past
Read more from the FBI on Elder Fraud here.
American Bankers Association shares additional resources for older Americans on their site, found here.
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