Fraud Prevention Tips for Seniors and Caregivers

Fraud can happen to anyone, but senior citizens are often especially attractive targets for scammers. According to the FBI’s Internet Crime Complaint Center, victims over the age of 60 reported losses of over $7.7 billion, a 59% increase from the numbers reported the prior year. 

Those numbers may sound alarming, but there’s a silver lining: a little awareness can go a long way. You don’t need to know about every new scam or keep up with every technology fraudsters use. Instead, learning a few common warning signs and building some simple safeguards into your everyday routine can make it much easier to spot when something isn’t right.

To help, we’ve enlisted the expertise of Torie Cullers, Risk and Fraud Manager at Amplify Credit Union. Throughout this guide, Cullers shares practical fraud prevention tips for seniors, along with ways caregivers and family members can help their loved ones stay safe while maintaining their financial independence.

How Scammers May Try to Reach You

Scammers don’t rely on just one way to find their victims. They may reach out through the same channels you use every day to communicate with family, friends, businesses, and other organizations.

Knowing where a scam might show up can help you approach unexpected communication with a little more caution. Common methods include:

• Phone calls: A scammer may pretend to be from your bank, a government agency, a utility company, or another organization that you’d usually trust. They can even spoof caller ID to make a familiar or legitimate phone number appear on your screen.
• Text messages: Fraudulent texts may warn you about a problem with an account, an unpaid toll, a missed package delivery, or another issue. They often include a link and encourage you to act quickly.
• Emails: Phishing emails can be designed to look like messages from businesses or organizations that you recognize. They may ask you to click a link, open an attachment, or log in to your account.
• Social media: Scammers can use fake or hacked accounts to message you through social media. This may look like a friend you actually know, a celebrity, or even a potential romantic partner.
• Mail: Not every scam happens digitally. Fraudulent sweepstakes, charities, invoices, and other offers may still find their way to you through snail mail.

“Scammers are going to try and reach you through the most familiar channels,” Cullers explains. “That’s why it’s important to not assume something is legitimate even if it looks like something you may encounter every day.”

No matter how someone contacts you, the same general rule applies: an unexpected request deserves a closer look. If something seems unusual, taking a pause to do some basic fraud prevention best practices can help.

8 Fraud Prevention Tips for Seniors

Scams can take many forms, but the good news is that the same prevention strategies can protect you from many of them. Whether you receive a suspicious phone call, text, email, or social media message, keep these tips in mind.

1. Slow down when someone creates a sense of urgency.

The thing scammers rely most on is a sense of urgency. They do not want you to have the time to question what they are telling you. You might hear that your bank account is at risk, you owe money, or a loved one needs help right away. In other cases, the pressure may stem from something positive, like a prize to claim or an investment that is time-sensitive.

Whatever the story is, take a moment before you act.

“Urgency is the tactic we see scammers use time and time again. If someone is telling you that you need to send money or provide information immediately, that’s reason enough to slow down and verify what you’re being told.”

Give yourself permission to hang up the phone, ignore the message, or step away from the conversation. A legitimate request will still be legitimate after you’ve taken the time to check it out. 

2. Verify who is contacting you independently.

A phone number, email address, or social media profile that looks familiar isn’t necessarily proof that the person contacting you is real. Scammers can spoof phone numbers, create convincing email addresses, and impersonate people or organizations online.

Instead of using contact info or links provided in an unexpected message, you can verify the request through a source you trust. This may look like:

• You’ve received a text saying you need to access your bank account immediately. Rather than clicking the link provided, you should access your online banking by typing in the web address or using a bookmarked link.
• You receive a call saying there was an unauthorized charge on your card. Instead of providing information, hang up and call your financial institution by using the number on the back of your debit or credit card.
• A friend from your hometown reaches out to you on Facebook and says they need financial assistance. Instead of sending money, reach out to the person using a phone number you already have or contact another friend who could confirm the situation. 

An extra check only takes a few minutes but can prevent you from sending money or information to the wrong person.

3. Never share passwords or verification codes.

Your passwords, PINs, and one-time verification codes are designed to keep other people out of your accounts. Treat them accordingly.

Be especially careful if someone contacts you unexpectedly and asks you to read back a verification code sent to your phone or email. That code may be what they need to reset your password or gain access to an account.

Cullers recommends treating verification codes just like passwords: if you didn’t initiate the request that generated the code, don’t share it. Instead, contact the company or financial institution directly if you’re concerned someone may be trying to access your account.

4. Be wary of unusual payment requests.

How someone asks you to pay can be just as telling as what they’re asking you to pay for. Scammers often request payments that are untraceable and allow money to move quickly, like gift cards, cryptocurrency, wire transfers, or payment apps like Venmo or PayPal.

“If someone asks you to go buy gift cards, take pictures of the cards, or read numbers over the phone, that’s a major red flag,” Cullers says. “The same goes for someone directing you to a Bitcoin ATM or telling you exactly how to move money. Legitimate requests for payment will rarely, if ever, require these methods.”

5. Protect the information scammers can use against you.

Sometimes scammers aren’t after money right away. Instead, they may be trying to collect information they can use to access your accounts, open accounts in your name, or make a future scam more convincing. 

“Be selective about sharing information such as your Social Security number, birthday, account numbers, passwords, and other financial details. If someone unexpectedly contacts you and asks for sensitive information, don’t provide it,” Cullers says. 

Cullers also reminds folks to be careful about what they share publicly. Details posted on social media like family members’ names or other personal information can potentially give scammers material to work with.

6. Keep an eye on your financial accounts.

Checking your accounts regularly can help you spot suspicious activity sooner. Instead of waiting for a monthly statement, consider using online or mobile banking to periodically review your recent transactions. 

Account alerts can provide another layer of protection. Check with your bank on how to get notifications when your card is used, a transaction exceeds a certain amount, or other account activity occurs.

7. Ask someone when you’re unsure.

Still not sure whether a request is legitimate? Talk it through with someone you trust.

That could be a family member, friend, caregiver, or someone at your financial institution. Having another person look at the situation can be particularly helpful when someone has been pressuring you to make a quick decision.

“Scammers want to keep you in the moment because they don’t want you talking to someone who might recognize what’s happening,” Cullers explains. “They may even persuade you that there will be consequences if you do tell someone. But there is never anything wrong with stopping and getting a second opinion.”

8. Never allow remote access to your devices.

Scammers posing as tech support, a bank representative, or another trusted source may ask to remotely access your computer, phone, or tablet to “fix a problem” or “verify an account.” Once they’re in, they can view your accounts, install harmful software, or move money without your knowledge.

“This is one of the most common ways we see scammers gain direct access to a victim’s accounts and devices,” Cullers says. “If you didn’t initiate the contact, never allow anyone to remotely access your device. Hang up and reach out to the company directly using a number you trust.”

How Caregivers Can Help Prevent Elder Fraud

If you help care for an older parent, relative, or friend, you can play an important role in fraud prevention. That doesn’t necessarily mean taking over their finances.

Instead, look for ways to make it easier for them to recognize suspicious situations, get a second opinion, and catch unusual activity quickly.

Here are a few ways to help:

• Talk about scams regularly: Share information about scams you’ve encountered or heard about. Making fraud part of the conversation keeps it top of mind if something suspicious comes up.
• Set up account alerts together: Help your loved on turn on account alerts through online banking.
• Create a family verification plan: Decide how family members will verify their identities if there’s ever a real emergency. For example, you may come up with a family safe word.
• Help with digital security: Offer to help strengthen passwords, enable multifactor authentication, or review social media privacy settings. Also consider setting expectations together about never granting remote access to a device unless they contacted the company first.

How you approach these conversations matters, too. Someone who feels embarrassed or worried about being judged may be less likely to speak up when something happens.

“Make it clear that you want your loved one to come to you, especially if they’ve already clicked a link, shared information, or even sent money,” Cullers explains. “The sooner you know what happened, the sooner you can help them figure out what to do next.” Ultimately, the goal is to add another layer of protection, not take away financial independence. Creating a plan together can give everyone a clearer idea of what to do when a suspicious call, message, or request comes along.