Protect Yourself and Loved Ones from Elder Fraud

Every year, millions of seniors fall victim to financial abuse and fraud. It is important to understand what elder fraud can look like, and preventative steps that can be taken, to help you protect you or loved ones from this kind of exploitation.

Elder fraud is defined as the unauthorized, illegal, or inappropriate use of an aging adult’s financial resources.

Common examples of Elder Fraud Schemes

• Tech support scam: Criminals pose as technology support representatives and offer to fix non-existent computer issues. The scammers gain remote access to victims’ devices and sensitive information.
• Grandparent scam: Criminals pose as a relative – usually a child or grandchild – claiming to be in immediate financial need.
• Government impersonation scam: Criminals pose as government employees and threaten to arrest or prosecute victims unless they agree to provide funds or other payments.
• Sweepstakes/charity/lottery scam: Criminals claim to work for legitimate charitable organizations to gain victims’ trust, or they claim their targets have won a foreign lottery or sweepstakes, which they can collect for a “fee.”
• Home repair scam: Criminals appear in person and charge homeowners in advance for home improvement services they never provide.
• TV/radio scam: Criminals target potential victims using illegitimate advertisements about legitimate services, such as reverse mortgages or credit repair.

If you or someone you care about may be vulnerable to elder fraud, there are some protective action items to consider:

• Call the police immediately if you feel there is a danger to yourself or a loved one.
• Stay connected and involved with family and friends.
• Lock up your checkbook, account statements and other sensitive information when others will be in your home, and shred financial statements and preapproved credit card offers instead of discarding them in the trash.
• Be careful what you download. Never open an email attachment from someone you don't know, and be wary of email attachments forwarded to you.
• Be cautious of unsolicited phone calls, mailings, and door-to-door services offers.
• Never rush into a financial decision. Ask for details in writing and get a second opinion before signing any documents.
• Check references and credentials before hiring anyone. Don’t allow workers to have access to information about your finances.
• Pay with checks and credit cards instead of cash to keep a paper trail.

If you believe you are a victim of elder financial abuse or fraud:

Scammers aim to gain your trust. Stay cautious, and combine personal awareness with protective tools:

• Contact your bank(s) or financial institution(s) immediately.
• Talk to a trusted family member or friend.
• Talk to your attorney.
• Report the crime to the Internet Crime Complaint Center managed by the F.B.I.
• Contact the police by calling 9-1-1 for emergencies and for non-life threatening emergencies, contact the National Elder Fraud Hotline - 1-833-FRAUD-11.

By following these tips, you can help protect yourself from falling victim elder fraud. If you believe that you are a victim of any type of scam, report it immediately by contacting the company or government agency that the cybercriminal is impersonating. If you entered personal data, change passwords for accounts you believe may have been compromised.

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