Protect Aging Loved Ones from Elder Fraud
The United States Secret Service has published a Public Advisory about Tips to Avoid Elder Fraud with valuable information on the various scams, red flags and tips for protecting our aging loved ones. If you have an aging family member or are an adult caregiver, check out the Secret Service Public Advisory about Tips to Avoid Elder Fraud. Here is a summary.
Warning Signs of Elder Financial Fraud
- Victims may be reluctant or unable to explain the justification for unexpected and complex financial decisions.
- Victims may falsely believe that an unsolicited phone call, text, email, or social media post from a scammer is a family member, celebrity, or someone in authority.
- Victims may change their routine financial behavior by making sudden large withdrawals, frequent ATM transactions, or transfers to unfamiliar recipients.
Common Elder Fraud Scams to Watch For
- Government Impersonation - Scammers impersonate government employees and request payments via debit cards, cash, cryptocurrency, or gift cards.
- Tech Support Scams - Scammers pose as tech support employees and ask permission to log on to a victim's phone, computer or other device in order to fix a problem
- Romance Scams - Scammers create fake social media and online dating accounts. Over time, gain the victim's trust and then make requests for money to pay for emergencies.
- Investment fraud - Scammers make unsolicited contact, posing as a legitimate financial institution and offering low-risk, high-return investments. Scammers will request personal information to "secure" an account, transfer money or release funds.
Tips to Help Prevent Elder Fraud
The US Secret Service recommends that individuals, families, and caregivers caring for adults consider the following tips to prevent elder fraud.
- Guard Personal Information - Do not share personal information, especially online. Scammers will try to exploit personal details to entice victims to share financial information.
- Monitor Communication - Do not respond to random messages from unknown phone numbers. Scammers may use unsolicited messages, wrong numbers, or advertisements for fake investments to initiate a conversation.
- Slow Down - Use caution online, especially if someone gives unsolicited advice or asks them for money. Scammers may request an immediate payment through gift cards, cryptocurrency, or wire transfers.
- Verify - Always verify details before making a payment. Scammers may prey upon a victim’s emotions during a phone call or use AI to clone the voice of someone that the victim knows and then claim to be in an emergency.
- Use Caution - Never share personal financial information online, especially with someone they never met. Cease all communication if someone asks to transfer money or provide identifying documents like ID, passport, or banking information.
How to Report Elder Fraud Scams
Report elder fraud scams to your local law enforcement agency, the Federal Trade Commission at https://reportfraud.ftc.gov, and the Internet Crime Complaint Center at https://www.ic3.gov/.
The United States Secret Service works closely with federal, state, local, and tribal law enforcement agencies to investigate elder fraud and other types of financial crimes.
For more information on elder fraud, visit https://www.secretservice.gov/investigations/elderfraud.
Help protect the people you care about. Stay informed, verify before you trust, and report suspicious activity immediately.
Get more fraud prevention tips and resources on the Security Bank Safety & Security page.