Protecting Elders from Financial Exploitation
Security & Fraud
Financial exploitation is on the rise, and older adults are a frequent target. These crimes can come from strangers or even people they know, making awareness key to prevention.
Whether you're an older adult protecting yourself or a family member looking out for a loved one, understanding the warning signs and prevention steps is key.
Common Scams to Watch For
Fraudsters often use urgency, fear, or emotional manipulation. Some of the most common scams include:
- Imposter scams: Someone poses as a government agency or financial institution
- Romance scams: A scammer builds trust, then asks for money
- Tech support scams: Fake alerts or calls claiming your computer is infected
- Grandparent scams: A caller pretends to be a loved one in trouble
- Investment scams: Promises of high returns with little risk
- Lottery/sweepstakes scams: A scammer claims you’ve won a prize and asks for a fee to claim it
The Impact Is Growing
Fraud losses among older adults have increased dramatically — from about $600 million in 2020 to $2.4 billion in 2024.
Warning Signs
Criminals target the elderly and other vulnerable people, but anyone can fall prey to their scams. Watch for:
- Unusual withdrawals or account activity
- Sudden financial changes
- Pressure to act quickly or keep secrets
- New individuals influencing decisions
How to Help Protect Finances
A simple step to help safeguard accounts is to add a trusted contact. That way, financial institutions have a reliable point of contact if suspicious activity is detected.
If you’re an older adult, keep these tips in mind:
- Take a moment before acting on urgent requests
- Verify contacts using official sources
- Never share passwords or send money unexpectedly
- Stay connected — fraudsters often target isolation
If you’re supporting an older adult:
- Encourage conversations about unusual financial requests
- Help set up protections like trusted contacts
- Watch for sudden financial changes or new influencers
- Stay engaged while respecting independence
If You Suspect Fraud
Act quickly:
- Contact your financial institution
- Call 800-727-3328 (option 2) to reach Broadview’s Fraud Team
- Report it to authorities
- Call the National Elder Fraud Hotline: 1-833-372-8311
Frequently Asked Questions
How can seniors protect themselves from scams?
Verify requests, avoid sharing personal info, ignore urgent demands, and add a trusted contact to financial accounts.
What should I do if my elderly parent is being scammed?
Contact their financial institution, stop communication with the scammer, secure accounts, and report the incident.
Where do I report financial abuse of an elderly person?
Contact your financial institution, Adult Protective Services, or report it at https://reportfraud.ftc.gov. You can also call the National Elder Fraud Hotline: 1-833-372-8311.
How do I report a crime against an older adult?
Call 911 if urgent. Otherwise, contact local police, Adult Protective Services, or file a report with the FTC.
Helpful Resources
