Protect yourself or your loved ones from financial elder abuse and scams with these essential tips and strategies.
Financial scams targeting older adults are growing more advanced, and the impact can be devastating—emotionally, psychologically, and financially. Seniors are often targeted because scammers believe they’re more likely to be trusting, isolated, or unfamiliar with digital threats. The damage can range from small, unnoticed losses to catastrophic theft that drains life savings, leaving victims reeling and families scrambling for solutions.
But knowledge is power. By taking simple, consistent precautions, you can dramatically reduce the risk of falling victim to these malicious schemes. Whether you’re protecting yourself or helping a loved one stay safe, the following tips offer a clear, proactive path forward. They don’t require complicated technology or legal knowledge—just awareness, communication, and a willingness to speak up when something feels off.
1. Stay informed about common scams targeting older adults.
Scammers thrive when people are unaware. From fake grandchild emergencies to fraudulent prize winnings, these tactics evolve constantly, exploiting fear, urgency, or goodwill. Staying updated on current scams makes you harder to trick and more confident in spotting the signs early. Organizations like the Federal Trade Commission and AARP publish frequent scam alerts and resources specifically for older adults and their caregivers, making it easier than ever to stay ahead of fraudsters.
Sharing this information with trusted friends, community groups, or neighbors creates a ripple effect of protection. It’s much harder for scammers to succeed when entire communities are educated and cautious. Make it a habit to review the latest alerts every few months or after hearing about a new scam in the news. Raising awareness is often the first and most effective defense against manipulation, as reported at AARP.org.
2. Never share personal information over the phone or online.
One of the most effective tricks scammers use is pretending to be someone trustworthy. They might call pretending to be a bank employee, Medicare agent, or even the IRS—asking you to “verify” your identity or payment details. These conversations often sound urgent or official, but they’re designed to get you to share sensitive information like your Social Security number, credit card details, or bank login credentials.
The rule of thumb is simple: if you didn’t initiate the contact, don’t share your details. Hang up, then contact the organization directly using a phone number or website you know is legitimate. This small habit could prevent identity theft or financial loss. Never giving out personal information unless you’ve independently confirmed the request can protect you from countless forms of fraud, as stated in FTC.
3. Set up multi-factor authentication on financial accounts.
As online banking and financial tools become more common, so does the importance of stronger account protection. Multi-factor authentication (MFA) adds a crucial second step when logging in—like entering a code sent to your phone or scanning your fingerprint. Even if a scammer steals your password, they still won’t be able to access your account without the second verification step.
Setting up MFA usually takes just a few minutes, and most major banks and credit card companies offer it for free. You can also enable it for email accounts and other sensitive platforms, which are often the gateway for further fraud. Encourage loved ones to do the same. AUsing MFA is one of the simplest yet most effective defenses against cybercrime and identity theft, as mentioned in Consumer Finance.
4. Regularly monitor your financial accounts for suspicious activity.
It’s easy to assume everything is fine if the bills are paid and your accounts look in order at first glance. But scammers often start with small, easily overlooked charges to test whether you’re paying attention. Reviewing your bank, investment, and credit card accounts weekly gives you a clear sense of your financial health—and ensures you catch any odd activity before it becomes a disaster.
Many banks also allow you to set up real-time alerts for withdrawals, balance changes, or new logins. These notifications can serve as early warning signals that something’s not right. Taking a few minutes each week to scan your statements and log into your accounts is a simple routine that gives you peace of mind and puts you in control of your money.
5. Be cautious of unsolicited offers or requests for money.
Whether it’s a call about a medical emergency, a sweepstakes you’ve “won,” or a stranger reaching out through social media with an investment opportunity, these requests are almost always scams. Fraudsters are skilled at manufacturing urgency, hoping you’ll act before you think. They often claim to be someone you know or trust, pressuring you to send money quickly to avoid a crisis or claim a prize.
When in doubt, slow down. Never make a financial decision without verifying who is asking and why. Talk to a trusted friend or family member before sending money or sharing account details. Taking a moment to step back and ask questions can be the difference between staying safe and falling into a costly trap. You’re never obligated to act just because someone says it’s urgent.
6. Limit the amount of personal information shared on social media.
It’s natural to want to share life events, family updates, or travel plans online, but doing so can open the door to scammers. Even seemingly harmless details—like your dog’s name, birthdate, or hometown—can be used to guess passwords or impersonate you. Scammers often use this information to craft convincing messages that appear to come from people you know.
Review your privacy settings and be intentional about who can see your content. Don’t accept friend requests from people you don’t recognize, even if they share mutual connections. Being selective about what you post isn’t about paranoia—it’s about exercising control over how much strangers can learn about you from a simple scroll.
7. Consult a trusted family member or advisor before making financial decisions.
It’s always a good idea to have a second set of eyes—especially when dealing with unfamiliar investments, large purchases, or requests for financial help. Scammers often hope you’ll act alone and under pressure. By consulting someone you trust, you give yourself time and perspective. Whether it’s a financial advisor, adult child, or longtime friend, a neutral opinion can be incredibly grounding.
Involving others in financial decisions doesn’t mean giving up control. It means strengthening your decision-making process with support. If something feels off, it probably is—and someone else might catch a red flag you missed. Creating a habit of checking in with someone before moving money can help you avoid impulse decisions that lead to loss.
8. Use secure payment methods and avoid wire transfers.
Scammers often demand payments via wire transfers, gift cards, or cryptocurrency—methods that are fast and virtually impossible to reverse. If someone insists you use one of these payment options, it’s a major warning sign. These methods offer no protection, and once the money is sent, it’s gone. Legitimate businesses and organizations do not pressure people into using these insecure methods.
Stick to secure options like credit cards, which offer fraud protection and dispute resolution. If you’re unsure whether a payment request is legitimate, contact your bank or card provider for guidance before sending anything. Trustworthy companies will always give you time to make an informed decision—and they’ll never penalize you for asking questions or needing more information.
9. Keep personal documents secure and dispose of them safely.
Documents like bank statements, insurance policies, medical bills, and tax forms contain sensitive data that fraudsters can use to open accounts, file false claims, or steal identities. Don’t leave these papers lying around the house, especially if you have visitors or caregivers who enter your space regularly. Store important records in a locked drawer or fireproof safe for added protection.
When you’re ready to dispose of old documents, shred them thoroughly rather than tossing them in the trash. Identity thieves often dig through garbage for personal details, and a few pieces of paper can provide all they need. Developing a system for organizing, storing, and safely discarding paperwork is a small but crucial step in protecting yourself.
10. Educate yourself about your rights and resources.
Understanding your rights empowers you to speak up and seek help without hesitation. Many older adults aren’t aware that they have legal protections and access to resources that can assist them when facing potential scams. Agencies like the Consumer Financial Protection Bureau, elder abuse hotlines, and even local police departments can help guide you if something seems suspicious.
You can also sign up for call-blocking tools, register with the National Do Not Call Registry, or request fraud alerts through your credit reporting agencies. Taking advantage of these services helps prevent scams before they reach your doorstep. Staying informed means you’re not just reacting to fraud—you’re actively building a wall of protection against it.
11. Report suspected scams or abuse to the proper authorities.
If you believe you’ve been targeted or even victimized, it’s important to act quickly. Reporting the scam can protect others and might help you recover your losses. Contact your bank immediately to freeze or reverse transactions, and file a report with the Federal Trade Commission or your state’s attorney general’s office. These agencies collect data that helps stop widespread fraud.
It’s also okay to contact your local police or elder abuse hotline, especially if the scam involves someone you know or a situation that feels threatening. Keep a record of emails, phone numbers, or messages connected to the incident, as these details can help investigators. By reporting suspicious activity, you’re not just protecting yourself—you’re becoming part of a larger solution to stop these crimes.