Protecting the Ones You Love: Financial Scams Targeting Older Adults

Published in recognition of World Elder Abuse Awareness Day — June 15

Every June 15, communities around the world observe World Elder Abuse Awareness Day, a reminder that abuse of older adults takes many forms, and one of the most common is financial exploitation. Scammers specifically target older adults with sophisticated, believable schemes designed to steal their savings, their identity, and their sense of security.

At Family First, we believe protecting our members means speaking plainly about the threats they face. Here’s what you need to know and share with the older adults in your life.

Why Older Adults Are Targeted

Scammers don’t choose their victims at random. Older adults are disproportionately targeted because they are more likely to have retirement savings, own a home, have a consistent income, and answer calls from unfamiliar numbers. They also grew up in an era when institutions and authority figures were trusted, and scammers exploit exactly that.

Financial elder abuse can come from strangers, but it can also come from people the victim knows. Either way, awareness is the first line of defense.

The Tech Support Scam: Creating Panic to Steal Control

One of the most widespread scams targeting older adults starts with an unexpected call, pop-up, or text message claiming there’s a problem with their device or account. The caller presents themselves as a representative from Apple, Microsoft, or another major company, and they sound completely legitimate.

Their goal is to create enough fear and urgency that the person acts before they stop to think.

Once they have your loved one’s attention, they’ll typically ask them to download software that gives the scammer remote access to the computer, log into online banking so the scammer can “verify” the account is safe, transfer money to a “safe account” while the “issue” is resolved, or pay using gift cards, wire transfer, or cryptocurrency, which are methods that can’t be reversed.

The truth: Apple, Microsoft, and legitimate tech companies will never call you out of the blue about a problem. They will never ask you to move money or pay with gift cards.

What to do: Hang up immediately. Do not call back any number they provide. If there’s a genuine concern about a device, contact the company directly through their official website.

Account Takeovers: When Scammers Get Into Online Banking

Account takeover fraud happens when a scammer convinces someone, often by impersonating a bank employee, to hand over their online banking login credentials. It can happen through a fake customer service call, a phishing email, or a text message that looks like it came from their financial institution.

Once inside, they move quickly. They may change passwords, transfer funds, or open new accounts before the victim even realizes what happened.

Warning signs an account may have been compromised: you’re suddenly locked out of online banking, you receive alerts for transactions you didn’t make, or your password or contact information was changed without your knowledge.

What to do: Contact your financial institution immediately using the phone number on the back of your debit card or on their official website, never the number in a suspicious message. Enable two-factor authentication for an extra layer of protection.

Important: Family First will never call, text, or email you to ask for your online banking password, PIN, or one-time passcode. If anyone requests that information, it is a scam with no exceptions.

Identity Theft and Fraudulent Applications: A Slower-Moving Threat

Financial elder abuse doesn’t always strike fast. Scammers who obtain stolen personal information such as Social Security numbers, addresses, and dates of birth may use it to open new accounts or apply for loans in someone else’s name. Victims often don’t discover it for weeks or months.

This is why regular credit monitoring is one of the most powerful tools available. Family First members have access to a free credit monitoring tool directly within online banking, making it easy to spot unfamiliar accounts or inquiries and catch potential identity theft early, before it becomes a larger problem. Log into your online banking and look for the Credit Score option to get started.

How Families Can Help: 5 Things to Do Right Now

Protecting an older loved one from financial scams isn’t about taking over their finances. It’s about having honest conversations and building a few good habits together.

1. Talk about it openly. Many older adults feel ashamed if they’ve been targeted. Make it clear that these scams are designed by professionals and anyone can be deceived. Remove the stigma so they feel comfortable coming to you if something seems off.
2. Establish a “second opinion” rule. Encourage your loved one to always check with a trusted family member or friend before sending money, clicking a link, or providing personal information to anyone who contacts them unexpectedly.
3. Set up account alerts. Real-time notifications for transactions and account changes can help catch unauthorized activity the moment it happens. Help your loved one enable these through their online banking.
4. Never share login credentials with anyone. No legitimate bank, company, or government agency will ever ask for a password or one-time passcode over the phone. This is true 100% of the time.
5. Review credit reports regularly. Log into Family First online banking and use the Credit Score tool to review credit history together. Early detection is the best defense against identity theft.

If Something Feels Wrong, Say Something

Scams targeting older adults thrive in silence. Whether you’re an older adult who received a suspicious call or a family member who noticed unusual account activity, please reach out. Trust your instincts and contact us directly using the number on the back of your card or at home.familyfirstny.com. Our Cyber Security and Fraud page also provides more information and resources.

Financial exploitation is a form of elder abuse. Awareness is how we stop it.

In recognition of World Elder Abuse Awareness Day, observed annually on June 15. To learn more, visit the National Center on Elder Abuse at ncea.acl.gov.