Seniors Targeted for Scams: How to Protect Yourself

More than 147,000 people age 60 and older were scammed in 2024, with losses of $4.9 billion, according to FBI statistics. Most fraud isn’t reported because of fear and shame, which makes the numbers even higher, according to a recent Wall Street Journal article, "How to Protect Yourself from Financial Scams Targeting Older Adults."

Scammers target seniors of all kinds, including those who think they would never fall for scams. No one is completely immune to the scams, which take many different forms. Scammers pose as grandchildren, police officers, bank staff and Medicare employees. Increasingly, they use Artificial Intelligence to clone voices.

Here are some ways to safeguard yourself from scammers:

Set boundaries. Set limits with bank, brokerage and all financial accounts. Direct any unknown callers to voicemail, and ensure antivirus and security software on tablets, phones, desktop computers and other devices is up to date.

Automatic protections, such as temporary holds on suspicious withdrawals or on amounts over an agreed-upon threshold, and fraud alerts are widely available. Designate a trusted contact for financial accounts to reach in case of suspected exploitation, adding another layer of security.

Independently verify phone numbers and emails. NEVER click on a link in an unexpected email or text, especially one that urges immediate action. If someone says they are calling from the local police station, hang up, find the number yourself, and call the police station. If a pop-up message appears or your screen locks, disconnect from the internet and turn off your device.

Stop and think. One of the most effective ways to block a scam is to resist the urge to act quickly. Pressure to act before something bad happens causes people to stop critical thinking. Scammers depend on this because it works. Hang up and verify before doing anything.

Another scam involves a caller claiming to be investigating fraud on your bank account and needing information to ensure that your accounts are safe. Never give account information to anyone. One woman realized she was being scammed moments after she gave out her information. Her daughter called the bank and closed the account. However, the thieves had already transferred $10,000 from her bank accounts to her credit card. The woman opened a new account with the mother's and daughter’s names on it, with a $300 daily withdrawal limit.

Take action. Sometimes, quickly reporting the scam to the police can stop it before all the money is lost. A widower noticed that his account balances were lower than expected and called his son, and then he called the police. The son believes his father threw away a voided check without shredding it. A thief found the bank and routing numbers and was slowly emptying the accounts using fake checks. Before any further damage could be done, the bank had stopped accepting the checks.

Secure finances with estate documents. Having a Financial Power of Attorney in place allows an adult child or trusted person to have access to accounts and talk with representatives on your behalf. Certain assets are better protected when placed in a trust which is another level of protection.

Scammers rely on the seniors being quick to act, vulnerable to new technology and having a lifetime of savings. Be proactive and prevent becoming a victim.

Reference: The Wall Street Journal (March 11, 2026) “How to Protect Yourself From Financial Scams Targeting Older Adults”