When it comes to fraud, scammers have no scruples. That’s why they often target the most vulnerable, including parents and grandparents — many of whom live on fixed incomes.
“Unfortunately, the number of elder scam cases continues to climb each year,” said Jeff Taylor, head of Commercial Fraud Forensics at Regions Bank. “If we work together to recognize common scams, we can also learn the steps to take to help loved ones stay safe. Please share with anyone at risk.”
Fighting elder fraud takes a few common-sense steps:
- Recognizing the most common elder fraud scams
- Following practical tips to stay safe
- Knowing what to do if you or a loved one becomes a victim
Common Elder Fraud Scams to Watch For
According to the FBI, scammers targeting older adults may use one or more of the following approaches:
- Romance scam: Criminals pose as romantic partners on social media or dating websites to capitalize on victims’ desire for companionship. They will slow play the new “relationship” to gain deep trust.
- Tech support scam: Criminals pose as technology support representatives and offer to fix non-existent computer issues. They gain remote access to devices and sensitive information.
- Grandparent scam: Criminals pose as a relative — usually a child or grandchild — claiming to be in immediate financial need.
- Government impersonation scam: Criminals pose as government employees and threaten to arrest or prosecute victims unless they provide funds or other payments.
- Sweepstakes, charity or lottery scam: Criminals claim to work for legitimate charitable organizations to gain trust, or they tell targets they’ve won a lottery or sweepstakes that requires a “fee” to collect.
- Home repair scam: Criminals appear in person and charge homeowners in advance for home improvement services they never provide.
- TV or radio scam: Criminals use illegitimate advertisements for legitimate services, such as reverse mortgages or credit repair.
- Family or caregiver scam: Relatives or acquaintances take advantage of victims or otherwise gain access to their money.
- Be wary of requests for gift card payments: Why gift cards? Immediate cash (and untraceable funds) for a scammer. Legitimate businesses and government agencies don’t do business this way.
10 Tips to Fight Elder Fraud
- Stay in touch. Talk openly about the dangers of elder scams. Show examples and teach how to recognize scams.
- Create a verbal password. If someone claims to be a relative in trouble, ask for the password. A scammer won’t know it.
- Take a deep breath. Urgent requests are a red flag. Call loved ones if something feels wrong. Call law enforcement if you believe you’re in danger.
- Stay cautious. Don’t trust unexpected offers by phone, email or text. Be wary of door-to-door sales as well.
- Protect personal information. Don’t provide sensitive details to someone you don’t know. Legitimate businesses will appreciate your caution.
- Watch what you share on social media. Scammers use this information to form connections. They can also use it to answer security questions if they get access to your accounts.
- Use your computer to verify. Search phone numbers, websites or businesses to confirm whether they’re legitimate. Try adding the word “scam” to your search to uncover warnings.
- Keep devices updated. Make sure phones and computers have current software. Employ antivirus tools and malware protection as added security.
- Think twice before clicking. Avoid clicking links from unsolicited sources. This especially applies to texts and emails you weren’t expecting.
- If you’re uncomfortable, hang up or log off. Whether it’s a pushy sales call or a suspicious pop-up, trust your instincts. Cut them off.
“Imposter scams, especially over the phone or in emails, remain a top concern,” said Kimberly Reece, Financial Crimes Customer Advocacy manager at Regions. “These scammers are getting better at creating deepfake messages and lookalike domains that could fool anyone who’s not paying close attention.”
What to Do If You’re a Victim
If you believe you’ve been victimized by elder fraud – or know someone who has – file a complaint with the FBI’s Internet Crime Complaint Center at ic3.gov. Try to include as much information as possible, including money amounts, name of the scammer and how they contacted you or a loved one.
Additional Resources from Regions.com
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The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/STOPFRAUD or speak with your Banker for further information on how you can help prevent fraud.