Scams often start small: a friendly phone call, a message from a “loved one,” or a prize notice. What seems harmless could actually be a scam designed to gain your trust and take advantage of it.
Each year, millions of Americans lose billions to fraud. While anyone can be affected, seniors are often targeted due to their trust in others, politeness, and financial stability—all of which make them attractive to scammers.
Unfortunately, seniors are also less inclined to report fraud. Sometimes they feel embarrassed, worry about losing their independence, or are simply unsure where to turn for help. This allows elder fraud to grow quickly, while often going unnoticed.
Common Fraud Targeting Seniors
Scammers often combine technology with emotional manipulation. Some common schemes include:
- A “grandchild” in trouble asking for urgent financial help.
- A call, email, message, or pop-up from “tech support,” claiming your computer has been compromised, has a virus, or offers unsolicited help.
- An online friendship or romance that quickly turns into requests for money.
- Calls from someone pretending to be a government official, threatening victims until they agree to provide funds or payments.
- Prize or charity offers that require payment to claim a reward.
In some situations, fraud can even involve someone familiar, such as a caregiver or acquaintance who takes advantage of trust.
Stay One Step Ahead
Awareness is your strongest protection. Taking a moment to pause before responding can make a big difference. Scammers often try to create urgency, so you act quickly without verifying the situation.
Simple Habits Can Help Protect You
Be cautious with unsolicited calls or emails. Don’t rely on caller ID or the contact information listed on an unexpected request; verify through official channels. If something feels urgent, slow down and hang up.
Don’t accept unsolicited offers for home repairs from strangers.
Never share personal or financial information with unknown contacts. Legitimate organizations won’t ask for sensitive data unexpectedly.
Don’t respond to urgent messages claiming a family member needs money immediately. Consider creating a family codeword to confirm real emergencies.
Keep your devices updated and secure. Use strong passwords and reset them regularly.
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Be vigilant with any request involving money.
Never agree to:- Send cash, checks, or gift cards to someone you don't know well.
- Cash a check and send the money elsewhere.
- Pay to claim a prize. Legitimate sweepstakes do not send checks or money orders then ask you to send payment in return.
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Review financial statements and online banking regularly.
Remember, banks will never:- Contact you for passwords, Social Security numbers, or verification codes.
- Request control of your devices or accounts.
- Offer unsolicited login help.
- Initiate contact through social media or messenger platforms.
If a request seems unusual or suspicious and you have the slightest concern, trust your instincts. When something feels off, it’s worth taking a closer look.
A Partner in Your Financial Safety
Protecting your financial well-being is not just about avoiding scams. It is also about having someone you trust to turn to when something does not seem right. At Oak Valley & Eastern Sierra Community Bank, we’re committed to helping our community stay informed and confident when it comes to financial decisions. If you ever notice unusual activity or feel unsure about a situation, contacting your bank should be your first step. A quick conversation can often prevent a costly mistake. Taking action quickly not only helps protect you, but can also prevent others from becoming victims—because protecting your finances means protecting your peace of mind.
Resources – Education and Reporting
There are many laws designed to protect older adults from elder abuse and guide the practice of adult protective services agencies, law enforcement agencies, and others. These laws vary considerably from state to state. If you believe an adult is being abused, the following organizations can help:
- Consumer Financial Protection Bureau - Reporting Elder Financial Abuse
- National Adult Protection Services Association state resource finder
- Abuse in Disability Communities National Domestic Violence Hotline
- Federal Trade Commission Report Fraud
- Report Identity Theft
Remember: Your first step is to immediately notify the victim’s financial institution so it can protect their assets and investigate the matter.