Older adults are prime targets for the next generation of scams.

Elder financial abuse is an issue that runs rampant, targeting some of the most vulnerable members of our society. As technology improves, so do scams. And with how easy it is to impersonate a real person or institution with the help of AI, more and more older adults are falling victim to fraud.¹

Bank Imposter Scam

In a bank account scam, fraudsters will pretend to be a bank or other organization. They will call or email you unprompted to tell you your account has been hacked or locked, or they may tell you that your online account has some other issue with it.

Then, using urgency and pressure, they’ll ask for your personal information—including your login credentials, your Social Security number or other things that can be used to access your identity or funds.

If they’re pretending to be your bank, they may even try to “open a secure account” and tell you to wire your funds over to a new bank account. 

Government Imposter Scam

In a false crime scam, bad actors will pretend to be a government worker or a member of law enforcement and tell you your name has been connected to a crime. These “crimes” can range from an unpaid toll fee to unpaid tickets to (ironically) fraud. In order to clear your name, scammers will typically ask for your Social Security number—which they’ll use to open accounts in your name, without your permission. 

IT Scams

In an IT scam, a pop-up will appear on your computer—often accompanied by a loud noise to increase panic—telling you there’s a security problem. This pop-up will direct you to a phone number to call support.

Calling the number will lead to them saying your computer has been hacked. They’ll gladly help you create a new account or get rid of the problem, but you’ll need to give your personal information first. Not only will you have given away your personal information with this scam, but you’ll also have given them full access to your online accounts. 

Insurance Scams

Insurance scams go beyond overpaying for premiums or pushy representatives trying to rope you into extras you won’t need. In this type of fraud, scammers will pose as a life insurance representative to steal your personal information.

Often, they will call unprompted and tell you there’s an issue with your policy that will require either your personal information or a fee to “fix.” They may also call pressuring you to pay an “overdue fee” that doesn’t really exist. Either way, they’re using your panic to steal from you.

Investment Scams

Scammers know that senior citizens often hold accumulated lifetime savings and paid-off homes. Meanwhile, older adults frequently worry whether this nest egg will last through a long retirement. This makes them highly susceptible to pitches for "guaranteed" or high-yield investments.

Sometimes, it’s not a stranger on the other side of a computer screen that’s scamming us. Fraud can happen under an older adult’s roof, committed by the person they trust the most.

Caretakers and even family members may emotionally manipulate senior citizens into writing over assets, giving away large sums of money or taking funds allocated for healthcare for their own purposes. 

Examples of Close-to-Home Elder Financial Abuse

• Abuse of power of attorney: Perpetrators attempt to steal the victim’s money for their own personal use by using a power of attorney, granted by the victim. 
• Joint bank accounts: Perpetrators withdraw funds for their own personal use from a bank account held jointly with the victim. 
• ATM cards/checks: Perpetrators use ATM cards or checks to withdraw money for their own personal use. 
• Threats: Perpetrators threaten to abandon or harm the victim unless they’re given what they want. 
• Withholding medical care: Perpetrators refuse to obtain needed medical care or services in order to use the victim’s money for their own use. 

Recognize the common signs of elder financial abuse

While fraud can happen secretly, there are a few signs that let you know something is wrong, including:

• Newly made changes to property titles, wills, powers of attorney or other documents 
• Unexplained credit card activity 
• Excessive withdrawals 
• Pre-written checks  
• Assets transferred to unfamiliar people 
• Unexplained disappearances of cash and valuables  
• Confusion or out of character changes to finances

Report fraud when you see it

If you believe you or your loved one is involved with a scam, or if you received a fraudulent email, contact Online Banking Support at 888-500-2960 (Mon - Sat, 7:00 a.m. - 10:00 p.m. CT). Also, forward any emails you believe are fraudulent to abuse@zionsbancorp.com.