As technology advances, so do the tactics of fraudsters looking to exploit unsuspecting individuals. Elder scams are fraudulent schemes specifically designed to deceive and steal from senior citizens. These scams can take many forms, including phone calls, emails, postal mail, or even in-person encounters. The goal of these scammers is often to gain access to financial information, personal data, or directly steal money from their victims.

The following information is provided as a guide to help family and friends take an active role in protecting their loved ones from unscrupulous fraudsters who prey on them. Highlights include why seniors are targeted, common scams targeting them, and how they can protect themselves and others.

Why Are Seniors Often Targeted for Scams?

Trusting Nature

Seniors often grew up in an era when trust was a valued trait, making them more likely to trust strangers.

Isolation

Loneliness can make seniors more vulnerable as they may seek social interactions, even with unknown sources.

Memory Challenges

Aging can affect memory and recognition, making it harder to spot scams and remember details like bank balances.

Lack of Technical Savvy

Seniors may be less familiar with modern technology and online scam signs, making them easier targets.

Financial Security

Many seniors have substantial savings, own their homes, and have good credit, making them attractive to fraudsters.

Insecurities

Scammers exploit seniors' insecurities by using threats related to health care or Social Security to coerce them into giving up financial information.

Common Scams Against Seniors

Lottery Scams

Claims of winning a lottery but requiring payment of taxes or fees before releasing funds.

Romance Scams

Someone they’ve never met in person expressing a deep emotional connection such as “love” or “soul mate”.

    Telemarketing Scams

    Unsolicited calls offering fake prizes, low-cost health care products, or financial schemes.

    Charity Scams

    Fake charities solicit donations, often after natural disasters or during holidays.

    Tech Support Scams

    Calls or pop-up messages claiming to be from tech support, requesting access to computers or personal information.

    Grandparent Scams

    Scammers pose as grandchildren in trouble, needing money urgently.

    Account Takeover Scams

    Scammers use stolen credentials to gain access to seniors’ bank accounts and make unauthorized transactions.

    Check Fraud

    Scammers forge or alter checks to withdraw money from seniors’ accounts.

    Overpayment Scams

    Sending fake checks for larger amounts, asking victims to deposit and return the excess funds before the check bounces.

    Investment Scams

    Promises of high returns, leading seniors to transfer money from their bank accounts into fake investments.

    Wire Transfer Scams

    Convincing seniors to wire money under the guise of helping a relative in distress or securing a prize.

    Impersonation Scams

    Scammers posing as bank representatives, calling seniors to "verify" account information or report suspicious activity. Metro will never call and ask a member to very account information.

    Automatic Withdrawal Scams

    Unauthorized automatic withdrawals from seniors’ bank accounts through fake subscriptions or services.

    How to Protect Your Loved Ones

    Stay Informed

    Help them keep up to date with common scams.

    Verify Sources

    Tell them to always verify the identity of anyone contacting them unexpectedly, whether by phone, email, or in person.

    Be Skeptical

    Encourage them to be suspicious of unsolicited offers, especially those that seem too good to be true.

    Use Strong Passwords

    Ensure that all their online accounts are protected with strong, unique passwords.

    Monitor Finances

    Help them regularly review bank statements and credit reports for any suspicious activity.

    Set Up Alerts

    Help them use Metro Credit Union’s app to set up alerts for suspicious activities on their accounts.

    Most of all, it’s important to regularly discuss the dangers of scams and encourage the seniors in your life to ask their family and friends for help if they’re unsure about a situation. Remind them you’re just a phone call away.

    If you suspect that you or a loved one has been scammed, it’s crucial to act quickly:

    Contact Metro

    Report any unauthorized transactions and request to freeze your accounts.

    Report the Scam

    File a report with local law enforcement and the Federal Trade Commission (FTC).

    Notify Credit Bureaus

    Place a fraud alert on your credit reports to prevent further damage.