Elder Fraud

Elder Fraud

Warning Signs and Prevention

What is Elder Fraud?

Elder fraud is fraudulent activity targeting individuals aged 60 or older, often involving financial exploitation through deception, urgency, or manipulation.

Warning Signs of Fraud or Financial Exploitation

  • Unexplained withdrawals, charges, or missing funds
  • Requests to send money via wire transfer, gift card, or prepaid card
  • Pressure to act immediately
  • Requests to keep conversations or relationships a secret
  • Calls regarding unpaid bills
  • Requests to change legal documents such as power of attorney or a will
  • Guarantees of making money
  • Attempts to isolate you from family or friends
  • Threats of harm, neglect, or removal from your home

Who May Be at Risk

  • Older adults who are socially isolated
  • Older adults who rely on family members or friends to handle their finances
  • Older adults who have recently lost a spouse or loved one, especially if that person managed household finances
  • Older adults with cognitive impairment, memory issues, or other disabilities

The Financial Impact of Elder Fraud

According to the 2024 IC3 Report, reported losses among adults 60+ include:

  • Investment scams: $1,834,242,515
  • Confidence or romance scams: $389,312,356
  • Government impersonation scams: $208,096,366
  • Lottery, sweepstakes, or inheritance scams: $75,897,926

How to Protect Yourself

  • Pause before responding to urgent requests
  • Verify all requests independently
  • Speak with a trusted contact before sending money
  • Be cautious of unfamiliar or unexpected communications

What to Do If You Suspect Fraud

  • Contact your bank immediately
  • Report the incident to the Internet Crime Complaint Center
  • Monitor accounts for unusual activity

Sources:

  • Federal Bureau of Investigation, Internet Crime Complaint Center (IC3), Internet Crime Report 2024
  • Ohio Attorney General, A Quick Reference Guide for Older Adults: Elder Fraud and Financial Exploitation
  • Internet Crime Complaint Center, Elder Fraud

The above referenced sources are provided as a courtesy. Signature Bank does not endorse or control the content of this source or website.