How to Protect Seniors from Financial Scams

Introduction

Financial scams targeting seniors are on the rise—and they’re becoming more sophisticated by the day. Older adults are often targeted due to perceived vulnerabilities such as isolation, memory issues, or unfamiliarity with technology. The consequences can be devastating, leading not only to financial loss but also to stress, embarrassment, and mistrust. Protecting your aging loved ones starts with awareness, education, and simple preventive measures.

1. Understand the Most Common Senior Scams

Scammers often use fear, urgency, or emotional manipulation to trick older adults. Some of the most common scams include:

• Imposter scams (posing as family, IRS agents, or Medicare officials)

• Tech support scams (fake alerts or pop-ups requesting access to devices)

• Romance scams (online relationships that turn into financial requests)

• Sweepstakes or lottery scams (asking for payment to claim fake prizes)

• Investment fraud (offering too-good-to-be-true returns)

Awareness of these tactics is the first line of defense.

2. Encourage Safe Communication Practices

One way to reduce risk is by helping seniors develop cautious communication habits:

• Never give personal or financial information over the phone

• Let unknown calls go to voicemail

• Be skeptical of emails or texts requesting urgent action or sensitive details

• Use call blocking tools or apps to limit robocalls and scam attempts

Coaching loved ones to take their time before responding can prevent impulsive decisions.

3. Monitor Financial Activity (With Permission)

If your loved one agrees, consider helping them monitor bank activity or set alerts for:

• Unusually large withdrawals

• Unfamiliar purchases

• Changes in mailing address or online accounts

You can also help by reviewing credit reports annually and freezing credit if no new accounts are needed.

4. Set Up Trusted Legal Protections

Preventative legal tools can safeguard a senior’s financial decisions:

• Power of attorney allows a trusted person to help manage finances

• Revocable trusts can control how funds are used

• Account designations can limit access to funds or require dual signatures

Consulting an elder law attorney can ensure these tools are tailored to the senior’s situation.

5. Have Open, Ongoing Conversations

Creating a safe space to talk about finances is crucial. Remind your loved one that anyone can fall for a scam—and they won’t be judged for asking questions. Make it a habit to review suspicious mail, calls, or emails together. The goal isn’t control—it’s partnership.

6. Know What to Do If You Suspect Fraud

If you believe your loved one has been scammed:

• Report it to your local police or elder abuse hotline

• Contact their bank or credit card company immediately

• File a report with the Federal Trade Commission (FTC) at reportfraud.ftc.gov

• Reach out to Adult Protective Services in your area

Quick action can reduce losses and may help prevent future incidents.

Conclusion

Safeguarding seniors from financial scams is a team effort—built on trust, education, and proactive support. By staying informed and taking a few simple steps, you can protect the people you love from serious harm and give them greater confidence in managing their money.

Worried about a loved one falling victim to a scam?

Geriatric Resource Centre offers expert guidance and trusted resources to help protect seniors from financial abuse and exploitation.