As we celebrate National Senior Citizens Day on August 21, we want to honor the wisdom and contributions of the seniors in our community by helping protect them from the growing threat of financial fraud.

Why Are Seniors Often Targeted?

Older adults are frequently targeted by fraudsters because they may have accumulated more  wealth, tend to be more trusting, and may not be as familiar with newer technologies. In some cases, scammers take advantage of social isolation or cognitive decline, both of which make it easier to manipulate their victims.
According to the FDIC, elder financial exploitation can involve scams by strangers as well as theft by caregivers or family members. The Financial Crimes Enforcement Network (FinCEN) reported more than $27 billion in suspicious activity related to elder financial exploitation in just one year (June 2022–June 2023).

Common Fraud Tactics Targeting Seniors

Here are some of the most common types of scams reported by the FDIC and other federal agencies:
  • Impostor Scams: Callers pretending to be government officials (like the IRS or Medicare), grandchildren in trouble, or utility companies demanding immediate payment.
  • Tech Support Scams: A pop-up or phone call tells the victim their device is infected and requests remote access or payment for fake services.
  • Prize, Sweepstakes, or Lottery Scams: The victim is told they’ve won money or a prize but must first pay taxes or fees to claim it.
  • Romance Scams: Scammers build fake online relationships and eventually ask for money.
  • Fake Check Scams: Victims receive a check and are asked to send some of it back; only to later discover the check was fake.
  • Financial Exploitation by Family or Caregivers: Unauthorized use of a senior’s funds, coercion, or outright theft by someone they know and trust.

How to Help Prevent Senior Fraud

Whether you're a senior yourself or someone who cares for one, here are FDIC-recommended steps to stay protected:
  • Pause Before Responding: Scammers often pressure victims to act quickly. Encourage seniors to slow down, talk it over with someone they trust, and verify any suspicious request.
  •  Protect Personal Information: Never give out personal information like Social Security numbers, bank account info, or passwords over the phone or online unless you’re absolutely sure who you’re dealing with.
  • Hang Up on Suspicious Calls: If a caller demands immediate payment or claims to be from a government agency or utility company, hang up and call the agency directly using a verified phone number.
  • Don’t Deposit Unexpected Checks: A legitimate organization will never ask you to deposit a check and send money back. This is a classic sign of fraud.
  •  Monitor Financial Accounts: Review statements regularly for unusual transactions. Set up account alerts or ask us about tools to help with oversight.

What to Do If You Suspect Fraud

If you or a loved one has been the target of a scam, whether or not money was lost, it’s important to act fast:
  1. Contact your bank or credit union immediately to report any unauthorized transactions.
  2. File a complaint with the FBI’s Internet Crime Complaint Center (IC3): www.ic3.gov
  3. Call the National Elder Fraud Hotline (1-833-FRAUD-11 or 1-833-372-8311) – This free resource is available Monday through Friday to help you report and respond to scams.
  4. Contact your state’s Adult Protective Services for cases involving abuse or financial exploitation by someone known to the victim.

How Our Bank is Helping

As your trusted financial partner, we’re committed to helping seniors stay financially safe by:
  • Training staff to spot signs of elder financial exploitation.
  • Providing educational resources to customers and caregivers.
  • Offering account monitoring tools.
  • Taking appropriate action when we detect suspicious account activity.
  • Supporting non-profit organizations such as the Senior Housing Crime Prevention Foundation that provide educational tools and events for seniors.

Let's Keep Our Seniors Safe

Today, take a moment to talk to the older adults in your life about financial safety. A simple conversation could prevent a devastating loss.

If you have questions or would like to speak with someone on our team about how we help protect seniors, please visit your local branch or call us directly at 800-645-4199. We’re here to help.