Senior Fraud Prevention Tips

Fraud isn’t just frustrating, it’s costly. Sometimes it shows up in the form of a friendly phone call, a text that looks official, or an urgent email asking you to “verify your account.” And unfortunately, older adults are often the ones scammers target most.

For older adults, the financial and emotional toll can be devastating. In 2024 alone, people age 60 and older lost more than $4.8 billion to financial scams, representing a 43% increase in losses from 2023.¹ Those stats represent real people who were tricked into handing over their savings.

At Mission Fed, we believe awareness is one of the strongest tools against fraud. Let’s break down why older adults are often targeted, the top scams you should know about, and how to protect yourself and the people you love.

Why Scammers Target Older Adults

Fraudsters see older adults as easy targets. They know older adults often have steady income, savings, or home equity which make them attractive targets. There are a few reasons older adults are often targeted:

Technology gaps: Fraudsters exploit the fact that some seniors may be less familiar with digital tools or online security.
Isolation: Criminals take advantage of older adults who live alone or have limited social contact, making them more receptive to phone calls or messages.
Trusting nature: Many seniors are polite and less likely to hang up on a stranger.
Embarrassment: Victims may feel ashamed to report scams, which allows criminals to keep going.

The Top 5 Scams Targeting Older Adults

Here are the most common financial scams reported by seniors and how they work:

1. The Grandparent Scam

This one tugs at the heart and preys on love and urgency. A caller pretends to be your grandchild in trouble (needing money for medical bills, rent, or bail). Today, some scammers even use AI to mimic a loved one’s voice, making the plea sound eerily real. Victims are often pressured to send money through wire transfers, gift cards, or even cash “couriers.”

How to protect yourself:

Always pause and verify by calling your grandchild (or another trusted family member) directly.
Never send money to someone without confirming their identity.

2. Financial Services Scams

Fraudsters pose as banks, credit unions, mortgage companies, or debt collectors. They’ll call, text, or email, claiming your account has been compromised or offering “better rates.” Sometimes, they use scare tactics like threatening arrest for unpaid bills.

How to protect yourself:

Hang up and call your financial institution using the number on the back of your card.
Never give out account numbers, passwords, or Social Security numbers over the phone or email.
Never click suspicious links.

3. Tech Support Scams

Pop-up alerts or fake emails warn of a computer virus, urging you to call a “tech support” number. Once connected, scammers ask for remote access or payment to fix the issue.

How to protect yourself:

Don’t click on suspicious pop-ups.
Don’t call a provided number.
Only seek help from trusted, official tech support sources.

4. Government Impersonation Scams

Scammers claim to be from the IRS, Social Security, or Medicare. They threaten arrest, deportation, or loss of benefits unless immediate payment is made right away (usually by wire transfer or prepaid debit card).

How to protect yourself:

Real government agencies will never demand payment over the phone.
If in doubt, hang up and call the agency directly using a verified number.

5. Romance Scams

Online dating has given fraudsters a new playbook. They build fake profiles, win trust, and then ask for money for visas, medical bills, or “emergencies.” In 2024, romance scams cost victims more than $389 million.²

How to protect yourself:

Be cautious with online relationships, especially if money is requested.
If money is part of the conversation, that’s a red flag.

Other Scams To Watch For

In addition to the top five, seniors also face:

Sweepstakes and lottery scams (“You’ve won, but need to pay fees first”).
Robocalls and spoofed phone scams (“Can you hear me?” calls that record your voice).
Business imposter scams (fraudulent calls pretending to be from trusted companies).
Investment and cryptocurrency scams (promises of guaranteed returns).
Medicare and health insurance scams (fake representatives asking for personal info).
Email and phishing scams (messages that look official but steal login details).

How Mission Fed Helps Protect Members

At Mission Fed, protecting our members is at the heart of everything we do. Here’s how we help safeguard your financial well-being:

Fraud monitoring and alerts on your accounts.
Secure online and mobile services with multi-factor authentication.
Education and resources to help you and your loved ones stay one step ahead of scammers.

We know peace of mind matters. That’s why we’re committed to giving you the tools and support to protect your money.

Final Thoughts

Fraud is getting more sophisticated, but awareness is your best defense. By learning how these schemes work, you can protect yourself, your loved ones, and your hard-earned savings. If something doesn’t feel right pause, verify, and never feel pressured to act immediately.

The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. Mission Fed Credit Union disclaims any liability for decisions you make based on the information provided. References to any specific commercial products, processes, or services, or the use of any trade, firm, or corporation name in this article by Mission Fed Credit Union is for the information and convenience of its readers and does not constitute endorsement, control or warranty by Mission Fed Credit Union.