Financial exploitation is one of the most common forms of elder abuse — and one of the least reported. According to the National Council on Aging, financial scams targeting older adults cost victims an estimated $3 billion each year.
Seniors are frequently targeted because they may have significant savings, own their homes outright, or may simply be more trusting. And the tactics used by scammers are becoming increasingly sophisticated.
Knowing what to look for — and what to do if something seems wrong — can make all the difference. Here are some of the most common financial scams targeting seniors and how to protect the people you care about.
1. Government Impersonation Scams
Scammers pose as representatives from the Social Security Administration, IRS or Medicare and contact seniors by phone, email or text. They typically claim there is a problem with an account or that the person owes money and will face legal consequences if they don’t act immediately.
What to know:
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Government agencies will never call, email or text asking for immediate payment or personal information. Make sure the seniors in your life know that and invite them to reach out to you if they receive a suspicious message.
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They will not demand payment via wire transfer, gift cards or cryptocurrency.
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Anyone who receives a call like this should hang up and contact the agency directly using the official number on their website.
2. The Grandparent Scam
A scammer calls posing as a grandchild or a person claiming to be helping a grandchild who is in trouble — arrested, in a car accident or stranded abroad. They urgently ask for money and beg the grandparent not to tell anyone.
What to know:
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Tell seniors to always hang up and call your grandchild or family member directly on a number they already have.
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Establish a family code word that only real family members would know.
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No matter your age, never wire money or purchase gift cards based on an urgent phone call, no matter how convincing the caller sounds.
3. Romance Scams
Scammers create fake profiles on social media or dating sites and build relationships with seniors over weeks or months. Once trust is established, they invent a crisis and ask for money. Victims are often too embarrassed to report it.
What to know:
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Be cautious of online relationships with people who never want to meet in person or video chat.
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If someone you have never met in person asks for money, consider it a serious red flag.
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Talk to a trusted family member or friend before sending any money.
4. Tech Support Scams
A pop-up window or phone call warns the senior that their computer has a virus. The “tech support” representative asks for remote access to fix the problem — and uses that access to steal personal or financial information.
What to know:
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Warn the seniors in your life, legitimate tech companies like Microsoft or Apple will never call you unsolicited about a computer problem.
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Never give remote access to your computer to someone who contacts you out of the blue.
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Close the pop-up window and contact a trusted tech professional directly if you are concerned about your device.
5. Lottery and Prize Scams
Seniors receive notice that they have won a lottery or sweepstakes. To claim the prize, they must first pay taxes, fees or processing charges. The prize never arrives.
What to know:
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You cannot win a contest you did not enter.
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Legitimate sweepstakes never require payment upfront to claim winnings.
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Do not provide bank account information or personal details to claim a prize.
6. Caregiver or Trusted Person Exploitation
Not all financial exploitation comes from strangers. In some cases, family members, caregivers or trusted individuals misuse their access to an older adult’s finances — through forged signatures, unauthorized account access or undue pressure to change a will or beneficiary designation.
What to know:
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Seniors should never feel pressured to make financial decisions quickly.
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Regularly review bank statements and account activity for any unauthorized transactions.
What to Do If You Suspect Financial Exploitation
If you or someone you love fears they are a victim of financial exploitation, do not wait. Here is what to do:
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Contact your bank immediately. If you are a Heritage Bank customer and suspect fraud or unauthorized activity on your account, call us at (859) 869-2999 during business hours, or visit your nearest branch.
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Report it to Adult Protective Services. Contact your local APS agency to report suspected elder abuse or exploitation. You can find your local agency at napsa-now.org.
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File a complaint with the Consumer Financial Protection Bureau (CFPB). Visit consumerfinance.gov to report financial exploitation targeting older adults.
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Contact the FTC. Report scams at reportfraud.ftc.gov.
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Call 911 if you believe someone is in immediate danger.
We’re Here to Help Protect What Matters
At Heritage Bank, protecting our customers — especially our most vulnerable — is something we take seriously. Our local team knows our community and is here to help if something doesn’t feel right.
If you have concerns about unusual account activity, feel pressured to make a financial decision or just want to talk through a situation that seems off, please reach out. You can call us at (859) 869-2999 during business hours or visit your nearest branch.
You don’t have to figure it out alone. That is what Heritage Bank is here for.