Senior Fraud Awareness Day is an important reminder that scams targeting older adults are becoming more common, sophisticated, and costly every year. From phone scams and phishing emails to identity theft and financial exploitation, fraudsters will take advantage of trust, care, and unfamiliarity with changing technology.
Because our members’ financial well-being is a top priority, we want to help keep our members informed about the different ways fraudsters attempt to deceive and exploit individuals, so they can better recognize warning signs and protect themselves and their loved ones from fraud.
Two Popular Scams
Tech Support Scams:
Fraudsters will pose as IT experts from reputable companies (like Microsoft, Apple, or Google). They try to trick users into paying for fake services, giving permission to remotely access their computers, or stealing personal information.
Tech support scammers will try to scare the victim into believing that there is a problem with their computer or other electronic devices. They often use unsolicited phone calls or pop-up alerts to create a false sense of urgency and fear, claiming that the device has been infected or hacked.
Person-in-Need Scams:
These scams, also known as the Grandparent or Relative scam, heavily exploit someone’s love and trust by pretending to be a family member in need. Fraudsters often call or email their targeted victim, claiming they need money right away.
They claim that they need money for bail, hospital bills, travel emergencies, or paying fines. Through these fake scenarios, scammers create a sense of urgency and pressure to act quickly and in secret.
Spot the Red Flags
If you, or someone you know, ever receives phone calls or emails, or finds themselves in a situation like this, it is important to pause, think, and ask questions before taking any action.
Here are some signs to watch out for:
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Requests for immediate payment or secrecy
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Pressure to act quickly
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Gift cards, wire transfers, or cryptocurrency payment requests
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Threats or scare tactics
By staying alert and recognizing the warning signs, you can help keep your finances safe. If something feels suspicious or too urgent, trust your instincts and take the time to assess the situation before responding. Staying informed and cautious can go a long way in protecting yourself and your loved ones from fraud.
Awareness is one of the best defenses against fraud. Knowing the warning signs helps you better protect yourself and those around you. To read more about different types of scams and ways to protect yourself from fraud, click here.
If you believe you may be a victim of financial fraud, reach out to your financial institution right away.
We are here to help answer any questions! You can contact us here or visit your closest branch to talk to a member service representative.
