Help Protect Your Older Loved Ones from Fraud

Financial fraud is becoming increasingly sophisticated — and the older population is particularly at risk. Fraudsters use deceitful schemes to target victims’ nest eggs and retirement savings.

According to a recent AARP report, fraudsters steal approximately $28.3 billion each year from adults over the age of 60.1 You can help your elderly loved ones avoid being victimized by knowing what types of scams are out there and by taking preventative measures against them.

Common fraud and scams targeting older Americans.

Caregiver and family fraud

Accounts for 72% of elder fraud and $20.3 billion in stolen funds per year.1 A family member, friend, or caregiver uses their position to gain access to an elderly individual’s finances.

Imposter scams
  • A fraudster contacts an elderly person claiming to be from a well-known company, such as a financial institution. They tell them an urgent matter needs their attention. The fraudster asks for personal information that can be used to gain access to the individual’s accounts.
  • A fraudster contacts an elderly person claiming to be a grandchild or other relative. They provide a story leading the victim to believe they are in distress or urgent need of funds, such as being arrested or getting into a car accident. They will emphasize secrecy and the urgency of the funds needed.
Romance scams

Preying on loneliness, fraudsters form an emotional relationship with an unsuspecting elderly person to obtain funds. After establishing love and trust, the fraudster will begin asking for money or taking over their financial accounts altogether.

Red flags of elder financial abuse.

If you have independent older loved ones who handle their own incoming and outgoing communications, watch for the following warning signs that may indicate your loved one is being scammed:

  • Mentions of suspicious emails, phone calls, or text messages
  • Complaints about technical problems with their computer or issues with accounts they can no longer access with their own passwords
  • Sums of money being withdrawn from bank accounts, unauthorized purchases on credit cards, or new accounts on their credit report
  • Unpaid bills, overdrawn checks, disconnected utilities, and duplicate subscriptions
  • Unfamiliar signatures on checks or contracts

Also, watch for behavioral changes or signs of social withdrawal. If an elderly loved one stops calling you or accepting your calls, it could be a sign something is amiss.

How to protect your elderly loved ones.

The best way to safeguard your loved ones is to stay involved.

Talk to them regularly and watch for any warning signs and changes in behavior. Make sure to ask appropriate financial questions and give them guidance on financial safety.

  • Keep them informed of current scams.
    Make sure they are aware of more sophisticated fraud tactics, like website, email, and phone number spoofing.
  • Remind them to be skeptical.
    They should distrust unexpected calls, text messages, or emails involving urgent situations, pressure tactics, and requests to move money or share personal information (user IDs, passwords, authorization codes, etc.) for verification purposes.

    Remember, KeyBank will not unexpectedly call, email, or text a client and request their sign on credentials, passwords, PIN, or one-time passcode. And, we will never ask them to send money to themselves using any electronic method such as Zelle®, account transfers, or wire payments.
  • Tell them how to respond.
    If they receive a suspicious call, they should hang up immediately. If the caller claims to be from a trusted company, your loved one should independently look up and call a known number for that company. For example, if a caller claims to be from KeyBank, your loved one should hang up and verify by contacting their local branch, 1-800-KEY2YOU®, or our Fraud Client Service Center at 1-800-433-0124. Dial 711 for TTY/TRS.
  • Have them talk to their banker.
    If possible, accompany your senior loved ones to talk to their banker about their accounts and ensure they use features that help protect their funds, such as account alerts and zero liability fraud protection for purchases on their credit or debit cards.

For dependent elderly loved ones who require ongoing assistance, be sure to appoint a trusted family member or individual to manage their finances. Make certain that you and other family members stay involved as well — never leave the financial oversight entirely to one person.

Stay informed, vigilant, and secure.

To help protect yourself and your senior loved ones from fraud, make sure everyone involved — you, family members, and caregivers — has access to helpful information and resources.

Learn more about our commitment to fraud prevention and cybersecurity at key.com/fraud.

1

AARP Press Room. (2023, June 15). AARP Report finds $28.3 Billion a Year is Stolen from U.S. Adults Over 60. AARP.org.

The information and recommendations contained here have been compiled from sources believed to be reliable based on current information and conditions and are subject to change. KeyBank assumes no duty to update any information in the material in the event that such information changes. KeyBank does not represent or warrant its accuracy, reliability, or completeness or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or part of this material. This material is provided as general information only; particular situations may require additional information or actions. Nothing in material shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by KeyBank and/or its officers or employees or other presenters. If legal advice or other expert assistance is required, the services of a competent professional should be sought.