Category: Aging Well

⚡ Protecting Yourself From Scams, Fraud & Financial Exploitation

Scammers use fear, urgency, excitement, and confusion to pressure people into acting before they have time to think. Financial exploitation can also involve someone you know misusing your money, property, accounts, or trust.

Anyone can be targeted. Being approached by a scammer doesn’t mean you were careless. The safest response is to pause, verify the situation independently, and ask someone you trust before sending money or sharing information.

Stop When You Feel Pressured

End the call, close the message, or step away when someone:

Demands immediate action
Tells you something terrible will happen if you wait
Says you’ve won a prize but must pay first
Claims a family member is in trouble
Threatens arrest, deportation, disconnection, or account closure
Tells you to keep the situation secret
Refuses to let you speak with someone else
Pressures you to move or withdraw money
Asks for remote access to your computer or phone
Says you must pay in an unusual way

Legitimate businesses and government agencies will allow you time to confirm what’s happening.

Use the Pause-and-Verify Method

Before taking action:

Stop communicating with the person.
Don’t click links or call numbers they provided.
Look up the organization’s official contact information yourself.
Call the family member, bank, company, or agency directly.
Explain the situation to someone you trust.
Take action only after you’ve independently confirmed the request.

Caller ID, email addresses, logos, and websites can be faked. A familiar name or phone number on your screen doesn’t prove the person is legitimate.

Never Pay on Demand With Unusual Methods

Be extremely cautious when someone demands payment using:

Gift cards
Cryptocurrency
Wire transfers
Payment apps
Cash sent through the mail
Gold or other valuables
A check followed by a request to send some of the money back

The Federal Trade Commission warns that demands for payment by gift card, cryptocurrency, wire transfer, bank transfer, or payment app are common signs of a scam. (FTC)

Never give someone the numbers or PIN from a gift card.

Protect Your Personal Information

Don’t provide unexpected callers or message senders with:

Your Social Security number
Bank or credit card information
Account passwords
Security codes
Medicare information
Copies of identification
Your date of birth
Answers to security questions
Remote access to your device

Banks and legitimate organizations won’t call and ask you to read them a one-time security code so they can “protect” your account.

Recognize Common Scam Stories

Scammers may pretend to be:

A grandchild or relative in trouble
A police officer, lawyer, or bail agent
The IRS, Social Security Administration, or Medicare
Your bank’s fraud department
A computer or technology company
A delivery service
A utility company
A charity
A romantic partner
An investment professional
A lottery or sweepstakes representative

The story may change, but the goal is usually the same: make you act before you verify it.

Never Move Money to “Protect It”

A scammer may claim that your bank account has been compromised and tell you to transfer money to a “safe” account.

Don’t do it.

A legitimate bank or government agency won’t tell you to move money into an account controlled by someone else, buy cryptocurrency, or withdraw cash to protect your savings. The FTC specifically warns that instructions to move money for protection are a scam. (FTC)

Hang up and call your bank using the number on the back of your card or on its official website.

Watch for Financial Exploitation by Someone You Know

Financial exploitation can involve a relative, friend, caregiver, neighbor, professional, or another trusted person.

Warning signs include:

Money or property disappearing
Withdrawals you didn’t authorize
Bills going unpaid despite having enough money
Someone pressuring you to sign a document
Unexpected changes to accounts, beneficiaries, or legal documents
Someone using your debit or credit card without permission
Checks written to unfamiliar people or to cash
Someone borrowing money and refusing to repay it
Being charged too much for services
Someone preventing you from reviewing your own finances
A person isolating you from others while taking control of your money

Financial exploitation is a form of elder abuse, even when the person responsible is someone you know or love. (Consumer Financial Protection Bureau)

Create Everyday Safeguards

Review bank and credit card statements regularly.
Set alerts for withdrawals, purchases, and password changes.
Use strong, different passwords for important accounts.
Turn on two-step verification.
Shred documents containing personal information.
Don’t sign blank forms or documents you don’t understand.
Ask questions before adding someone to an account.
Choose a trusted emergency contact for financial institutions.
Discuss major financial decisions with someone you trust.
Review credit reports for unfamiliar accounts.

Don’t give someone access to your money simply because they offer to make things easier.

If You Sent Money

Act immediately. The sooner you report the payment, the greater the chance that someone may be able to stop or recover it.

Contact your bank, credit card company, payment app, wire service, cryptocurrency platform, or gift card company.
Say that you paid a scammer.
Ask whether the transaction can be stopped, reversed, recalled, or frozen.
Change affected passwords and security codes.
Save receipts, messages, phone numbers, emails, and transaction records.
Report the scam.

Don’t pay anyone who promises to recover your money for an upfront fee. Recovery offers can be another scam.

If You Shared Personal Information

Change affected passwords immediately.
Contact your bank and credit card companies.
Review recent transactions.
Visit IdentityTheft.gov for a recovery plan.
Consider placing a fraud alert or credit freeze with the three major credit bureaus.
Contact Medicare or Social Security directly if those numbers were exposed.
Continue monitoring accounts and credit reports.

Use official websites and phone numbers you locate independently.

Helpful Resources: Browse Identity Protection for products, equipment, services, or supplies related to this section.

Report the Scam or Exploitation

In the United States, you can contact:

ReportFraud.ftc.gov for scams and fraud
IdentityTheft.gov for identity theft
Your local police department
Your local Adult Protective Services agency for suspected financial exploitation
The FBI’s Internet Crime Complaint Center for online crime
Your bank or financial institution

People age 60 or older can also call the National Elder Fraud Hotline at 1-833-FRAUD-11 (1-833-372-8311), Monday through Friday from 10:00 a.m. to 6:00 p.m. Eastern Time. (U.S. Department of Justice)

Be aware that scammers sometimes impersonate fraud investigators and hotline employees. A legitimate fraud hotline won’t threaten you or demand money.

What to Say When Asking for Help

You can say:

“I think someone may be trying to scam or financially exploit me. I shared ________ or sent ________ using ________. This happened on ________. I need help protecting my accounts and reporting it.”

Provide only the information needed to the verified organization assisting you.

Quick Scam-Protection Checklist

Stop when someone pressures you.
Don’t click links or use contact information they provide.
Verify the story independently.
Never pay with gift cards or cryptocurrency on demand.
Don’t share passwords or security codes.
Talk with someone you trust.
Contact your financial institution immediately if money was sent.
Report scams and suspected exploitation.

Remember

Scammers are skilled at creating believable stories and emotional pressure. There’s no reason to feel embarrassed if you were targeted or deceived.

Stop communicating, protect your accounts, tell someone you trust, and report what happened. Acting quickly can help limit the damage and protect other people from the same scam.