Shield Seniors from Scams: Essential Steps to Safeguard Elderly Loved Ones

How to take action and help protect older adults from scams

Scams can target anyone, regardless of age. Scammers often use phone calls, emails, and messages to deceive victims and steal their money and personal information.

Older adults frequently fall victim to these schemes, making awareness crucial. Recognizing scam patterns and signs of financial abuse can prevent older loved ones from being targeted. Neil Hart, Executive Director and a Chase Market Director for Banking, provides essential tips for scam prevention.

Know the signs of a scam

Scammers are highly persuasive. They can pose as reputable companies or organizations, creating a false sense of urgency. It’s vital to identify potential red flags.

Urgent demands for action, money, or personal data. Scammers may claim you’ll lose money or need to give account information. Remember, neither banks nor the government will threaten you or ask for money to safeguard your accounts. If unsure about a call from your bank, hang up and call the number on your card.

New relationships interested in your finances. Financial abuse often comes from familiar individuals like caretakers or new acquaintances. Be cautious of new friends offering investment “opportunities” or prying into your financial details.

Unexpected contact from “loved ones.” Using AI, scammers can mimic familiar voices, pretending to be friends or family in danger and requesting money. Always verify direct with the person before acting.

Unusual financial activity. Watch for unexplained withdrawals or account changes like new authorized users or missed payments. Keep your checkbook secure and automate payments when possible, discussing trusted contacts for financial decisions if necessary.

Changes in financial documents. Modifications to wills, power of attorneys, or other plans could indicate financial abuse.

Take action to avoid scams

Preventative measures can protect you and your loved ones. Follow these steps to reduce scam vulnerability:

Ignore and block unknown numbers. Don’t rely solely on caller ID. Verify direct with the purported company, bank, or person.

Dispose of unsolicited mail and be wary of suspicious emails or social media messages. Avoid sharing personal financial details.

Keep personal and account information secure. This prevents scammers from accessing your money and identity.

Use caution with checks. Digital payments or online bank bill payments reduce the risk of altered or stolen checks.

Set up online alerts for large purchases. Quick action can mitigate fraudulent charges.

Shred sensitive documents before discarding them. This includes bank statements, receipts, unused checks, and credit cards.

Older adults should discuss financial safety with trusted family members to guard against fraud and exploitation. For those with elderly relatives, initiate these conversations early and use digital monitoring tools to detect potential scams.

Financial scams are a risk for everyone. If scammed, contact your bank immediately to check for unusual activity. Share your experience with family and friends to seek support and prevent further incidents.

Learn more about detecting financial abuse and protecting loved ones at chase.com/financialabuse.

For informational purposes only: Views and strategies discussed may not suit everyone and aren’t specific advice for individuals. Information is sourced reliably, though JPMorgan Chase & Co. and its affiliates don’t guarantee its completeness or accuracy.