How to protect older people from fraud

Anyone can fall victim to a scam. Scammers target people of all ages and use tactics such as phone calls, emails and messages to trick unsuspecting victims into taking their money and personal information.

Elderly people are often the main target group, so it is important to be aware of the common signs of fraud and financial abuse to prevent your elderly loved ones from becoming victims of fraud.

Know the signs of fraud

Scammers have become very convincing. They often pose as companies or organizations and trick you into thinking their attempts are urgent or necessary. If you notice the following signs, you are probably dealing with a scammer.

1. Urgent requests to take action, transfer money and provide personal information. A scammer may demand quick action, claim you will lose money, and push for access to your personal account information, passwords, or verification codes. Remember: Neither banks nor the government will threaten you or demand money to protect your accounts. If you receive a call from your bank that you are unsure about, hang up and call the number on the back of your credit or debit card.
2. New relationships that care about their money. Financial abuse often occurs through people the victim knows, such as a caregiver or a new acquaintance. Be cautious if new friends approach you with investment opportunities or ask for your financial information.
3. Unexpected contact from “loved ones”. Scammers can use artificial intelligence (AI) to imitate familiar voices and pretend to be friends or family members. They call you, pretending to be a loved one in danger, and ask you to send money. Hang up and contact your loved one directly to confirm it’s really them.
4. Unusual financial activity. Fraudsters could access your account if you notice withdrawals or changes to your accounts, such as new authorized users or missed bill payments. Also, keep your checkbook safe and keep an eye on check activity. Automate any payments you can and discuss who trusted contacts are to help you with money decisions if you ever need help.
5. Changes in ownership and responsibilities. If you notice changes to wills, powers of attorney or other financial plans, this could be a sign of financial abuse.

Take steps to avoid fraud

You and your loved ones don’t have to become victims. Here are some steps you can take to reduce your risk of falling victim to a scam:

• Ignore and block calls and messages from numbers you don’t recognize and don’t rely on caller ID alone. If in doubt, hang up and contact the company, bank or relative directly to ask if there is a problem..
• Throw away unwanted mail and be wary of suspicious emails or messages on social media. Do not answer questions about your personal finances.
• Keep your personal information, account details and passwords safe to avoid giving scammers access to your money and identity.
• Be careful when using checks. Digital payment methods or your bank’s online bill pay feature can help you get money to the intended recipient while avoiding paper checks, which can be stolen and altered.
• Activate online alerts to be notified of large purchases so you can react quickly if you notice fraudulent charges.
• Shred bank statements, receipts, unused checks and credit cards before throwing them away.

If you are older, talk to trusted family members about how they can help meet your financial needs as you age. This can help protect you from fraud and financial exploitation. If you have older loved ones, talk about it now and use digital tools to protect yourself from potential scams.

Remember that financial fraud can happen to anyone. If you think you have been scammed, contact your bank to review recent transactions and make sure there is no unusual activity on your account. If you become a victim of fraud, do not be embarrassed. Share your experience with friends and family and ask for help.

For more information on how to recognize financial abuse and protect your loved ones, visit chase.com/financialabuse.

For informational/educational purposes only: The views and strategies described may not be suitable for everyone and do not constitute specific advice/recommendations for any particular person. The information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not guarantee its completeness or accuracy.

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