How to Protect Older Adults From Financial Scams

Common financial scams targeting older adults

Anyone can be scammed, but older adults are more susceptible and report large losses. The Federal Trade Commission (FTC) found that adults over 60 losing $10,000 or more to impersonation scams more than quadrupled from 2020 to 2024 (FTC, 2025) [1].

Impersonation scams may start with a fake fraud alert from a bank, retailer, or government agency, followed by instructions to move money for “protection.” The FTC’s advice is explicit: “Don’t move money to ‘protect it’” (FTC, 2025) [1]. Common scams include:

• Tech-support scams: A caller or pop-up claims a device is infected. A major red flag is requests for remote access or banking details.
• Family-emergency scams: Someone pretends to be a relative in trouble. Warning signs are secrecy and an urgent request for money.
• Romance scams: A new contact builds trust, then asks for money. Red flags include love bombing, an urgent crisis, or a request to move to private messaging apps like WhatsApp or Telegram.
• Investment scams: A person promotes an unfamiliar investment. Guaranteed high returns and claims of insider information should trigger caution.
• Prize scams: You are told you won but must pay fees first.

A typical scam example: You receive a text reporting a $3,800 fraudulent transfer, followed by a caller who says $20,000 must be moved. The transfer request and demand for a verification code are warning signs.

Warning signs an older adult may be experiencing a scam

The warning signs of elder financial exploitation may appear in their accounts through unusual activity. Other potential red flags include a new relationship or a change in routine. The Consumer Financial Protection Bureau (CFPB) also highlights pressure to act quickly as a major red flag. Additional warning signs are requests for personal information and unusual payments such as gift cards, wires, or cryptocurrency (CFPB, 2026a) [2].

To spot scams, look for unexplained withdrawals, gift-card purchases, unfamiliar payees, new financial contacts, or unexpected account changes. Also, sometimes exploitation involves a caregiver, relative, or acquaintance.

Ask the victim, “Can we look at this together?” Avoid blame or taking control without discussion. That’s how to help a parent who has been scammed.

How to protect money and personal information

If you are considering how to protect elderly parents from scams, focus on routines that reduce pressure and opportunity. The CFPB’s shorthand is “Slow down and verify” (CFPB, 2026a) [2]. This is how to prevent senior fraud while supporting financial independence:

• Talk about new scams and agree that unexpected financial requests can be checked with someone trusted.
• Turn on transaction and login alerts and use secure account-monitoring tools.
• Use strong, unique passwords, multi-factor authentication and current device software. Beyond that, educate seniors on how to avoid phishing calls, texts and emails.
• Before a large transfer, gift-card purchase or unfamiliar investment, pause and verify urgent requests to send money.

These habits, especially using the “pause and verify” rule, can protect seniors from financial scams.

What to do when you suspect a scam

If the fraud has occurred, the key question now is what to do after a scam. Act quickly and follow a clear sequence to protect affected accounts.

1. Stop communicating with the suspected scammer. Don’t send more money, click more links, or grant remote access.
2. Contact Wings through a verified channel. Also, make sure you preserve texts, emails, phone numbers, receipts, and screenshots.
3. Secure affected accounts. Immediately change compromised passwords and enable multi-factor authentication. Then, ask whether cards or access should be blocked.
4. Report the incident to Adult Protective Services, FBI Internet Crime Complaint Center (IC3), and ReportFraud.ftc.gov. See what to do after you have been scammed for a fuller recovery checklist.

After reporting, learn how to recognize common scam warning signs before answering another unexpected message. Additionally, use these CFPB resources to protect against elder financial abuse (CFPB, 2026b) [3].

Create a family fraud-prevention plan

A family plan eases how to protect elderly parents from scams. With a prevention plan, seniors know how to handle urgent requests, and fraud conversations become routine.

• Choose one or two trusted contacts and agree on situations that automatically trigger a pause. For instance, urge older family members to verify urgent requests to send money with trusted contacts.
• Review alerts, account contact details and security settings together periodically.
• Keep Wings’ official contact information easy to find and show where it can be found on the app, website or account statement.

To protect seniors from financial scams, families don’t have to monitor every decision. A fraud prevention plan you revisit quarterly is enough.

References

1. Federal Trade Commission. (2025, August 7). False alarm, real scam: How scammers are stealing older adults’ life savings. https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2025/08/false-alarm-real-scam-how-scammers-are-stealing-older-adults-life-savings
2. Consumer Financial Protection Bureau. (2026a, July 30). What are some classic warning signs of possible fraud and scams. https://www.consumerfinance.gov/ask-cfpb/what-are-some-classic-warning-signs-of-possible-fraud-and-scams-en-2094/
3. Consumer Financial Protection Bureau. (2026b, March 10). Protecting older adults from fraud and financial exploitation. https://www.consumerfinance.gov/consumer-tools/educator-tools/resources-for-older-adults/protecting-against-fraud/