Elder fraud prevention: How to protect older adults

Financial scams targeting older adults continue to evolve, making fraud prevention more important than ever. We want to help seniors recognize common scams that target them, how to protect personal information, and feel confident managing finances.

Whether you're looking out for yourself or helping a loved one, understanding the warning signs of elder fraud is one of the best ways to stay safe.

What is elder fraud?

Elder fraud is any scam, theft, or financial exploitation that targets older adults. Fraudsters may try to steal money, personal information, or access to financial accounts by pretending to be a trusted organization—or even someone the victim knows. Scammers often create a sense of urgency or fear, hoping people will act before they've had time to verify the situation.

Common elder fraud scams

While scams take many forms, some of the most common include:

• Phone calls claiming to be from a bank, government agency, or law enforcement
• Phishing emails or text messages asking you to click a link or provide personal information
• Investment or lottery scams promising large financial rewards
• Romance scams that build trust before requesting money
• Grandparent scams where someone pretends a loved one is in trouble and needs immediate financial help
• Financial exploitation by someone the victim knows, such as a caregiver, acquaintance, or family member

Understanding these tactics can help you recognize fraud before it happens.

Warning signs of financial fraud

Be cautious if you notice any of the following:

• Unexpected phone calls, emails, or text messages demanding immediate action
• Requests for personal banking information, passwords, PINs, or one-time verification codes
• Pressure to keep financial decisions or transactions secret
• Unfamiliar withdrawals, purchases, or transfers on your accounts
• Someone taking an unusual interest in managing your finances or encouraging you to change financial arrangements quickly

If something feels unusual, take time to verify the request before responding.

How to protect yourself from elder fraud

Simple habits can make a significant difference in preventing financial scams.

Protect your personal information

Never share your banking information, passwords, PINs, or security verification codes unless you've confirmed who you're communicating with.

Take your time

Legitimate organizations won't pressure you to make immediate financial decisions. If someone creates urgency, pause and verify the request independently.

Monitor your accounts regularly

Review your account activity and enable account alerts so you're notified of transactions as they happen. Early detection can help reduce the impact of fraud.

Talk to someone you trust

If you're unsure about a phone call, email, or financial request, speak with a trusted family member, friend, or your YNCU advisor before taking action.

Review your power of attorney

If you've appointed a Power of Attorney, make sure it's someone you trust completely and review your arrangements periodically to ensure they still reflect your wishes.

What should you do if you think you've been scammed?

If you suspect fraud:

1. Contact YNCU as soon as possible.
2. Review your recent account activity for suspicious transactions.
3. Change your online banking password if you believe your credentials have been compromised.
4. Report the incident promptly so steps can be taken to help protect your accounts.

Acting quickly can help reduce potential financial losses and prevent additional fraud.

We're here to help

If something doesn't seem right, trust your instincts.

Whether you've received a suspicious phone call, noticed unusual account activity, or simply want a second opinion, don't hesitate to contact YNCU. Our team is here to answer your questions, help you recognize potential scams, and support you in protecting your financial wellbeing.

When it comes to fraud prevention, it's always better to ask than to wonder.