Scams & protecting an older adult’s money

The “Elder abuse & financial exploitation” guide explains all types of elder abuse, why it stays hidden and how communities can help.

The “AI scams, deepfakes & misinformation” guide covers scams that use cloned voices, fake videos and fake news.

The “APS: what to know” guide explains how APS works and how to report. The “When APS is involved with your family” guide covers guardianship and powers of attorney.

Scammers pretend to be from a government agency, a bank or a well-known company, and can fake caller ID. They may demand payment or tell you to move money to a “safe” account.

The Justice Department says it will never threaten you, tell you to move money to protect it, or ask you to withdraw cash and hand it to someone.

A caller claims to be a relative or someone in trouble who needs money fast, often asking you to keep it secret.

Promises of big returns with little risk are a classic sign of an investment scam.

Emails and texts that ask for personal information are a common way scammers start.

Don’t click links in unexpected messages. Contact the company using a website or phone number you look up yourself.

A fake prize, lottery or sweepstakes that needs an upfront fee is a scam. Real prizes don’t ask you to pay first.

Someone builds a relationship online, then asks for money.

You are told your computer has a problem or a virus, asked for remote access, or told you were “overpaid” a refund and must send back the difference.

Scammers use real names, and caller ID can be faked to show any name or number.

They might say you owe money, a relative is in trouble, your computer has a virus, or you won a prize that needs a fee.

Scammers want you to act before you can check. They may threaten arrest or other penalties.

A demand to pay with cryptocurrency, a wire transfer, a payment app or gift cards is a red flag. So is being asked to deposit a check and send part of it back.

For financial abuse by someone they know, contact Adult Protective Services (through the Eldercare Locator, 1-800-677-1116) or local police.

The “APS: what to know” guide explains how to report and what happens next.

NIA describes financial neglect as ignoring an older adult’s financial responsibilities, such as rent, utility bills, insurance, medical expenses or property taxes.

The CFPB’s free “Managing someone else’s money” guides are written for agents under a power of attorney, court-appointed guardians of property, trustees and government benefit payees.

Keeping clear records and being open with family protects everyone, including you.

People who harm older adults are often adult children or other relatives. The older person may want to protect them, or may depend on them for care.

The Consumer Financial Protection Bureau (CFPB) says choosing a trusted contact person can help protect your money. Bank staff may be among the first to notice suspicious activity. Ask the bank or credit union whether they offer it.

• Changes to a will, bank account, insurance or house title
• Pressure to act fast, or requests to keep things secret
• Someone who insists on speaking for them or steers their money decisions
• Sudden losses or unpaid bills despite enough money

The CFPB has advice on planning for diminished capacity and illness. Choosing who could help with money later, while the person can still decide, means their wishes lead the way.

Misusing a power of attorney is a common form of financial abuse, so choose carefully and keep things open.

The “Independence & care in later life” guide covers planning ahead for care.

• Block unwanted calls and filter spam texts
• Call a trusted person before sending any money
• Don’t click links in unexpected messages
• Don’t share personal or money details with unexpected callers
• Never pay a stranger with gift cards, wire transfers, payment apps or crypto

The “My scam pause card” worksheet puts this on one page to keep by the phone.

The CFPB encourages working with your bank or credit union to help prevent financial abuse, and encourages banks to alert trusted contacts when something looks wrong.

Adults keep the right to manage their own money unless a court decides otherwise. Work with them, not around them.

Scammers sometimes pretend to be from government agencies or even fraud hotlines. Never share your Social Security number or send money because of an unexpected call.

Things you might say

• “This could happen to anyone.”
• “I’m glad you told me.”
• “Let’s sort out the next steps together.”

Shame keeps many older adults from reporting. A calm response makes it more likely they’ll tell you next time.

The “After a crime, scam or harassment” guide has a “Scam recovery checklist” worksheet.

For fraud against anyone aged 60 or older. A case manager helps you report and find other help.

Helps you find your local Adult Protective Services and other services for older adults. You can also chat online at eldercare.acl.gov.

Report a scam, or something that looked like one. Reports help law enforcement spot patterns and bring cases.

Losing money can be devastating. Call or text 988 if you are struggling or feel unsafe with your thoughts. It is free, confidential and open 24/7. You can also text HOME to 741741. Call 911 if anyone is in urgent danger.

Fraud reporting works differently in each country. Contact your bank and local police. Find A Helpline lists free emotional support lines by country.