Protecting Our Seniors: How to Combat the Growing Epidemic of Elder Financial Scams

Elder financial scams are not just an unfortunate reality—they're a rapidly growing epidemic. According to FinCEN, 80% of Bank Secrecy Act filings related to elder financial exploitation involve scams targeting our elderly population. This often includes sophisticated schemes like fake tech support calls, phishing emails, and fraudulent “Amazon” charges.

The statistics are becoming unbelievable: the FBI reports an average loss for elder scams  at $33,915. The scammers are getting smarter and the amount of fraud is growing rapidly. How can you help change those statistics?

A major hurdle in combating elder scams is the stigma surrounding being a victim. Whether you’re a retired professional or someone less familiar with technology, scammers have become skilled at crafting believable schemes. Victims often feel ashamed, believing they “should have known better.” This shame can prevent them from seeking help or reporting the scam, leaving them vulnerable to further exploitation.

Pay attention to trends and tips from your community bank! Community banks know the trends and are constantly sharing information with their clients about the current fraud schemes.  Watch social media accounts and email from CFSB to gain insight into current trends. Community banks also play a pivotal role in protecting their customers and creating a judgment-free environment to help customers.  A simple response to suspicious emails or phone calls should always be: “Let me talk to my banker about this.”

When customers consult their banker before taking action, they gain protection under Regulation E and their bank’s electronic funds transfer (EFT) policies. Most importantly, involving a trusted banker can often stop a scam in its tracks. Scammers are likely to protest when their victims want to verify information, a clear red flag.

If you aren't an elder receiving these attempts, educate your family about trends you are seeing.  Many times, family members can assist in stopping a fraud transaction before it happens. Have open communication with your family of all ages to help spread the word about new fraud attempts, what they look like and how they can be stopped.

Together, we can fight elder financial exploitation and make a meaningful difference in our families and communities. If you ever have a question about a possible scam, call 888-226-5669 to speak directly to a CFSB Team Member.