Elder Financial Abuse in the Digital Age: Spot the Signs, Stop the Crime

Elder financial abuse is on the rise, and it’s costing older adults their life savings. According to a recent Federal Trade Commission (FTC) report, seniors are being targeted by scammers impersonating banks, tech companies, and government agencies. These fraudsters create fake emergencies and trick victims into handing over thousands of dollars, often under the illusion of “protecting” their money.

Why Online Scams Are Increasing and Why Seniors Are Targeted

The FTC found that losses reported by adults 60+ to government and business impostor scams have quadrupled since 2020. In 2024 alone, older Americans reported $445 million in losses, often representing life savings wiped out in a matter of hours.

Seniors are targeted because:

• They often have more financial assets.
• They may not be as familiar with evolving technology or scam tactics.
• They’re more likely to trust institutions and respond politely to perceived authority.

Common Impostor Scams: How Fraudsters Trick Older Adults

These scams work by triggering fear or urgency, then offering a fake solution, usually one that involves transferring money to “protect” it.

The FTC outlines three common lies:

1. “Someone is using your accounts” – A scammer claims to be from your bank or a company like Amazon, flagging suspicious activity.
2. “Your identity is linked to a crime” – Someone pretending to be a government agent warns that your Social Security number is tied to criminal activity.
3. “There’s a security issue with your computer” – Fake pop-up alerts push you to call tech support scammers who then gain access to your finances.

These impostors often appear convincing, using fake caller IDs, professional-looking emails, and urgent scripts designed to disarm even cautious adults.

Cybersecurity Tips for Seniors and Family Caregivers

Keeping seniors safe online is a shared responsibility. Start with these practical tips:

• Pause before responding. Never act on fear. Always verify unexpected calls or emails.
• Don’t click unknown links. 
• Be cautious of texts or emails claiming to be from financial institutions or the government.
• Enable alerts. Set up text or email notifications for suspicious account activity.
• Use strong, unique passwords. Avoid using the same password across multiple accounts.
• Discuss scams openly. Creating a safe space to talk about money mistakes can prevent future losses.

Curis Financial is committed to your security. Explore Identity Theft Protection resources to learn how to safeguard your personal information and respond to potential threats.

What to Do If You Suspect Financial Abuse or a Scam

Time is critical when dealing with elder financial exploitation. Take these steps immediately:

1. Stop communication with the suspected scammer.
2. Report the fraud to the FTC and local authorities.
3. Notify Curis Financial so we can help protect the member’s accounts and take fraud prevention steps.
4. Keep documentation (emails, call logs, receipts) for investigators.

Financial Fraud Protection Resources from Curis Financial

At Curis Financial, member protection is more than a feature, it’s a priority.

Here’s how we help safeguard you and your family:

• Identity Theft Protection resources
• Debit and credit card controls
• Alerts for suspicious activity
• Personalized fraud support
• Financial coaching and support for vulnerable members

If you believe you or a loved one may be at risk, don’t wait. Our team is here to help.