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According to the FBI, Americans age 65 and older lose more than $3 billion a year to scams.

But the impact of elder financial fraud on seniors can extend beyond the loss of money, assets, or property. Victims are often afraid to report fraud out of embarrassment or because they fear their relatives will want to take over the management of their finances or assume that they are no longer capable of living independently.

While elder financial fraud is a serious problem, it’s one that seniors and those who protect them can safeguard against.

The Grant County Bank is committed to helping our customers protect against all forms of elder financial fraud.

Why seniors are targeted

Unfortunately, seniors are targeted by scammers for a variety of reasons. Scammers seek them out because many seniors have assets—life savings or a home—that make them attractive targets.

And while many seniors are trusting, many are also lonely, experiencing cognitive decline, or may not be technologically savvy, all of which make them more vulnerable to financial fraud.

Types of scams

Unfortunately, scams targeting seniors take many forms. Some of the most common include:

• Phone scams—IRS impersonators, tech support calls, or “grandparent scams,” in which the scammer poses as a family member in need of money.
• Phishing emails and texts—fake messages that appear to come from entities such as banks, Medicare, government agencies, or retailers asking for bank, credit card, or personal information.
• Romance scams—scammers form fake online relationships to exploit emotions, loneliness, or finances.
• Investment scams—appeals to put money in business ventures, cryptocurrency, or other false investment schemes.
• Lottery and sweepstakes scams—promising fake winnings in exchange for fees or account information.

While these scams typically happen over the phone or online, seniors and their families also need to be vigilant for scams that aren’t technology-based. These include scams such as an individual coming to the door posing as a repairman who insists on prepayment for work they never do.

Sadly, caregivers or family members can also take advantage of or steal from the seniors who trust them and whom they are supposed to be helping.

Look for the red flags

Typically, there are red flags that should raise concerns about fraud. These include:

• Sudden changes in financial habits or account activity.
• Unfamiliar transactions or a new “friend” becoming involved in the senior’s finances.
• Fear, confusion, or secrecy when discussing money.
• Hidden mail or bills going unpaid.
• Pressure from someone to make quick financial decisions.

How to avoid scams

Given the proliferation of scams, it’s critical that seniors and those who protect them do all they can to prevent financial fraud.

One of the most effective deterrents is communication. Keep an open, supportive dialogue with your senior loved ones and talk to them about their money and the many ways criminals attempt to victimize seniors.

The more present you can be in their lives—perhaps even talking to or visiting them daily—the better. Continually reinforce the need for vigilance and skepticism when they are contacted by people they don’t know who are requesting money.

There are also practical steps to take to safeguard finances. These include:

• Simplifying finances—and monitoring—by minimizing the number of bank or investment accounts.
• Enabling account alerts to send notifications for large transactions or suspicious log-in attempts.
• Setting strong, unique passwords for accounts and avoiding using the same password across accounts.
• Regularly reviewing accounts, including monthly bank statements.
• Establishing legal protections, including assigning power of attorney to a trusted individual for financial decisions.
• Adding a secondary contact—usually a trusted family member—to bank accounts, to aid with managing their money and paying their bills, and to monitor for unusual activity.

Your bank can help

At The Grant County Bank, we take protecting our seniors and their money seriously. We work with seniors and their loved ones to safeguard accounts and detect suspicious account activity.

We’re here when you need us, whether you have concerns about potential fraud, or even if you just have questions. Our customer service support is accessible over the phone or in person at any of our seven convenient locations.

We also offer Senior Advantage Checking, a free checking account for those 55 or older. In addition to requiring no minimum balance, no monthly service charge, and unlimited check-writing and free checks, seniors have access to the conveniences of digital banking—including online bill pay—and a free debit card.

The Executive Package offers additional perks for $3.99 a month, including a free safe deposit box and free notary service. You can apply here for Senior Advantage Checking.

Peace of mind

Together, we can combat elder financial fraud and give our seniors the financial peace of mind they deserve.