A phone call from a grandchild who needs money immediately. A message from someone claiming to be from the bank. A new online friend who suddenly needs financial help.
Scammers know how to create urgency, fear, and trust—and older adults can be particularly attractive targets because they may have retirement savings, established credit, or other accumulated assets.
Today's scams are also becoming harder to recognize. Fraudsters can use artificial intelligence, spoofed phone numbers, convincing emails, and other technology to make a scam look or sound legitimate. That's why protecting an older parent, grandparent, neighbor, or loved one often starts with something simple: talking about scams before one happens.
Watch for Impersonation and Grandparent Scams
"Grandma, I'm in trouble. Please don't tell Mom."
Grandparent and family-emergency scams work because they create an emotional reaction. A caller may pretend to be a grandchild, another relative, an attorney, or even law enforcement and claim that money is needed immediately. With advances in AI, scammers may even attempt to imitate someone's voice.
If a loved one receives an urgent request for money, encourage them to stop and verify the story independently. Hang up and call the family member directly using a phone number you already know.
A real emergency can withstand a few minutes of verification.
Be Suspicious When Someone Creates Urgency
Scammers don't want you to have time to think.
They may claim your account has been compromised, your Social Security benefits are in danger, you owe money to the government, or someone you love needs immediate help.
Watch for phrases like:
- "You have to act now."
- "Don't tell anyone."
- "Stay on the phone with me."
- "Move your money to keep it safe."
Pressure and secrecy are major warning signs. If someone is demanding immediate financial action, stop the conversation and independently verify who you're dealing with.
Never Share Verification Codes
Family members aren't the only people criminals may impersonate.
A scammer may already have some personal information—such as a name, phone number, email address, or even part of an account number. What they may still need is the verification code sent to your phone or email. That code is meant for you, not the person calling or texting you.
Older family members should know that an unexpected caller asking for a password, PIN, or one-time verification code is a major red flag.
Watch for Unusual New Relationships
Not every financial scam starts with a threatening phone call.
Some start with friendship.
Romance and relationship scams can develop over weeks or months. A scammer may build trust through social media, dating apps, email, or messaging platforms before eventually asking for money.
Be alert if an older loved one begins sending money to someone they've never met in person—particularly if that person continually has emergencies, asks for secrecy, or wants payment through unusual methods. Approach the conversation carefully. Someone who believes the relationship is genuine may become defensive if they feel judged.
Focus on the financial behavior and warning signs rather than criticizing the relationship.
Pay Attention to Changes in Financial Behavior
Sometimes family members notice the warning signs before they know a scam is happening.
Watch for unexplained withdrawals, unusual wire transfers, new people becoming involved in someone's finances, unpaid bills, missing money, sudden changes in spending, or unusual secrecy about financial activity. Financial exploitation doesn't always come from a stranger, either. Older adults can also be exploited by caregivers, acquaintances, friends, or even family members.
One unusual transaction doesn't necessarily mean fraud is occurring. But a pattern of unexpected financial activity deserves attention.
Create a Family "Pause and Verify" Rule
One of the best defenses against fraud doesn't require any technology.
Create a simple family agreement:
If someone unexpectedly asks for money, account information, a verification code, or an urgent financial transaction, pause and contact someone you trust before acting. You might even establish a family code word that can be used to verify someone's identity during an actual emergency.
Most importantly, make it clear that asking for help is encouraged! People sometimes stay quiet after realizing they may have been scammed because they're embarrassed. The faster someone speaks up, the sooner action can be taken.
What Should You Do If You Suspect Elder Fraud?
Act quickly. If money or account information may have been compromised, contact the financial institution sucgh as Nymeo involved as soon as possible. Change compromised passwords, review recent account activity, and report suspicious transactions.
Depending on what happened, you may also want to report the fraud to appropriate law enforcement or government agencies. And remember: don't delete suspicious emails, text messages, voicemails, receipts, or other communications. They may contain information that helps document what happened.
Category: Financial Literacy & Safety
