Fraud Prevention Awareness: Watch Out for Elder Abuse Scams.

Did you know that older adults lost more money to fraud in 2024 than any other age group? The Federal Trade Commission (FTC) reported that victims in their 60s lost more than $1.18 billion to fraud! Most of that was through imposter scams, investment scams, and romance scams.

June is Elder Abuse Awareness Month and an opportunity to learn about these common scams targeting older adults and how to prevent them.

Imposter scams: Scammers trick seniors into giving money, sharing personal information, or accessing their accounts by posing as a legitimate government agency, bank, or business. They may pretend to be the IRS, a utility company, a credit card company, or another entity and tell you that you owe unpaid taxes, fees, or bills and must pay up immediately. Don’t fall for it and don’t share sensitive information or pay anything!

Investment scams: Whether it involves putting money into a dubious investment, buying a precious metal, or going all-in on a new crypto asset—when the offer seems too good to be true, it often is. These scams promise a high return and a more secure future, and often prey on older adults who may not have a large amount of money saved for retirement. Don’t invest in anything you don’t fully understand and get a second opinion from a trusted source!

Romance scams: Some say love is blind, and that is true in this unfortunate scenario. Scammers intentionally target recently widowed or divorced seniors due to their vulnerability and access to cash. Fraudsters exploit people’s emotions and try to establish a relationship as quickly as possible to gain their victim’s trust, only to ask for money in return for empty promises. They request payments in the form of cryptocurrency or bank wires because they are difficult to trace and cannot be reversed. Don’t send money to people you’ve just met!

Tips to avoid elder abuse scams

• Hang up on suspicious callers.
• Don’t click on email links or download files from senders you don’t know.
• Never provide your personal, bank account, or credit card information to someone you don’t know online, by phone, through email, on social media, or anywhere else.
• Beware of calls, emails, texts, or any other communication that tells you to send money or act immediately.
• Install and update security software on your computers and mobile devices.

How to report elder abuse

If you believe you or an elderly person in your life has been the target of an elder abuse scam, contact the National Elder Fraud Hotline at 1.833.372.8311. You can also report the scam to the Federal Trade Commission or contact your local police department. If you believe your financial or personal information has been compromised, contact us immediately at 877.380.2265.

North Shore Bank and Abington Bank are looking out for you.

We’re committed to keeping you informed about the latest scams and ways to protect your money and personal information. For more information and valuable tools to help you from fraud, visit our Fraud Prevention webpage, stop by your nearest office, or call Customer Care at 877.380.2265.