Encouraging Older Adults to Protect Themselves From Fraud

September is National Preparedness Month, making it a timely reminder to stay alert and prepared for scams and fraud. Older adults are often targeted by criminals who use increasingly sophisticated technology, including artificial intelligence (AI), along with emotional manipulation to gain trust and steal personal information or money. Understanding common warning signs and knowing how to respond can help you stay one step ahead and better protect yourself and your finances.

Protecting customers from fraud is a top priority. As scammers continue to evolve their tactics, education and awareness remain essential. Customers are encouraged to stay cautious, ask questions, and contact their financial institution whenever something feels suspicious.

1. Family emergency and grandparent scams

Grandparents are often some of the most supportive and generous family members – which is why this scam is particularly malicious. Fraudsters call the grandparent and impersonate a grandchild or other close relative and claim they have been arrested, are being held captive, or were in an accident. These calls are hyper-realistic thanks to AI voice-cloning technologies. Then, they bully the grandparent into sending money. To defend against this scam, establish a family “code word” that a scammer would not know. If the caller doesn’t know the code word, hang up the phone and notify law enforcement.

2. Financial services scams

Financial services scams are becoming increasingly common and often target older adults by pretending to come from trusted organizations such as banks, mortgage lenders or debt collection agencies. Scammers call, text or email victims using legitimate-looking logos, phone numbers, and messages designed to appear legitimate. They then claim that a bank account has been compromised and urgent action is needed to avoid legal trouble, with the intent to pressure the older adult into sharing sensitive bank information, passwords or Social Security numbers. To defend against this scam, learn to recognize if the caller is creating a sense of urgency. Don’t panic or act quickly – hang up and calmly contact the institution directly with a verified phone number. Additionally, let a trusted family member or financial advisor know about the situation, and trust their advice if they think something seems off. 

3. Tech support scams

Fraudsters prey on older adults with tech support scams because they know this age group often lacks confidence surrounding technology. In these scams, a computer or phone screen will freeze or go blank, followed by a pop-up message appearing to be from a well-known company like Apple. The message will include a number for “tech support,” and the criminal will request remote access to the device. From there, the fraudster can steal personal information, install malware, and may even demand payment for “fixing” the issue. To defend against this scam, recognize that legitimate pop-up warnings will never ask you to call a phone number. If you think there’s a real issue with your computer, go to someone trustworthy, update the software, and run a scan.

Take the Next Step

If you have questions about fraud or believe you've been targeted by a scam, contact your local financial institution. A trusted representative can help you recognize warning signs and take steps to protect your accounts.

These tips are provided by the Iowa Bankers Association.