Elderly Scams: A Guide to Spotting and Reporting Financial Fraud Targeting Seniors

As technology advances, so do the methods employed by scammers to prey on vulnerable demographics, particularly the elderly. Financial fraud targeting seniors is a pervasive issue that requires vigilance and education to combat effectively. At Bank of New Hampshire, we recognize the importance of raising awareness about these scams and empowering our community members to protect themselves and their loved ones.

Recognizing the Warning Signs

One of the most effective ways to prevent falling victim to a scam is to be familiar with common tactics and warning signs. Here are some key indicators to watch out for:

• Urgency and Fear: Scammers often create a sense of urgency or fear to pressure victims into making hasty decisions. If a request feels overly urgent or threatens negative consequences, take a step back and evaluate the situation.

• Unusual Payment Methods: Be cautious of requests to send money through unconventional means such as wire transfers, money orders, cryptocurrency or gift cards. Legitimate businesses typically accept more secure forms of payment.

• Threatening Behavior: Scammers may resort to hostility or threats when questioned about their legitimacy. If you encounter aggressive or intimidating behavior, it’s likely a red flag.

• Fake Caller IDs and Impersonation: Scammers can manipulate caller IDs to appear as legitimate companies or individuals. Always verify the identity of the caller before providing any personal information.

• Requests for Personal Information: Never share sensitive information like Social Security numbers, account numbers or passwords with unknown parties. Legitimate organizations will not ask for this information unsolicited.

Protecting Yourself from Scams

In addition to recognizing warning signs, there are proactive steps you can take to safeguard yourself against scams:

• Take Your Time: Don’t feel pressured to act quickly. Take the time to research and verify the legitimacy of any requests before providing personal or financial information.

• Verify Credentials: Always confirm the identity of the individual or organization requesting information or payment. Look up contact information independently rather than relying on provided links or phone numbers.

• Consult Trusted Contacts: If you’re unsure about a request or suspect it may be a scam, reach out to a trusted friend or family member for advice. An outside perspective can help you assess the situation objectively.

• Enhance Account Security: Enable additional security measures such as multifactor authentication on your accounts to prevent unauthorized access.

Reporting Scams and Seeking Assistance

If you believe you’ve been targeted by a scam or have fallen victim to financial fraud, it’s essential to act promptly. Here’s what you can do:

• Report the Incident: Contact the Federal Trade Commission (FTC) and your financial institution to report the scam and seek guidance on next steps.

• Protect Your Identity: If sensitive information was compromised, take steps to safeguard your identity by contacting credit bureaus and relevant government agencies.

• Seek Support: Don’t hesitate to reach out to local authorities, elder abuse hotlines or community organizations for assistance and support.

At Bank of New Hampshire, we are committed to combating financial fraud and protecting our community members from scams targeting seniors. Visit our Privacy & Security webpage for more resources and guidance on safeguarding your personal and financial information.