{"id":24346,"date":"2026-04-24T12:02:01","date_gmt":"2026-04-24T12:02:01","guid":{"rendered":"https:\/\/incredipros.com\/?p=24346"},"modified":"2026-04-24T12:02:03","modified_gmt":"2026-04-24T12:02:03","slug":"elder-fraud-how-to-protect-seniors-from-scams","status":"publish","type":"post","link":"https:\/\/incredipros.com\/?p=24346","title":{"rendered":"Elder Fraud: How to Protect Seniors From Scams"},"content":{"rendered":"
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Okay guys, picture this: Your parents have worked hard their whole lives and have a nice little nest egg set aside to enjoy their retirement years.\n <\/p>\n

Then one day, someone calls or emails them from the IRS or somewhere else super official-sounding, and your parents share private financial info with the mystery person on the other end of the line. And before you know it, a scammer has drained their bank account.\n <\/p>\n

It sounds like something that would never <\/em>happen to your family, right? Well, sadly, things like this happen every single day to thousands of older Americans. Elder fraud is big business for cyber criminals. People over 60 lost $1.7 billion\u2014or more than $18,000 per victim\u2014to internet scams in 2021 alone.1<\/sup> Yes, billion. That\u2019s terrible, you guys!\n <\/p>\n

Here\u2019s the thing, folks like your aging parents and grandparents are at a much higher risk for being scammed or defrauded out of their money because they might not be as tech saavy as young people.\n <\/p>\n

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Worried about the newest data breaches? You can take control today.<\/p>\n<\/p><\/div>\n

But you can help protect your older loved ones from elder fraud and marketing ploys meant to steal their money. Now, talking to your family about their money isn\u2019t always easy, but it really is an act of love when you do. So I\u2019m going to walk you through the most common scams on the elderly so everybody\u2019s on the same page.\n <\/p>\n

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10 Most Common Elder Fraud Scams<\/h2>\n

There\u2019s straight-up fraud (like someone stealing your grandma\u2019s bank account information from her mailbox), and there\u2019s also just gross marketing strategies aimed at seniors to get them to buy things they don\u2019t need (like prepaid funerals). We\u2019re going to cover it all so you can help your older loved ones avoid these traps.\n <\/p>\n

1. Tech Support Fraud<\/h3>\n

This one\u2019s a biggie right now. Scammers impersonate tech companies and then email or call saying you need to pay to fix a phony tech issue or sign up for a subscription for a fake security service. They also might impersonate a customer service rep for a utility company, a government agency or a bank and tell you there\u2019s a problem with your account and they need personal info to fix it.\n <\/p>\n

These scammers will try any means possible: email, phone, text, social media, snail mail, you name it.\n <\/p>\n

But remember, no government agency, including the IRS, will ask for personal information over the phone. And in general, one of the best ways your older loved ones can protect themselves is to never give their personal information to anyone unless they know exactly who the person is and why they need it.\n <\/p>\n

2. Stolen Tax Refunds<\/h3>\n

Tax identity theft is one of the top scams the IRS deals with each year. Scammers steal someone\u2019s Social Security number, file taxes using the stolen identity, and then steal the tax refund. Yuck. These people are lower than low. They\u2019ll happily steal your parents\u2019 refund but certainly won\u2019t be stepping in to help if they owe<\/em> money!\n <\/p>\n

One of the very best ways to prevent tax identity theft is to file your taxes as early as possible. Encourage\u2014or even help\u2014your older loved ones to file as soon as they can. The sooner they file and get their refund, the sooner they\u2019re not a target.\n <\/p>\n

3. Mail, Email and Phone Fraud<\/h3>\n

Part of the reason the elderly are a target for scammers is because they can be easier to reach. While younger generations head off to work each day or are tied up with other commitments on nights and weekends, older folks just tend to have a little more time on their hands.\n <\/p>\n

That means they might be home in the middle of the day to answer a robocall or chat with a smooth-talking phone scammer. And these phone scammers are good<\/em>. They sound official and often use fear (\u201cIt\u2019s not safe to go without our medical coverage\u201d) and urgency (\u201cWe won\u2019t offer coverage at this rate ever again\u201d) to get older folks to give out personal or financial information.\n <\/p>\n

The same goes for email and mail fraud. Fraudsters are banking on older folks not being as tech savvy and will use email as a way to get access to sensitive information. Or scammers will send \u201cofficial\u201d paperwork in the mail that looks legit but isn\u2019t at all.\n <\/p>\n

A good rule of thumb here (and it might sound like a no-brainer by now) is: Don\u2019t give anyone personal information over the phone, over email, in a mail-in envelope\u2014nothing<\/em>\u2014if you don\u2019t know what company they\u2019re with and why they\u2019re requesting this information. It\u2019s that simple. And if a request is actually for real, then they should have no problem with you calling customer service or your personal account representative to confirm their request.\n <\/p>\n

4. Health Care Fraud<\/h3>\n

It makes sense that as people age, their health care needs go up. This makes the elderly a prime target for health care fraud.\n <\/p>\n

Think about it like this: If you\u2019re young and healthy, you\u2019re probably not interacting that much with doctors, your health insurance company, or other health care-related services. But if you\u2019re older or have a lot of health challenges, your personal, financial and medical information is getting passed around a lot. <\/em>And unfortunately, that means an increased chance of your older loved ones\u2019 information falling into the wrong hands.\n <\/p>\n

Keep a close eye on statements, insurance claims and medical bills. See a service you know mom or dad didn\u2019t get? Call their provider and health insurance company ASAP to report the issue.\n <\/p>\n<\/p><\/div>\n

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5. Reverse Mortgages<\/h3>\n

Some people are out to steal identities so they can nab your older loved ones\u2019 money. But more often than that, there are just a ton of sleazy businesses out there that aren\u2019t technically<\/em> doing anything illegal, but they\u2019re more than happy to con your loved ones out of cash. And reverse mortgage lenders are the perfect example.\n <\/p>\n

Okay, first of all, when it comes to reverse mortgages, the name says it all. You\u2019re going in reverse! And hello, don\u2019t we want to be going forward? Yes! So, reverse mortgages are a big, fat N-O.\n <\/p>\n

With a reverse mortgage, you\u2019re getting a loan that uses your home equity to provide the money for the loan itself. Reverse mortgages are only available to people 62 and older. (Right out of the gate, this is a setup for seniors.) It\u2019s like this: Instead of making<\/em> payments on a home loan like you would with a traditional mortgage, you\u2019re taking <\/em>payments out of the equity you\u2019ve built. The bank is lending you back the money you\u2019ve already put into your home and <\/em>charging you interest. See? Big, fat N-O.\u00a0\n <\/p>\n

Not only are reverse mortgages a black hole of fees, but your older loved ones could also end up owing more on their home than it\u2019s worth, or worse, losing their home altogether.\n <\/p>\n

6. Gold and Silver Scams<\/h3>\n

These gold and silver sales pitches you see every 10 seconds on TV are designed to prey on fear that the economy will crash, and you\u2019ll need gold to survive. Or they\u2019ll say gold is the sure-fire way to make a fortune.\n <\/p>\n

The people hawking commodities are bottom feeders. Many will tell you they bought gold or silver for you that they\u2019ll store in a safe place until you need it. But really, they\u2019re just taking your money.2<\/sup>\n <\/p>\n

But even if you find a reputable precious metals dealer, there\u2019s no reason\u2014zero\u2014<\/em>to buy gold or silver. It\u2019s a horrible investment.\n <\/p>\n

Okay, say a zombie apocalypse happens and the economy goes belly up. Of course<\/em> zombies don\u2019t carry cash, so wouldn\u2019t we all be bartering for shelter and food, not trading in little gold bars? I mean, that\u2019s what I would be doing! Help your older loved ones by encouraging them to invest their money in mutual funds instead.\n <\/p>\n

7. Accidental Death Insurance<\/h3>\n

Here\u2019s some quick real talk. You only die once. That\u2019s right, it\u2019s crazy but true. Anyone trying to sell your older loved ones on accidental death insurance is basically trying to convince you of double-death. Sorry, that\u2019s not a thing.\n <\/p>\n

You don\u2019t need accidental death insurance, which pays if you die in an accident. How<\/em> you die doesn\u2019t change your family\u2019s financial needs. A great term life policy will meet their needs. Your loved ones are wasting money for double coverage if they buy accidental death insurance.\n <\/p>\n

8. Prepaid Funerals<\/h3>\n

Yes, preparing for future expenses is always a good idea. But preparing and prepaying are totally different things.\n <\/p>\n

It\u2019s normal to think more about death (and the expenses that come with it) as you get older. So it\u2019s not totally crazy if your parents or grandparents are thinking about prepaying for their funeral. But prepaying for funerals is actually a waste of a good investment opportunity.\n <\/p>\n

Help your older loved ones skip the prepaid funeral. (It\u2019s a sales gimmick for people in the funeral biz to get cash on hand now.) Then set them up with a qualified investment professional who will teach them how to invest and grow their money. When the time comes for a funeral, there will be more than enough for the funeral and then some.\n <\/p>\n

9. Cancer Insurance<\/h3>\n

Disease-specific coverage just isn\u2019t a thing your loved ones need. Again, it\u2019s a way for businesses to cash in on fear, selling your family something you probably already have coverage for somewhere else. Think about it\u2014do you have heart attack insurance? Stroke insurance? Broken arm insurance? No. Because most insurance policies already cover those types of events. And it\u2019s the same with cancer.\n <\/p>\n

If your older loved one\u2019s insurance policy doesn\u2019t<\/em> cover cancer care, I still don\u2019t recommend getting cancer insurance. Instead, get with one of our health insurance experts who can help your loved ones pick the best policy for their needs. Don\u2019t go buying specialty coverage though!\n <\/p>\n

10. Other Family Members<\/h3>\n

Let\u2019s face it, just about every family\u2019s got a wild card (or two, or three). Maybe mom and dad turn a blind eye to your 40-year-old brother\u2019s can\u2019t-keep-a-job antics and still pay his rent for him. Or grandma and grandpa have been bankrolling your Aunt Sally for decades. It\u2019s really tough when it comes to family to keep a clear head.\n <\/p>\n

But it\u2019s also really important that your family\u2019s wild card doesn\u2019t derail mom or grandma\u2019s lifetime of working and saving. There needs to be at least one person in the family keeping a close eye on things and helping your older loved ones make important financial decisions with their head instead of their heart.\n <\/p>\n

Help your older loved ones name a financial power of attorney. This is usually done when people are creating a will, but you can do it at any time. A financial power of attorney is a document that allows someone to make money decisions on your loved ones\u2019 behalf in the event they can\u2019t make those decisions for themselves.\n <\/p>\n

Say grandma\u2019s been in a car accident and is in a coma. Her financial power of attorney is legally able to take care of her money matters, like paying the mortgage and hospital bills when she can\u2019t. It\u2019s not a comfortable conversation to have, I know. But when push comes to shove, you want a reliable person in that position.\n <\/p>\n

\u00a0How Can You Tell if You\u2019re Being Scammed?<\/h2>\n

New elder scams pop up all the time, but most have some things in common. So, alarm bells should go off if you or your loved one encounters some of these scammy traits:\n <\/p>\n