How to Protect Your Aging Family Members Against Financial Fraud

As our loved one’s age, they become more vulnerable to financial exploitation — and scammers know it. From romance hoaxes to tech support scams, bad actors are getting more sophisticated in how they target older adults.

In 2024 alone, Americans over 60 lost nearly $5 billion to fraud, according to the FBI’s annual Internet Crime Report. That’s a 43% increase in losses from 2023. The number of complaints filed also rose to just under 150,000 — up 46% from 2023.

Whether you’re a caregiver, a family member or just looking out for someone you love, taking proactive steps against elder fraud now can make all the difference in helping them avoid financial loss, emotional distress and identity theft.

What to protect

There are two main types of personal information fraudsters target: personally identifiable information (PII) and sensitive personal identifiable information (SPII).

PII is "any information that permits the identify of an individual to be directly or indirectly inferred," according to the U.S. Department of Homeland Security. On its own, this information may not lead to fraud, but it can become more sensitive when combined with other data. It includes:

• Your name
• Your address
• Your personal or work email
• Your phone number

SPII, as the name suggests, is more sensitive and could result in substantial harm if lost, compromised or disclosed without authorization. It should only be shared with trusted individuals or legitimate institutions — and never over the phone, email or text without verifying the request first. SPII includes:

• Social Security numbers
• Driver’s license
• Passport numbers
• Medical records
• Financial accounts
• Credit history
• Biometric data (like fingerprints, facial recognition or voiceprints)

Common elderly scams to be aware of

Scammers use a variety of schemes to manipulate emotions, create urgency or imitate legitimate organizations. Some of the most common include:

• Phishing, smishing and vishing. mails (phishing), texts (smishing) and phone calls (vishing) appear to come from a trusted source, like a bank or government agency, but are really attempts to steal sensitive info.
• Sweetheart scams. A fraudster builds a fake romantic relationship online to gain trust and access to finances or personal information.
• Bank imposter scams. Someone posing as a bank representative pressures the victim to "verify" their account or transfer money to a "safe" place.
• Investment scams. Victims are tricked into investing in fake opportunities — often involving crypto or gold or promising "guaranteed returns." These scams were the costliest type of elder financial fraud in 2024, resulting in $1.8 billion in losses.
• Sweepstakes and lottery scams. Fraudsters claim the victim has won a large prize but must pay taxes or fees up front to claim it.

Red flags to watch out for

Even the most careful people can get caught off guard — especially when a scammer seems friendly, helpful or official. But many scams, no matter how sophisticated, follow familiar patterns. By knowing the telltale warning signs, you can stop a scam before it starts.

Encourage the elder adults in your life to keep an eye out for these red flags:

Unsolicited contact: You receive a call, text or email out of the blue from someone claiming to be from your bank, the IRS, Medicare or even a family member in trouble. The message may have poor grammar or odd phrasing, but sometimes it sounds surprisingly professional.

• What to do: Never share information unless you initiated the contact (and sometimes not even then). Call the organization or person back using an official number.

Requests for sensitive information: The person asks for your Social Security number, account passwords, PINs or banking details.

• What to do: No legitimate institution will ever ask for this over the phone or via email. Don’t respond, hang up if it’s a phone call, and contact the institution directly. If you’re asking yourself, "How do I report an Elderly Scammer", report your request to the National Elder Fraud Hotline at 833-372-8311.

Pressure to act quickly: The scammer says you must act immediately — whether to avoid jail, secure your money or "win" a prize. They may say things like "this offer is about to expire" or "your account will be frozen."

• What to do: Step back. Take a breath. Discuss the situation with a trusted source or call the organization the scammer is claiming to be from directly — using a phone number you obtain independently from the organization’s official website.

Strange payment methods: You’re asked to pay with gift cards, wire money or mail cash. Scammers often instruct you to keep it secret or avoid telling your bank.

• What to do: Don’t proceed — these are red flags for scams. Call your bank immediately to report the request and ask if they can help recover any funds you may have already sent. To report fraudulent or suspicious activity on your Fifth Third account, call 800-972-3030, Monday through Friday, 8 a.m.–6 p.m., and Saturday, 10 a.m.–4 p.m. ET. You should also notify your local police. Before doing anything, talk to someone you trust. Scammers often try to rush and isolate you. You’re not alone, and help is available.

Too good to be true: You’ve won a contest you don’t remember entering — all you have to do is pay taxes up front to receive your prize. Someone online offers a can’t-miss investment opportunity with massive returns.

• What to do: If it sounds too good to be true, it probably is. Trust your instincts and verify everything first.

Isolation or manipulation: The person urges secrecy — saying "don’t tell anyone" or "your family wouldn’t understand." Maybe you notice your loved one pulling away from others or becoming guarded about new relationships or spending habits.

• What to do: Talk openly. Scammers often try to separate victims from their support systems. For example, if a caregiver begins limiting your loved one’s phone use or starts speaking on their behalf about financial matters, that could be a red flag. You might say to your loved one, "I noticed you’ve been more private lately, and I just want to make sure you feel supported. Has anything changed with the people helping you day to day?"

How to protect yourself and others against elderly scams

Protecting your loved ones and yourself doesn’t require a tech background — just some clear boundaries and a few smart habits.

• Pause and don’t respond to or click on any links in emails, texts or social media messages.
• Verify the sender or caller independently by going to the organization’s official website and finding their contact info.
• Contact your bank before taking action by Googling the bank’s official number, using the phone number on your bank statement or using the phone number on the back of your credit card.
• Stay vigilant by installing and regularly updating antivirus and security software on computers and mobile devices.

Better yet, use a tool like SmartShield^® Dashboard¹, which helps protect you 24 hours a day, 7 days a week. It offers live customer support, card and check tracking, educational resources about scam tactics, Zelle^® fraud detection, and Identity Alert^®1 (for an additional cost) to monitor your personal info across the web.

In addition to using trusted tools like SmartShield^® Dashboard, don’t hesitate to use other resources that specialize in financial protection. The Knoble, a nonprofit network of financial crime professionals, works with financial institutions like Fifth Third Bank to help detect and disrupt fraud and exploitation — especially crimes and scams that target the elderly and vulnerable populations. Learn more at theknoble.com.

What to do if you think you’ve been scammed

If you or your loved one has been targeted:

1. Report suspicious activity to Fifth Third Bank at 800-972-3030 if the scam has something to do with your bank and report it to the National Elder Fraud Hotline at 833-372-8311.
2. Forward suspected phishing emails related to Fifth Third to 53investigation@security.53.com, and report the bank-related phishing attempt via the SmartShield^® Dashboard in your Fifth Third Mobile App.
3. Report card issues via the Fifth Third Mobile App.
4. File a police report, which will create a paper trail for any future action or disputes.
5. Notify your local Adult Protective Services office for support and follow-up.

Three things to do next:

1. Discover 10 cybersecurity tips for digital banking.
2. Learn more about how to recognize phishing scams.
3. Take control of your personal data with Fifth Third Identity Alert^®.