Important alert: We have received reports of fraudsters impersonating Mechanics Bank employees. Please be aware that we will never call, text, or email you to ask for your password, personal information, or PIN details. If you receive a suspicious call, hang up immediately and contact us at 800.797.6324.  

Recognize and Prevent Elder Financial Abuse

Don't fall for it

Fraudsters and scammers don't ever rest. Whether through phishing emails, fake websites, or unsolicited phone calls, their tactics are designed to steal your personal information and hard-earned money.

And while many of us inevitably face fraudulent communications, older Americans face a particular challenge.

There are many reasons why the elderly are targeted by scammers: vulnerability due to grief from the loss of a spouse, family member, friend, or pet; unfamiliarity with managing financial matters and/or cognitive impairment that causes a diminished ability to make financial decisions; embarrassment, social isolation and fear of retaliation. 

But there is good news despite the statistics. The most powerful way to avoid becoming a victim of fraud is through simple education and awareness. We encourage you to learn for yourself and then share these tips with friends and family. Encourage open discussions about common scams that people have experienced, as this can help others recognize and avoid similar traps.

Remember: Education is key in combating elder financial abuse. Talk to your loved ones and share these prevention tips to empower them in the fight against fraud.

Be on the lookout

These are just a few of the things you can look out for to help reduce the risk of a loved one becoming a victim.
Click on the plus sign to learn more about each scam:

Voice impersonation scams involve fraudsters mimicking the voices of family members, trusted individuals, or organizations to trick you into sharing personal information or transferring money. 

  • Verify Caller Identity: Always confirm the caller's identity, especially if they request sensitive information or money. Hang up and call back using a known number to confirm before taking action
  • Use a Safe Phrase: Establish a safe word or phrase with family and close friends that only you know. This can help verify their identity in case of an emergency.
  • Be Skeptical of Urgent Requests: Scammers often create a sense of urgency. Take a moment to think and verify the information independently before taking any action.

Love can lead us to do extraordinary things, but unfortunately, scammers are now exploiting this emotion to access our wallets. In 2023 alone, Americans lost a staggering $10 billion to scams, marking a $1 billion increase year over year. Even more alarming is that older adults bore the brunt of these scams.

Scammers frequently focus on older adults who might be particularly susceptible due to social isolation or loneliness and those possessing financial assets like homes or retirement funds.

Education and communication are essential. Talk with your loved ones and monitor any unusual new connections in their life.

Let your loved ones know that:

  • Anyone they have met online asking for money is likely a scam, so do not be fooled by social media appearances. Anyone can create a fake page with pictures and details that appear to be legitimate.
  • If your loved one has communicated with someone who appears suspicious, help them unfriend or remove that person from their social media account.
  • If they have been texting, block their phone number so your loved one will no longer get texts.
  • Remind them never to send anyone money online or click on suspicious links and pop-ups.

Malicious pop-ups are unwanted windows that appear on your computer screen, often while browsing the internet. They can be deceptive, mimicking legitimate warnings/alerts or advertisements to trick you into clicking on them. Once clicked, they may download malware onto your device, steal personal information, or redirect you to harmful websites. 

  • When in doubt, don't click! If a pop-up appears, don't click on it, even to close it. Instead, close the pop-up from the system tray or use the task manager to end the process.
  • Enable Pop-Up Blockers: Most modern browsers have built-in pop-up blockers. Make sure these are enabled to prevent unwanted pop-ups from appearing.
  • Use Reliable Security Software: Install reputable antivirus and anti-malware software on your devices. Keep it updated to protect against the latest threats.
  • Keep Your Software Updated: Regularly update your operating system, browser, and other software to protect against vulnerabilities that malware can exploit.

Fake virus warnings are fraudulent alerts designed to scare you into believing your device is infected with a virus. These warnings often appear as pop-ups or notifications and may use alarming language to prompt immediate action, such as calling a support number or downloading software. The goal is to trick you into providing personal information, paying for unnecessary services, or installing malware.

  • Fake virus warnings often use scare tactics, such as urgent messages, poor grammar, and requests for immediate action or payment. If something seems off, it probably is.
  • Use Reliable Security Software: Install reputable antivirus and anti-malware software on your devices. Keep it updated to protect against the latest threats.
  • Keep Your Software Updated: Regularly update your operating system, browser, and other software to protect against vulnerabilities that malware can exploit.

Fake or suspicious websites are online platforms designed to deceive users. These sites often mimic legitimate websites to trick you into providing personal information, such as passwords, credit card numbers, or other sensitive data. They may also attempt to install malicious software on your device.

  • Always ensure the website is secure. The 's' at the end of “https” means secure. However, the 's' can sometimes be manipulated by fraudsters, so it is important to be vigilant and follow additional tips:
  • Unusual URLs: Slow down and double-check the website domain name. Look for slight misspellings, variations in branding, and bad grammar. When in doubt, don't click; call the company to verify.
  • Poor Design and Grammar: Legitimate websites usually have professional design and content.
  • Unsolicited Requests: Be cautious if the site asks for personal information unexpectedly.
  • Lack of Contact Information: Genuine websites typically provide clear contact details.

Fake email addresses are email accounts created with the intent to deceive or defraud. Fraudsters use these addresses to impersonate legitimate entities or individuals, aiming to trick you into sharing personal information, clicking on malicious links, or downloading harmful attachments.

  • Watch out for impersonations: Slow down to verify the email domain address. Scammers will pretend to be someone you know or a reputable company to gain your trust and manipulate you into taking harmful actions.
  • Avoid Clicking on Suspicious Links: Be cautious with links in emails, text messages, and websites. Only click on links from trusted sources. You can usually hover your mouse over the link to see what the actual link address is, which can also help you determine if it’s real or fake.

Real life fraud

Check out this example of a real life fraud story to help you recognize warning signs and take proactive steps to protect your loved ones from becoming a victim.

Learn more