Protecting Older Adults from Financial Scams and Cyber Fraud

Published on June 1, 2026 | 4 min read | Webster Bank

June is Elder Abuse Prevention Month — a time to raise awareness about financial scams, cyber threats, and exploitation that increasingly affect older adults and their families.

Financial abuse can happen to anyone, but scammers often target older adults because they may be perceived as more trusting, financially stable, or less familiar with evolving digital threats. The good news is that awareness, communication, and a few practical habits can go a long way toward protecting personal and financial information.

Understanding Elder Financial Abuse

Elder financial abuse occurs when someone improperly uses or takes an older adult’s money, assets, or personal information for their own benefit.

This can include:

• Scams by strangers
• Identity theft and cyber fraud
• Manipulation by acquaintances or caregivers
• Unauthorized account access or transactions

In many cases, the abuse begins with a phone call, email, text message, or online interaction that appears legitimate.

Common Cybersecurity and Fraud Threats

Government Imposter Scams

Scammers may pretend to be from the IRS, Social Security Administration, Medicare, or law enforcement agencies.

They often:

• Claim there is an urgent problem
• Demand immediate payment
• Threaten fines, arrest, or loss of benefits

Remember: legitimate agencies typically do not contact individuals demanding immediate payment by phone, text, or email.

Tech Support Scams

A pop-up message, email, or caller claims there’s a virus or security issue on a computer or device.

Scammers may ask for:

• Remote access to the device
• Passwords or account information
• Payment for unnecessary “repairs”

Never allow unknown individuals remote access to your computer or phone.

“Grandparent” or Emergency Scams

A scammer pretends to be a grandchild or loved one needing urgent financial help.

They may:

• Ask you not to tell anyone
• Pressure you to act quickly
• Request payment through wire transfers, gift cards, or payment apps

Take a moment to pause and verify the story directly with a trusted family member.

Phishing Emails and Text Messages

Cybercriminals send messages that appear to come from banks, delivery companies, retailers, or government agencies. These messages may:

• Ask you to click a link
• Request personal or financial information
• Warn of suspicious account activity

Be cautious of unexpected emails or texts, especially those creating urgency.

Warning Signs of Financial Exploitation

Financial abuse is not always obvious. Some signs may include:

• Unusual withdrawals or transfers
• Sudden changes in financial behavior
• Missing statements or bills
• New individuals becoming heavily involved in finances
• Pressure to send money or share account credentials

If something feels unusual, it’s important to ask questions and investigate further.

Simple Ways to Stay Protected

Use Strong Digital Security Habits

• Create strong, unique passwords for important accounts
• Enable multi-factor authentication where available
• Keep phones, computers, and apps updated

Monitor Financial Accounts Regularly

Review bank and credit card activity frequently and report unfamiliar transactions promptly. Set up account alerts to help notify you of unusual activity.

Be Careful with Payment Methods

Avoid sending money through: wire transfers, gift cards, person-to-person (P2P) payment apps to unfamiliar individuals. Using secure payment methods, such as credit cards, may offer additional protections.

Limit What You Share Online

Personal information shared on social media — including birth dates, addresses, travel plans, or family details — can be used by scammers to build trust or guess security questions.

Pause Before Responding

Scammers often rely on fear, urgency, or emotional pressure. Taking time to verify requests can help prevent fraud.

Supporting Older Adults and Caregivers

Preventing elder financial abuse is a shared effort. Family members, caregivers, and trusted contacts can help by:

• Encouraging open conversations about scams
• Helping review accounts and alerts
• Discussing safe online habits
• Watching for sudden changes in financial activity or behavior

Approaching these conversations with respect and support can help preserve both independence and security.

Awareness Is One of the Best Defenses

Cybercriminals and scammers continue to evolve their tactics, but staying informed can help reduce risk and protect financial well-being.

This Elder Abuse Prevention Month, take time to review your digital security habits, have conversations with loved ones, and stay alert for signs of fraud.

If you ever notice suspicious activity or receive a request that doesn’t seem right, contact your bank directly using a trusted phone number or website. We’re here to help protect you and your loved ones.