October 14, 2026

Protecting Older Adults From Financial Scams and Fraud

Simple safeguards can help protect financial security and future care choices.

Financial scams can happen to anyone, but older adults are frequently targeted by criminals seeking access to savings, retirement income, and personal information. A convincing phone call, an urgent text message, or even a request from someone familiar can put years of financial planning at risk.

Protecting older adults from financial scams is also an important consideration in long-term care planning. The financial resources families work hard to build may someday be needed to support care, independence, and quality of life.

Recognizing the warning signs and knowing what to do can make an important difference.

Common Scams Families Should Recognize

Fraud takes many forms, and scammers continually change their tactics. Some common schemes include:

• Government or business imposters: Someone pretending to represent Medicare, Social Security, a bank, or another trusted organization demands personal information or immediate payment.
• Technology and online scams: Fake security alerts, emails, or text messages encourage someone to click a link, share passwords, or grant access to a computer.
• Romance and investment scams: Someone builds trust over time before requesting money or promoting an investment opportunity.
• Financial exploitation: A caregiver, acquaintance, or even a family member misuses an older adult’s money or financial authority.

A common warning sign is pressure to act immediately, especially when accompanied by demands for secrecy or unusual payment methods.

A Family Checklist: Six Simple Safeguards

Families can help protect retirement savings and other financial resources without taking away an older adult’s independence.

• Talk openly about scams. Make fraud prevention a regular family conversation, not something discussed only after a problem occurs.
• Verify unexpected requests. Contact banks, government agencies, or businesses using independently verified phone numbers—not information supplied in a suspicious message.
• Protect personal information. Never share passwords, verification codes, or financial account details with unexpected callers.
• Monitor financial activity. Review statements regularly and consider account alerts for unusual transactions.
• Establish a trusted contact. Ask financial institutions about designating someone who can be contacted if suspicious activity is detected.
• Create a family response plan. Know whom to call and where important financial information is securely maintained if concerns arise.

The goal is to help older adults remain informed, confident, and in control of their decisions.

What to Do if You Suspect Fraud

Acting quickly may help limit additional losses.

1. Contact the bank or financial institution immediately. Report suspicious transactions, request protective measures, and ask whether a payment can be stopped or recovered.
2. Secure affected accounts. Change compromised passwords and follow the institution’s instructions for protecting personal information.
3. Preserve the evidence. Save messages, transaction details, receipts, and relevant phone numbers.
4. Report the incident. Contact local police or the sheriff’s office when a crime is suspected. Use the official federal resources below for additional reporting and assistance.

Where to report or get help:

• Federal Trade Commission: ReportFraud.ftc.gov — Report scams and suspected fraud.
• FBI Internet Crime Complaint Center: IC3.gov — Report internet-related financial crimes.
• Department of Justice Elder Justice Initiative: Find Help or Report Abuse — Find reporting assistance, including Adult Protective Services for suspected financial exploitation.

The Department of Justice also provides the National Elder Fraud Hotline at 833-372-8311, which can help older adults navigate fraud reporting and available resources.

Protecting More Than Today’s Finances

Financial security is an important part of long-term care planning. Retirement savings, investments, and other resources may eventually be needed to help pay for long-term care services, support independence, and preserve choices for families.

A comprehensive plan may include personal savings, long-term care insurance, and other strategies for addressing future care expenses. Protecting those resources from financial fraud is another important part of preparing for the unexpected.

A thoughtful plan protects more than assets. It helps preserve the choices those assets make possible.

Resources:

Key Federal Legislation

• Financial Exploitation Prevention Act (H.R. 2478): Passed the U.S. House of Representatives to allow open-end investment companies and mutual funds to delay redemption requests for up to 15 business days (with a possible 10-day extension) if they suspect financial exploitation of investors aged 65 or older or disabled adults. [1, 2, 3]
• STOP Senior Fraud Act (H.R. 9668): Introduced in July 2026 by Reps. Don Davis and Zach Nunn, this bill authorizes financial institutions to delay or refuse suspicious transactions involving individuals aged 62 and older or vulnerable persons for up to 55 days (extendable to 85 days via internal review). It mandates employee training, notifications to trusted contacts, and reports to authorities within two business days, while providing a civil safe harbor for good-faith actions. [1, 2]
• GUARD Act: Passed by the U.S. House in September 2026 to direct federal funds to state, local, and tribal law enforcement to hire fraud experts, train personnel, and deploy software against complex AI and cryptocurrency scams targeting seniors. [1]
  
  

State-Level Laws and Actions

• Pennsylvania (SB 738): Passed the Pennsylvania Senate in September 2026 by a 47–2 vote. It allows banks and credit unions to hold or refuse suspicious transactions for up to 7 business days (extendable by 15 more business days) for adults aged 60 and older. [1]

Denise Gott, MBA, CLTC®, is CEO of ACSIA Partners LLC, the nation’s largest independent brokerage and industry leader with over 50 years’ experience specializing in long-term care insurance dedicated to helping families navigate the complexities of long-term care planning. Contact us for more information about protecting your retirement and preserving your peace of mind.