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Elder fraud: Financial Scams Targeting Older Adults

Older adults are increasingly the target of financial scams. According to the Financial Crimes Enforcement Network's latest analysis, financial institutions reported roughly $27 billion in one year in suspicious activity related to elder financial exploitation.

Con artists often pursue this age group because they may be newer to online experiences, often have a sizeable nest egg, and may be more willing to talk on the phone and answer the door to strangers – but anyone can be a victim.

Suspect an older adult is experiencing financial abuse or fraud? Be sure to file an elder fraud complaint with the FBI. To report fraud on a Wells Fargo account, contact us immediately.

Help protect yourself and your loved ones from these common scams:

Scam #1: Tech support

In this scenario, a scammer posing as a technical support representative calls to claim there is an issue with your computer and asks for remote access to resolve the issue. Once you provide this access, the scammer may request payment for technical assistance, install malicious software, change settings to leave your computer vulnerable, and/or steal your financial information. In the latest version of this scam, the impersonator makes it look like there is evidence of fraud in your bank accounts.

To help avoid this scam:

  • Do update all security patches and antivirus software regularly.
  • Don’t purchase any software or services from an unsolicited call or email.
  • Never give control of your computer to anyone who contacts you. If you receive a call about a computer problem, hang up. If you suspect something is wrong with your computer or believe the scammer obtained access to it, bring it to a reputable company for a malware check.
  • Don’t provide your personal or financial information, including your online banking password or access code to anyone claiming to be technical support.
  • Never send money in any form - gold bars, cash, cryptocurrency, wire transfer, etc. - based on a call from someone claiming to be from a technology company or government entity. If you are urged to send money, discuss it with a bank employee or another trusted person.
  • Tech support will never contact you first. Any unexpected call or message claiming to be tech support is a scam.
  • Never meet anyone in a parking lot or any location to give money for tech help, and never give out your address for someone to come pick up cash. Real tech support will never ask for this.

Learn about other cyber threats and scams.

Scam #2: Romance scams

Scammers use online dating sites and apps, social media, and chat rooms to create fake profiles and build a relationship with you. They may use new artificial intelligence (AI) tools to change their voice or appearance when speaking to you on a call or video chat. After gaining your trust, they request you send money for a hardship, ask you to open an account or deposit checks on their behalf, or direct you to invest in cryptocurrency or other business opportunities.

More recently, scammers have been creating fake dating sites that offer a free initial trial, but then after a set amount of conversations with a potential match, you are pressured to pay for a subscription. The match is actually an AI chatbot and the goal is to obtain your payment information. The scammers not only charge high subscription renewal fees, but also use your card on other sites that they control.

To help avoid this scam:

  • Do not give personal information, account numbers, or credit card information to someone you recently met online.
  • Do not accept deposits into your account or send money to "help" anyone you have met online.
  • Be wary of anyone who quickly professes love, but won't meet with you in person or on a video call. They may say that they are working overseas, on an oil rig, in the military or don't have money to visit.

Scam #3: Refund scams

Scammers are using AI to impersonate well-known companies by phone, email, and text to send out realistic shipping or purchase notices. They advise you to call the number provided or click a link in order to dispute the charge. They may also call you and say that you are entitled to a refund or discount on a service that is being discontinued. These are all ploys to get access to your computer so they can "help you get the refund." 

After they have access to your computer, the scammer may ask you to complete an online “refund form” or sign on to your online banking account. They’ll manipulate what you see on your screen or transfer money between your accounts to convince you that you received a refund for much more than promised (e.g., $20,000 instead of $200). Then, they make a plea for you to “send the extra money back” so they don't lose their job. They may ask you to wire money to a foreign country, purchase gift cards, mail cash, or send a courier to your home.

To help avoid this scam: 

  • If you are asked to send money from a recent deposit or overpayment, discuss the situation with a banker or trusted friend or family member. Explain what’s going on truthfully. Scammers often tell you to say something that isn’t accurate about why you’re sending money.
  • Review your account activity to spot signs of fraud, such as an online transfer from your own savings, credit card, or home equity line of credit. If you're unsure of the descriptions used for a transaction, ask a banker to help since many scammers will add a memo to make the transfer appear legitimate.
  • Don't allow anyone to have control of your computer or remotely watch what you're doing on your screen.
  • Limit what you share on social media because scammers can use this information to approach you under the guise of common interests.
  • Don't trust phone numbers provided to you in an email, voicemail, or pop-up ad. If you want to call the company, use the customer service number on their official website.

  Remember  

Scammers sometimes purchase ads and create fake customer service websites that will show up on search results.

Scam #4: Imposter scams

In this scenario, scammers pose as trusted businesses, financial institutions, or government agencies and contact you about a supposed urgent problem involving your money. They may claim there is suspicious activity in your accounts, that your information is linked to a crime, or that your investments or savings are at risk. To make the situation feel real, they often create a sense of fear and urgency and insist that you act immediately.

Once they have your attention, the scammer offers what appears to be a solution. They may instruct you to move your money into a new “safe” investment, transfer funds to protect your assets, or invest quickly in a special opportunity they claim will secure your savings. In reality, these investment opportunities do not exist, and any money you send goes directly to the scammer. In some cases, they may even ask you to convert funds into cryptocurrency, withdraw large amounts of cash, or purchase precious metals to complete the transaction.

To help avoid this scam:

  • Do be skeptical of unsolicited investment opportunities or urgent requests involving your money, even if the person claims to be from a trusted company or government agency.
  • Do pause and talk with a trusted banker, financial professional, friend, or family member before taking action, especially if you are being pressured to act quickly.
  • Don’t transfer, send, or invest money to “protect it” based on an unexpected call, email, text, or message. Legitimate organizations will not require this.
  • Don’t rely on caller ID, emails, documents, or online dashboards as proof of legitimacy, as scammers often create convincing fakes.
  • Don’t share personal or financial information, including account numbers or online banking credentials, with someone who contacts you unexpectedly. If you believe the request could be legitimate, independently verify it by contacting the organization using a phone number or website you know is real.

Share these useful tips with your loved ones and remind them to monitor their bank accounts and report any suspicious or unauthorized charges immediately.

For more tips to help protect yourself from fraud and scams, visit the Wells Fargo Security Center or view our Protecting those you love guide (PDF).