Protecting Older Adults from Financial Scams | Coulee Bank

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Protecting Older Adults from Financial Scams

People over the age of 50 hold most of the nation’s wealth, and fraudsters continue to discover new tactics to manipulate older adults. According to the FDIC, fraud is costing seniors an estimated $27 billion. It’s critical to take precautions to prevent exploitation of seniors and protect their resources.


Here are some steps to take to protect yourself and your loved ones:


  1. Monitor your credit card and bank account activity. Review statements often to look for suspicious transactions. Report any unauthorized transactions to your bank immediately.
  2. Never share your personal financial information. Scam requests can come from an unsolicited phone call, text message, letter, or email. Do not give out your bank account numbers, Social Security number, personal identification numbers (PINs), passwords, or other sensitive information.

Make sure to shred paper documents containing sensitive information that are no longer needed. Coulee Bank will be hosting Shred Events throughout July and August. Stop by with any documents you need to have shredded.

  1. Choose your powers of attorney wisely. A legal document authorizes another person to transact business on your behalf. This document can be helpful, but make sure to name someone you trust.
  2. Monitor your credit report. Check to make sure all information is accurate. If you notice any companies you don’t recognize on your credit report, contact the credit reporting agency right away.
  3. Major financial decisions and investments take time. Do not rush the process. Make sure you understand the transaction and ask questions. Lawyers and financial advisors can help you make important decisions. Stop and walk away from anyone pressuring you to make a quick decision.
  4. Use the Do Not Call Registry to reduce the number of telemarketing calls you receive.
  5. Do not agree to deposit a check for someone you don’t know and then send some or all of the money back to them. For more information on fake checks, visit FDIC Consumer News.
  6. If you use social media, many security experts recommend not posting relatives’ names, addresses, birthdates, or daily activities, because scammers can exploit that information. Grandparent scams are increasing; in these schemes, criminals gather personal details online and then contact an older adult pretending to be a relative in urgent trouble. For example, a grandchild who is injured, in jail, or stranded abroad will pressure them to send money quickly. For more on these scams, visit FDIC Consumer News: “Beware, It’s a Scam!”


Protecting older adults from fraud starts with awareness, caution, and ongoing communication. By monitoring accounts and credit, guarding personal information, and taking time with major financial decisions, you and your loved ones can greatly