June is Elder Abuse Awareness Month, and one of the most serious — and fastest-growing — threats facing older adults is elder financial exploitation. Older Americans report billions of dollars in fraud losses each year, and the numbers continue to rise as scams become more sophisticated and costly.

Last week, we encouraged you to Pause. Act. Protect. to keep yourself and your family members safe. This week, we’re helping you identify five of the most common scams impacting seniors. Be sure to check out our personal finance blogs each week to learn more.

 

1. Investment Scams (The Most Costly)

Investment scams are currently the number one source of fraud losses among seniors.

Scammers often:

• Promise high returns with little or no risk
• Use social media or online platforms
• Encourage quick decisions to “lock in” an opportunity

👉 Red flag: Legitimate investments don’t guarantee returns or require you to act immediately.

 

2. Impersonation Scams

These scams involve someone pretending to be a trusted source — like a government agency, bank, or major company.

They may:

• Claim your account is compromised
• Say you owe money or face legal trouble
• Ask you to move money “for safety”

Older adults are especially vulnerable to large losses from these scams due to the urgency and authority scammers create.

👉 Red flag: Real organizations will never demand immediate payment or ask for gift cards or wire transfers.

 

3. Romance Scams

Romance scams start with an emotional connection. A scammer builds trust over time and then asks for money.

Common tactics include:

• Meeting on social media or dating sites
• Quickly becoming emotionally invested
• Requesting money for emergencies or travel

These scams can cause significant financial and emotional harm.

👉 Red flag: If someone you haven’t met in person asks for money, it’s almost always a scam.

 

4. Tech Support Scams

Tech support scams often begin with:

• Pop-up alerts claiming your computer is infected
• Unsolicited calls from someone posing as tech support

From there, scammers may:

• Ask for remote access to your device
• Charge for unnecessary services
• Steal personal or financial data

Older adults are more likely to lose money to tech support scams than younger consumers.

👉 Red flag: Legitimate tech companies don’t contact you out of the blue to fix problems.

 

5. Lottery & Prize Scams

In this scam, victims are told they’ve won money or prizes — but must pay a fee first.

Scammers may claim:

• Taxes or processing fees are required
• Payment must be made quickly

👉 Red flag: You should never have to pay money to receive a prize or winnings.

 

How Credit Unions Help Protect Seniors

Credit unions play an important role in fighting fraud by acting as a trusted, local line of defense for their members. As community-focused, member-driven financial partners, they can often recognize suspicious activity more quickly than larger institutions. They protect members through proactive measures like:

• Monitoring accounts for unusual transactions
• Issuing alerts
• Delaying questionable activity when needed

Staff are trained to identify potential fraud early, and members can designate trusted contacts for added protection. Beyond that, credit unions empower their communities through financial education, one-on-one support, and partnerships with local organizations and law enforcement — working cooperatively to prevent scams and keep members’ finances safe.

Final Thoughts: Awareness Is Protection

Elder financial exploitation is rising — but it’s also preventable. Recognizing the warning signs and talking openly about scams, families and communities can help protect vulnerable loved ones.

This Elder Abuse Awareness Month, take a moment to:

• Check in with older family members
• Talk about common scams
• Encourage safe financial habits

Because when it comes to fraud prevention, a little awareness can go a long way.