Protecting Loved Ones and Their Assets

Financial scams targeting older adults are growing increasingly sophisticated. At ConnectOne Bank, we believe that education and proactive communication are your best defenses against these threats.

The FBI reports that adults 60 and older lost an alarming $7.7 billion to fraud in 2025, with the average victim losing over $38,000. For many, this represents a permanent blow to their retirement security. Acting as a first line of defense for yourself or your aging parents is more critical than ever. This guide is designed to help you recognize trending scams, implement robust financial protections, and know exactly what to do if you suspect fraudulent activity.

Trending Scams & Immediate Action Steps 

Scammers often rely on urgency, fear, or a false sense of authority. Recognizing their tactics is the first step in prevention.

• Investment & Cryptocurrency Scams: Currently the most financially devastating fraud category. Scammers lure older adults into bad investments, often heavily pressuring them to transfer funds into cryptocurrency ATMs or fraudulent trading platforms.
  
  ‍Action Step: Be highly skeptical of any investment promising guaranteed high returns, and never take investment advice from unsolicited online contacts.

• Government & Business Imposters: Fraudsters pose as representatives from their local Bank, the IRS, Medicare, or a utility company, demanding immediate payment to resolve a fabricated issue.
  
  ‍Action Step: Hang up. Contact the organization directly using a verified phone number from a billing statement or their official website.

• The Grandparent Scam: Scammers call posing as a grandchild or loved one in immediate distress (e.g., in jail or stuck overseas) and beg for money to be wired immediately.
  
  ‍Action Step: Hang up and immediately call the family member's known phone number to verify their safety.

• Tech Support & Recovery Scams: A pop-up or unsolicited call claims the user's computer has a virus. The scammer offers to "fix" it by requesting remote access.
  
  ‍Action Step: Never grant remote access to your computer to someone you don’t know. If you suspect an issue, take the device to a reputable, local repair shop.

Proactive Financial Defenses 

You don’t have to wait for a scammer to strike to protect your assets. Work with us to set up these tailored financial tools:

• Designate a Trusted Contact: Add a trusted family member or friend to your profile. This gives ConnectOne Bank permission to reach out to them if we detect unusual activity, without giving them access to your funds.
• Enable Account Alerts: Set up real-time text or email notifications for transactions that exceed a specific dollar amount, or for any card-not-present online purchases.
• Establish Read-Only Access: If you are helping manage a parent’s finances, consider setting up a read-only login. This allows you to monitor the account daily for suspicious charges without having the authority to move money.

Having the Conversation 

It can be difficult to talk to aging loved ones about fraud, and statistics from the National Institute of Justice show that only about 19% of elder fraud victims ever report the crime. Keep the concept of safe money management ongoing. Talk about recent scams casually to keep awareness high without causing anxiety. Share stories you’ve heard in the news. The goal is to make loved ones feel comfortable coming to you if something feels suspicious, without fear of judgment.

If Fraud Happens: We Are Here to Help

Scammers are professionals, and falling victim to a scam is nothing to be ashamed of. If a loved one falls victim to a scam, your patience and support are vital for their emotional recovery. Take these steps immediately:

1. Contact Your Financial Institution: Your bank can quickly freeze compromised accounts, issue new cards, and potentially stop unauthorized transactions.
2. Sever All Contact: Stop answering calls, texts, or emails from the suspected scammer. If the scam involves computer access, disconnect the device from the internet immediately.
3. Report to Federal Authorities: File a report with the FBI's Internet Crime Complaint Center (IC3) and the Federal Trade Commission (FTC). Reporting helps law enforcement track criminal patterns and disrupt networks. Victims aged 60 or older who need assistance filing an IC3 complaint can contact the DOJ Elder Justice Hotline at 1-833-FRAUD-11 (1-833-372-8311).
4. Place a Fraud Alert: Contact one of the three major credit bureaus (Equifax, Experian, or TransUnion) to place a free fraud alert on your credit report, which makes it harder for scammers to open new accounts in your name.