Fraud targeting seniors is on the rise, affecting millions of older Americans each year. Scammers often view seniors as ideal targets due to their potential for financial stability and less familiarity with emerging technologies. Elder fraud can result in substantial financial losses, emotional harm, and a loss of trust in others. Understanding these schemes and taking proactive steps can make a significant difference in safeguarding loved ones

Common Elder Fraud Scams 

• Romance Scams 

  Scammers create fake profiles on dating sites or social media, establishing an emotional connection with the victim to ultimately request money. 

• Lottery or Sweepstakes Scams 

  Victims are told they've won a large prize but must pay fees or taxes upfront to claim it. 

• Tech Support Scams 

  Scammers pose as tech support representatives, claiming to have detected a virus on the victim's computer and asking for payment to resolve the issue. 

• Government Impersonation Scams 

  Fraudsters pretend to be government officials, threatening legal action if payments aren’t made immediately. 

• Investment Scams 

  Often involving “too good to be true” returns, these scams exploit the trust and financial security of elderly victims. 

Encourage Open Communication to Prevent Fraud 

Regular conversations can help prevent scams; encourage seniors to discuss any unusual financial or online interactions with trusted family members or friends. It's also important to help seniors recognize common warning signs, such as requests for personal information, demands for payment via unusual methods like gift cards, or unsolicited offers that seem too good to be true. 

Debt Management Strategies

Managing debt is crucial for achieving financial stability. High-interest debts can hinder your ability to save and invest. We have the right products and services to help you reduce and eliminate debt, freeing up resources for your future.

Building an Emergency Fund

An emergency fund acts as a financial safety net, providing peace of mind in case of unexpected expenses. We recommend setting aside three to six months' worth of living expenses in a readily accessible account. A UFirst high yield savings account can help you grow your emergency fund efficiently.

Tips for Helping Seniors 

For an added layer of security, family members or trusted individuals can help monitor financial accounts for any unusual or large withdrawals. UFirst offers this service through our online banking. Click here to learn more.  

Credit bureaus offer the option to place a security freeze on a credit report, which prevents creditors from accessing it and, in turn, stops the approval of any new credit accounts. This freeze can be a powerful tool in preventing fraud but is not permanent—account holders can lift it at any time. For details on how to set up or lift a freeze, see the links to the three major credit bureaus below. 

Equifax

Experian

TransUnion 

Encourage seniors to use strong passwords, avoid public Wi-Fi for financial transactions, and enable two-factor authentication where possible. Additionally, a reputable antivirus program can protect against malware and phishing attacks. 

Trusted Contact 

We allow account holders to choose one or more trusted individuals, like a family member or close friend, who we can contact in cases of suspected fraud, health crises, or other emergencies. This added layer of support allows us to provide extra assistance in critical situations. Learn more about a Trusted Contact here.  

Report Suspicious Activity 

Immediately report any suspected fraud on a UFirst account. Contact a Member Service Representative at 801-481-8800 or visit any branch location. For further support, the FBI’s Elder Fraud webpage provides detailed information on recognizing scams and reporting them.  

By taking proactive steps and creating awareness, we can protect our senior community members from financial exploitation and ensure they enjoy their later years securely and confidently.