Vigilance can prevent people from becoming victims of scams. 

Retirement is not all rest and relaxation.

Seniors should be vigilant in protecting their savings.

According to FBI statistics, more than 147,000 individuals age 60 or older lost a total of $4.9 billion in 2024.

The actual number of victims could be much higher, as many Americans do not report fraud due to feelings of shame or fear.

According to a recent Wall Street Journal article titled "How to Protect Yourself from Financial Scams Targeting Older Adults," scammers will target even highly educated individuals like nuclear physicists and American Sign Language interpreters.

These stories demonstrate how vulnerable anyone can be to scams in which fraudsters pose as police officers, bank staff, Medicare employees, and even grandchildren.

With the availability of Artificial Intelligence, families can even clone voices.

Yikes!

Preventative measures can reduce the risk of falling victim to scams.

What are some practical ways seniors can protect themselves from losing money to scammers?

Set boundaries. 

Limitations should be in place for brokerages, banks, and other financial institutions.

If you receive a call from an unknown number, do not answer it.

Simply allow it to go to voicemail.

These crooks are real pros, and you do not want to engage them in conversation.

Electronic devices such as phones, tablets, and desktop computers should have up-to-date antivirus and security software installed.

You can set up automatic protections using fraud alerts or temporary holds on suspicious withdrawals and on amounts exceeding a predetermined threshold.

To create another layer of security, you can appoint a trusted contact for financial accounts to be reached in case of suspected exploitation.

Do not trust emails or phone numbers.

Instead, verify them yourself.

If you receive a link in an unexpected text or email, never click on the link.

This is especially true when the message demands immediate or urgent action.

If you receive a call from an individual who identifies themselves as a representative of the local police station, hang up.

You can then find the phone number for your local police station and call them yourself to verify the veracity of the initial call.

Whenever a pop-up message appears on your screen, you should immediately disconnect from the internet and turn off your device.

Stop and think. 

Pausing rather than reacting is one of the most effective ways to block a scam.

Most fraudsters apply pressure to act quickly to avoid something bad happening, thereby suspending critical thinking.

Why do scammers utilize this tactic?

Creating urgency and fear is effective.

To overcome this manipulation tactic, hang up before taking action.

When scammers call claiming to investigate fraud on your bank account and request information to ensure the safety of your account, you should refuse.

Do not give your account information to anyone.

In one example, a woman realized her mistake after she had already provided the scammer with her bank account information.

Although her daughter was able to call the bank and close the account, the thieves had already transferred $10,000 from the account.

After this ordeal, the woman opened an account under the names of both her and her daughter and added a $300 daily withdrawal limit.

Take action if victimized by scams. 

Although you may not be able to save all your money after being scammed, reporting the offense to the police quickly can reduce the risk of funds being completely stolen.

In one scenario, a widower noticed that his bank account balances were lower than they should have been.

After calling his son, he called the police.

How did his bank account become compromised?

His son suspected that the father had thrown out a voided check without shredding it.

A thief recovered the check and used the routing and bank account numbers to withdraw funds using fake checks.

To end the stealing, the bank was notified and stopped accepting the checks.

Secure finances from scams with estate documents. 

Estate planning instruments, like a Power of Attorney, can allow a trusted individual or an adult child to have access to accounts and talk to representatives of financial institutions on your behalf.

Additional layers of protection can also be found in the use of a trust.

Because scams combine new technology with pressure to act urgently, adopting proactive protections and pausing before acting are among the most effective ways to secure your life savings.

As a friend of my father was fond of saying, "Pause for poise."

This post is for informational purposes only and does not provide legal advice. You should consult an attorney for advice on any specific issue or problem. Nothing herein creates an attorney-client relationship between Harvest Law KC and the reader.

Reference: The Wall Street Journal (March 11, 2026) “How to Protect Yourself From Financial Scams Targeting Older Adults”