As elder fraud continues to rise, protecting you or your loved one’s money and personal information has never been more important. Scammers often see older Americans as easy targets, relying on tactics that exploit trust, fear, and unfamiliarity with modern digital threats.
At DoverPhila Federal Credit Union (DPFCU), we’re committed to helping our members stay informed and financially safe through education, community partnerships, and prevention resources.
What Is Elder Fraud?
Elder fraud is the exploitation or theft of money or assets from older adults—often by scammers posing as trustworthy contacts or even by people the victim knows. The Federal Bureau of Investigation (FBI) reports that these scams can result in billions of dollars in losses each year. Fraudsters target seniors through phone calls, text messages, emails, fake websites, and even in person, often pressuring victims into making quick financial decisions.
Common scams include:
- Government Impersonation Scams – Claiming to be the IRS, Social Security Administration, or Medicare.
- Tech Support Scams – Pretending your computer or device is compromised.
- Grandparent Scams – Pretending to be a grandchild in trouble needing money.
- Sweepstakes & Lottery Scams – Telling victims they’ve won a prize but must pay fees or taxes first.
- Romance Scams – Building fake emotional relationships to manipulate victims into sending money.
Warning Signs of Financial Exploitation
It can be hard to know if you or a loved one are being targeted. The Office of the Comptroller of the Currency (OCC) outlines some key warning signs:
- Sudden large withdrawals or wire transfers.
- Unfamiliar or unnecessary financial documents.
- A new “friend” or caregiver taking a keen interest in your finances.
- Unpaid bills despite sufficient funds.
- Changes in account beneficiaries or Power of Attorney.
- Staying alert and asking questions can make a difference. If something feels wrong—trust your instincts.
How to Protect Yourself and Others
The Consumer Financial Protection Bureau (CFPB) recommends the following steps:
- Safeguard personal information. Never give out your Social Security number, account details, or passwords unless you initiated contact.
- Use strong passwords and enable multifactor authentication on accounts when available.
- Check your accounts regularly for unusual activity.
- Keep your devices secure by updating software and using antivirus protection.
- Talk to someone you trust if a financial situation feels off or confusing.
Join Us September 11th for Elder Fraud Awareness Program
DoverPhila Federal Credit Union is partnering with the Tuscarawas County Public Library this September to host a free financial literacy event focused specifically on protecting older adults from fraud and scams.
Event Details:
- Date: Thursday, September 11th, from 10:00am to 11:00am
- Location: Tuscarawas County Public Library – Main (New Phila)
- Topic(s): Learn how to identify scams, prevent financial fraud, and take action if you or someone you love is a victim.
This informative session will empower you with the tools and knowledge to recognize red flags, report suspicious activity, and protect your financial future. Click here for more details.
We’re Here to Help
DPFCU believes financial wellness includes safety. If you have concerns about suspicious activity or need help understanding your account, visit your nearest DoverPhila branch location – or call or text your credit union at 330-364-8874.
