Trust but Verify: How to Protect Seniors from Scams and Financial Exploitation

It starts with a phone call, an email, or even a knock on the door. A stranger asks for help, or worse, a relative does, and before anyone realizes what happened, the money’s gone. Financial fraud is one of the fastest-growing crimes against seniors. And it doesn’t just empty wallets - it breaks trust, independence, and peace of mind. But with a little education, some preventative tools, and caring support from services like Wolfmates, families can fight back. This blog dives into how scams target older adults, the warning signs to look for, and how companion care adds an extra layer of protection against financial exploitation.

Why Are Seniors Targeted?

• Perceived vulnerability – Scammers assume seniors are less tech-savvy or easily confused

• Politeness and trust – Many older adults are more likely to answer calls and not hang up

• Social isolation – Less social contact means fewer people to catch irregular behavior

• Cognitive decline – Subtle memory issues can make it harder to spot red flags

Most Common Scams Targeting Seniors

1. Tech Support Scams – Fake pop-ups or calls claiming a virus

2. Grandparent Scams – Pretending a grandchild is in danger and needs money

3. Medicare Scams – Asking for personal information to issue a new card

4. Sweepstakes or Lottery Scams – “You’ve won!”... but you need to pay a fee first

5. Charity Scams – Fake donations after disasters or during the holidays

6. Romance Scams – Online suitors asking for financial help

7. Impersonation Scams – Calls pretending to be the IRS, banks, or Social Security

Warning Signs of Financial Exploitation

• Unexplained bank withdrawals

• New “friends” pressuring for money

• Confusion about missing funds or unpaid bills

• Changes in wills or power of attorney

• Fearfulness or secrecy about money

• Unfamiliar signatures or financial documents

Friendly Fraud: When It Comes From Within

Sadly, many cases of elder fraud aren’t from strangers - they’re from family, caregivers, or neighbors. Look out for:

• Sudden control over your loved one’s finances by someone new

• Requests for joint bank accounts or property transfers

• Isolating the senior from other family members

Trust, but verify. And never be afraid to speak up.

How Wolfmates Companions Add Protection

Wolfmates companions are trained to notice red flags and support emotional and logistical well-being. Here’s how we help:

• Daily presence – Unusual behavior is spotted early

• Conversation and observation – We notice if your loved one mentions odd requests or transactions

• Tech guidance – We help seniors understand spam emails, robocalls, and more

• Support during errands – From banks to the post office, companions ensure transactions are legit

• Family updates – We alert families of any financial concerns or unusual conversations

Tips to Help Protect Seniors from Scams

1. Set up transaction alerts on bank accounts

2. Keep computers updated with antivirus software

3. Install caller ID and block unknown numbers

4. Encourage a “pause and check” rule before giving out any information

5. Review credit reports at least annually

6. Shred documents with personal data

7. Avoid giving gift cards, wire transfers, or prepaid debit cards to strangers

Practical Steps for Families

• Have honest, non-judgmental conversations about fraud

• Designate a trusted family member or advisor to help manage accounts

• Set up legal safeguards: powers of attorney, limited access accounts, guardianship if needed

• Make sure your loved one knows it’s okay to say no or hang up

Community Resources for Help

• National Elder Fraud Hotline: 833-FRAUD-11

• Local Area Agencies on Aging (AAA)

• Adult Protective Services (APS)

• State Attorney General Offices

Real-Life Story: Mrs. Bell’s Almost-Loss

Mrs. Bell, 83, received a call saying her grandson was in jail in Mexico and needed $2,500 wired immediately. Scared, she began transferring funds until her Wolfmates companion overheard and gently intervened. The scam was stopped. The grandson was fine. And Mrs. Bell learned how to recognize fake emergencies moving forward.

Peace of Mind, One Visit at a Time

At Wolfmates, we know financial abuse isn’t just about money, it’s about control, trust, and independence. That’s why our companions build strong, trusted relationships where seniors feel safe and supported. Our job isn’t just to cook a meal or tidy a room. It’s to make sure your loved one lives with confidence, not fear. Scams can happen in a blink. But prevention starts with awareness, presence, and compassion. Wolfmates helps families stay ahead of fraud by offering consistent, caring eyes and ears inside the home. We don’t just care for your loved ones, we help protect them, too.